Gold has always played an important role in the world’s economy. As a precious metal, it has long been seen as a store of value, a way to protect wealth, and even as a symbol of status. The gold sector includes companies that mine, process, and sell gold. Investing in gold stocks is one way for people to gain exposure to the gold market without actually buying physical gold.
Investing in gold stocks can be an interesting strategy for several reasons. First, gold stocks often perform well when the stock market is uncertain or unstable, as investors tend to see gold as a safe haven during turbulent times. Second, gold stocks may also benefit from rising gold prices, which can occur due to factors such as increasing demand, geopolitical tensions, or inflation concerns. Finally, some gold stocks may pay dividends, providing investors with additional income.
When considering buying gold stocks, it’s important to do thorough research on the companies you’re interested in. Look at their financial health, production levels, and overall strategy to ensure they are well-positioned to take advantage of favorable market conditions. By doing so, you can potentially benefit from the growth and stability that gold stocks can offer, while also protecting your investment from the unique risks associated with the gold sector. Given this, here are three trending gold stocks to watch in the stock market now.
Gold Stocks To Watch Right Now
- Newmont Corporation (NYSE: NEM)
- Barrick Gold Corporation (NYSE: GOLD)
- Franco-Nevada Corporation (NYSE: FNV)
Newmont Corp. (NEM Stock)
Initially, Newmont Corporation (NEM) is one of the world’s largest gold mining companies, with operations in several countries, including the United States, Canada, Australia, and Ghana.
At the end of last month, Newmont reported a beat for its first quarter 2023 earnings results. Diving in, the company posted Q1 2023 earnings of $0.40 per share, with revenue of $2.7 billion. This is versus consensus estimates which were an EPS of $0.33 and revenue estimates of $3.6 billion. Additionally, Newmont reported that it produced 1.27 million gold ounces in the first quarter of 2023.
Over the last six months of trading, shares of NEM stock have increased by 17.91%. Meanwhile, as of this past Friday’s close, Newmont stock closed at $48.72 a share.
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Barrick Gold (GOLD Stock)
Second, Barrick Gold Corporation (GOLD) is another leading gold mining company with a global presence, operating mines in North and South America, Africa, and the Asia-Pacific region.
Early this month, Barrick Gold announced its first quarter 2023 financial results. In detail, GOLD reported earnings of $0.14 per share, with revenue of $2.6 billion. These results came in line with analysts’ consensus estimates for the quarter, which were earnings of $0.11 per share, and revenue of $2.6 billion.
Additionally, over the last six months of trading action, shares of GOLD stock have surged by 38.64%. While, this past Friday, GOLD stock closed the day trading at $20.20 per share.
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Franco-Nevada (FNV Stock)
Last but not least, Franco-Nevada Corporation (FNV) is a unique player in the gold sector, as it is a gold-focused royalty and streaming company. This means it provides financing to miners in exchange for a percentage of their future production or revenue.
At the beginning of this month, Franco-Nevada also announced its first quarter of 2023 earnings results. Specifically, the company showed earnings of $0.79 per share versus estimates of $0.77 per share. Additionally, revenue came in at $276.3 million for Q1 2023. This came in under consensus estimates for the quarter which was $310.0 million.
Moreover, looking at the past six months, Franco-Nevada stock has surged by 26.44%. Furthermore, this past Friday, shares of FNV stock closed the day at $159.01 a share.
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