Gold stocks trend higher and steadily higher lately as inflation concerns arise over any likely interest rate cuts by the Fed. The precious metal is the classic hedge for that kind of economic malady and some investors have been active in the get-in-early phase of the situation.
No one can say with certainty if that’s the reason for the recent buying but it seems to be one of the most likely candidates, if there is ever such a thing as “reason” when it comes to market movements. Whatever the case, here are 6 gold mining stocks on the march upward.
Agnico Eagle Mines
The price is well above both up trending 50 and 200-day moving averages. From the February low of $44 to the current $70.78 amounts to a 37% gain for those who managed to purchase at the low and have held on. The Canada-based miner is market capitalized at $35.31 billion.
ASA Gold and Precious Metals
The South African miner is participating in the sector rally from the October/November 2023 lows to the present. The 50-day moving average crossed above the 200-day moving average at the beginning of April. Note that the relative strength index (RSI, below the price chart) is into the “overbought” range.
Centerra Gold
This miner of the precious metal is relatively lightly traded for a New York Stock Exchange listing with an average daily volume of 484,000 shares. Market capitalization is $1.58 billion. The 50/200-day moving average crossover came in mid-April.
Coeur Mining
This Canadian-based miner gapped up on Friday and the chart shows a previous gap up in late March/early April. The 50-day moving average made it above the 200-day moving average is January and has managed to stay above it.
Goldfields
The South African miner hit a high in April of $19 and has backed off from it but remains above an up trending 50-day moving average, after brief dips below it. Market capitalization for Goldfields is $15.04 billion.
U.S. Gold Corp.
This Nasdaq-traded miner just had its biggest volume day on the chart as the price skyrocketed up to just above $7. The stock had traded as low as $3 in October 2023. Note that the 50-day moving average crossed above the 200-day moving average in mid-April. Market capitalization is $65.56 million. Average daily volume is 83,180 shares.
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