For starters, gold mining stocks are shares of publicly traded companies that are engaged in the exploration, extraction, processing, and production of gold. These companies typically have operations in countries where gold is abundant. These countries include Canada, the United States, South Africa, Russia, and Australia.
Investing in gold mining stocks can be a way to diversify your investment portfolio. It can also be a way to potentially generate returns through the production and sale of gold. However, it is important to note that the price of gold mining stocks correlates with the price of gold, and the performance of these stocks can be affected by a variety of factors such as changes in gold prices, changes in mining costs, and the discovery of new deposits.
As with any investment, it is important to do your own research. As well as to carefully consider the risks and potential rewards before making a decision to invest in gold mining stocks. With this in mind, here are two gold mining stocks to check out in the stock market now.
Gold Mining Stocks To Watch Today
- Barrick Gold Corporation (NYSE: GOLD)
- Newmont Corporation (NYSE: NEM)
Barrick Gold (GOLD Stock)
First up, Barrick Gold Corporation (GOLD) is a Canadian gold mining company. In fact, the company is one of the largest gold mining companies in the world. Barrick Gold Corporation is involved in the exploration, mining, processing, and sale of gold as well as other minerals such as copper.
Last month, the Company announced its third-quarter 2022 financial and operating results. Diving in, Barrick Gold reported Q3 2022 earnings of $0.13 per share, along with revenue of $2.5 billion. For context, Wall Street’s consensus estimates for the 3rd quarter of 2022 were earnings of $0.11 per share and revenue estimates of $3.1 billion.
In the last month of trading, shares of GOLD stock have rebounded by 9.31%. Additionally, as of Wednesday’s closing bell up 1.27%, currently trading at $17.50 a share.
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Newmont Corporation (NEM Stock)
Let’s now discuss Newmont Corporation (NEM). Newmont Gold Corporation is a leading gold mining company that is headquartered in the United States. The company’s portfolio of assets is anchored in mining jurisdictions within North America, South America, Australia, and Africa. The company also has a number of development projects and exploration properties in various stages of development.
In November, Newmont Corporation announce that it will report its 2023 forecast and full-year and 4th quarter 2022 financial results. In detail, the company will release its results on Thursday, February 23, 2023. For a refresher, at the beginning of last month, NEM reported its 3rd quarter of 2022 financial results. In detail, the company announced earnings of $0.27 per share and revenue of $2.6 billion for Q3 2022.
Over the last five trading days, shares of NEM stock have started to bounce by 3.27%. Meanwhile, as of Wednesday’s closing bell, NEM stock closed slightly lower by 0.63% at $47.32 a share.
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