On November 25th, it was announced that weekly jobless claims totaled 778,000. This went up from the predicted 733,000 from Dow Jones. Just one week ago these claims were at 742,000. This is due to the rising amount of coronavirus cases that the world is experiencing. Cases are going up with no end in near sight, which is worrying. For the price of gold, the more the economy is hurt the higher it goes. So it is no surprise that gold has rallied so high in 2020.
But gold is down at the moment because of recent vaccine news from two top pharmaceutical companies. Even though it received an increase in stock price because of the election, it was not enough. These jobless claims are still good for gold prices, despite not having the largest effect on the yellow metal. We’re at a point where gold and many other markets are still in a position of high volatility. Who knows if gold could become bullish again after the election. Only time will tell if the gold highs are here to stay or not. For now, let’s evaluate some top gold stocks to buy or sell before December arrives.Top Gold Stocks To Buy [Or Sell]: Equinox Gold Corp.
The first gold stock to buy or sell on this list is Equinox Gold Corp. (EQX Stock Report). Equinox is an acquisition, exploration, and development based company. It will explore for gold, silver, and copper at various mineral deposits. Its main properties are the Aurizona gold mine covering 107,023 hectares in Brazil; and the Mesquite gold mine and Castle Mountain properties in California. Time to view some recent new that has come from Equinox Gold Corp. in this section of 2020.
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Currently Equinox has been dealing with a community blockade at its Los Filos mine in Mexico. It reported 9 days ago that the blockade was gone, but resumed just 5 days ago. The Carrizalillo nearby community is being communicated with by the company to determine a long term solution for the problem. In other recent news, Equinox Gold has achieved commercial production at its Castle Mountain gold mine. The company has expectations of producing 5,000 to 10,000 ounces of gold at the property in 2020. Its annual production projection is at 40,000 ounces of gold during phase 1 of its mine life.
It is reviewing the potential for phase 2 expansion which could reach to 200,000 ounces of gold annually. The CEO of Equinox Christian Milau said, “Achieving commercial production at Castle Mountain is an important step for what will ultimately be a long-life 200,000 ounce per year gold mine, bringing significant benefits to local communities, the State of California and Equinox Gold’s shareholders.”Top Gold Stocks To Buy [Or Sell]: AngloGold Ashanti Limited
Next up on this list of gold stocks to buy or sell is AngloGold Ashanti Limited (AU Stock Report). AngloGold Ashanti is a gold 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. This includes the Americcas, South Africa, Continental Africa, and Australia.
On November 2nd, the company reported its third quarter results for 2020. It announced that its free cash flow grew 290% to $339 million. It stated that before accounting for capital expenditure in growth projects, it will pay shareholders 20% of this free cash flow. Christine Ramon, the interim CEO stated, “Doubling our dividend payout ratio demonstrates confidence in our ability to both improve direct returns to shareholders and to self-fund our growth projects and sustaining capital requirements.” That is why AngloGold Ashanti is on this list of gold stocks to watch.Top Gold Stocks To Buy [Or Sell]: Barrick Gold Corporation
Next up on this list of gold stocks to buy or sell is Barrick Gold Corporation (GOLD Stock Report). Barrick is one of the largest gold producers in the world. The company focuses on exploration mine development, production at gold miens located in various locations. These include the United States, Canada, Argentina, Dominican Republic, and more. Additionally the company has ownership interests in Chilean copper mines and other countries as well. So let’s look at the company’s most recent information.
Barrick announced its third quarter results recently which were telling for the company. It announced $882 million in net earnings which was down year over year. Its adjusted earnings rose 173% year over year despite this. In addition to this news, its sales went up 32.2% from the previous quarter in 2020. Its gold production fell drastically due to the pandemic, but it seems to be recovering. Its cash equivalents are up 97.3% as well. GOLD stock price is directly affected by moving gold prices, so as gold has sold off it is down at the moment.Top Gold Stocks To Buy [Or Sell]: Osisko Gold Royalties Ltd.
The final company on this list is Osisko Gold Royalties Ltd. (OR Stock Report). Osisko is a gold company that acquires and manages precious metal royalties and streams. Its assets include 5% net smelter return royualties on the Canadian Malartic mine, and many more as well. The company’s assets total 135 royalties, streams, and precious metal offtakes in North America. Let’s look at what the company has been up to recently.
On November 23rd, the company provided transaction updates on its previously announced spin out transaction. The joint news continues with a reverse take over of Barolo Ventures Corp. on the TSX exchange. On November 25th the company announced the launch of its Osisko Development Corp. and other corporate changes such as management and board changes. Osisko Development will trade on the TSX Venture Exchange on or around December 2nd as ODV. There are plenty of gold stocks to watch this year in this unpredictable market. It will be interesting to see where the price of gold goes after further advancements are made in news.