In the last year and a half, gold stocks have been very interesting to watch in the market. It all started when the pandemic caused gold stocks to increase significantly. Production at many gold mines had to be slowed or stopped due to COVID-19. This caused a shortage which brought gold prices up. At the same time, the economy was crashing so people turned to physical gold instead of the dollar.
Now we are in 2021, and things are quite different in the market. Many places including the United States have started to recover from the pandemic. In most places, everything is open which is helping the economy. At the same time, many other countries are still struggling with solving the pandemic. At the same time, the Delta variant of the virus has invoked fears into the public that things may close down again.
All of this stuff places gold stocks in quite a volatile position. For those already invested in gold though, this is very well known. Things can get even more volatile when investing in gold penny stocks, because of their low cost. Some investors think that the hype for gold stocks is over since the price of the yellow metal isn’t near its highs from last year. This is far from true though, as many gold stocks are increasing in market value in 2021. So let’s take a look at three gold stocks to watch as we enter August.Top Gold Stocks To Watch
-Agnico Eagle Mines Limited (NYSE: AEM)
-Kinross Gold Corporation (NYSE: KGC)
-Eldorado Gold Corporation (NYSE: EGO)Agnico Eagle Mines Limited (NYSE: AEM)
Agnico Eagle Mines Limited is an exploration, development, and production based mineral property company. It operates properties in Canada, Mexico, and Finland. It will produce and sell gold deposit, as well as silver, zinc, and copper deposits. Its main property is the LaRonde mine in Canada.
On July 28th, Agnico Eagle Mines reported its second quarter financial and operational results. The company reported strong operating results and record safety performance during the time period. In addition to this information, Agnico’s net income increased in the time period as well.
The CEO of the company, Sean Boyd said, “In the second quarter of 2021, the Company posted record safety performance with solid operational results which resulted in another strong quarter of cash flow generation. The Company remains on track to hit its production and cost guidance for 2021 and we expect to see growing gold output in the second half of the year, which should lead to continued strong cash flow generation in 2021.” Will you add AEM to your list of gold stocks to watch?Kinross Gold Corporation (NYSE: KGC)
Kinross Gold Corporation is a mining stock that explores for land, acquires land, and develops gold-related assets on its properties. The gold company has operations in the United States, Canada, Russia, and numerous other countries. Additionally, Kinross extracts and processes gold ore. Then it will produce and sell the precious minerals. Kinross actively has 24.3 million ounces and 55.7 million ounces of proven and probable gold and silver respectively.
On July 28th, Kinross reported its second-quarter results for 2021. The President and CEO J. Paul Rollinson said, “During the second quarter, Kinross continued to generate robust free cash flow, which more than doubled compared with the previous quarter. Our excellent free cash flow, as well as the strength of our investment-grade balance sheet and growing production profile, underpin today’s announcement of a share buyback program and our continuing quarterly dividend, which supports our commitment to enhance shareholder value.” Keeping this recent announcement in mind, is KGC a contender for your gold stock watchlist?Eldorado Gold Corporation (NYSE: EGO)
Eldorado Gold Corporation is a mining stock that discovers and acquires land, explores it, develops it, and then produces and sells precious metals. Its products include but are not limited to gold, silver, zinc, lead, and iron ores as well. Currently, Eldorado runs the Kisladag and Efemcukuru mines.
This is another gold stock that recently reported its financial results. For Eldorado, this took place on July 29th. The company’s production is in line with its full-year guidance. Its production increased 4% quarter over quarter, which was great for the company.
President and CEO George Burns said, “We ended the quarter with a cash balance of just over $410 million and are maintaining a strong liquidity position as we continue to grow our business. Our balance sheet continues to emerge as a major strength, which will enable us to fund growth and maximize the opportunities ahead of us.” Noting these recent results, will EGO stock make your gold watchlist?Gold Stocks To Watch In 2021
There are many gold stocks to watch so far in 2021. It is important to stay up to date on the latest sector news, company news, and world news when investing in the gold sector. There are many success stories attributed to investing in gold stocks that have taken place. It will be interesting to see how this sector progresses as the year continues. For now, which corporations will enter your list of gold stocks to watch in August?