When talking about gold stocks, there are many things that are impacting their price. The most obvious of the bunch is supply and demand. When there is more gold but less demand for it, the price will go down and vice versa. From May 4th to May 19th, the SPDR Gold Shares ETF (NYSE: GLD) has increased more than 5% in the market.
This is all because of the rising price of gold itself. On May 19th, the metal is worth $1,880 per ounce on average. That is the closest that gold has been to breaking past $1,900 per ounce in a long time. This bullish sentiment on the metal is causing many gold stocks to increase in value.
But what other things are affecting the price of gold? One of the main reasons the metal is even at this point is the pandemic. When the economy started to crash last year, investors moved their money into gold instead. This resulted in the largest gold rally that has ever been seen with it reaching past $2,000 per ounce at one point.
Now in 2021, the pandemic is slowing down in a lot of countries. In the United States, cases are extremely low and at least 47% of the population has received the COVID-19 vaccine. The reopening of the world could potentially cause gold prices to go up as industrial and retail sales increase. Sure, this is speculation, but just look at the direction gold is moving in amid all of this economic resurgence. There are plenty of great companies to place your eyes on. With this in mind, let’s look at three gold stocks that could potentially make your watchlist.Top Gold Stocks To WatchGold Fields Limited (NYSE: GFI)
When talking about gold stocks to watch, it is hard to not mention Gold Fields Limited. Gold Fields Limited is a gold producer that has a variety of resources and reserves. These are located in Chile, South Africa, Australia, Ghana, and Peru. In these locations it has 9 operating mines that have an annual gold equivalent production of 2.2 million ounces. The company also looks for copper deposits.
Recently Gold Fields released an operational update for the first quarter of 2021. It announced that it is currently on track to meet its guidance for 2021. Its gold production fell quarter over quarter, but this did not have a large impact on its stock price. Currently the price of gold itself seems to be what is moving GFI stock in a positive direction. Gold and copper have been metals that are in high demand at the moment so this is no surprise to anyone. With all of this in mind, will you add GFI to your list of gold stocks to watch?AngloGold Ashanti Limited (NYSE: AU)
AngloGold Ashanti is a mining company that produces gold, silver, uranium, and sulpheric acid. It currently operates 14 mines and three projects, located in nine countries around the world. These countries include Americas, South Africa, Continental Africa, and Australia.
Sometimes with a company like AngloGold Ashanti it can be difficult to tell why it is moving upwards. Right now, this is not the case as gold prices themselves are driving AU stock up. But the company has not released any recent news that would result in it moving in another direction.
AngloGold currently operates a joint venture with Kinross Gold Corp. (NYSE: KGC) to provide mining services at two sites in West Africa. One of these properties was recently awarded an environmental permit from the Guinea government. This has caused AngloGold to see dramatic improvement in profit margins and cash flow in tandem with Kinross all thanks to these higher gold prices.IAMGOLD Corporation (NYSE: IAG)
If you’re looking for gold penny stocks to watch, IAMGOLD Corporation could potentially make your list. IAMGOLD is a mining company that explores for, develops, and operates various gold mining properties. These properties are located in The Americas and West Africa. It currently has interest in the Rosebel mine, Essakane mine, Westwood mine, Diakha-Siribaya project, and many more assets as well.
On May 13th, the company provided an update on its operations. The company finalized a new collective labor agreement at its Rosebell Gold Mine for a two year period. Its Westwood mine is continuing safe operations following the recall of employees announced on April 22nd. This restart would take place in the second half of 2021. The company is keeping its current guidance in place for 2021.
[Read More] 3 Hot Gold Stocks To Watch In May 2021
This is another gold stock that is moving upwards with the price of gold itself. This has caused IAG stock to go up more than 13% in the last 5 days. With all of this information in mind, will you invest in IAG stock? This is a potential gold stock for your watchlist.Reopening and Gold Stocks
Nobody can dictate the future of gold stocks precisely at the moment. What we do know is that worldwide reopening is causing higher gold demand. There are also fears of inflation that are bringing up the price of gold. As retail reopens and the world returns to a normal state, gold seems to be a winner so far. Only time will tell how this will pan out for the rest of 2021. So which gold companies will make it onto your list of gold stocks to watch?