Gold has had a remarkable run for the better part of the year so far, and the coronavirus pandemic has come as a trigger for further price rises. In such a situation, it is only natural for investors to look for the best gold penny stocks to buy in the market. This morning, gold continued its upward movement, with spot gold recording gains of 0.1% to hit $1634.95 an ounce.
A higher gold price will also mean higher revenues for many of the gold mining companies. The best gold penny stocks could benefit significantly by recording major gains. Investors looking to cash in on this gold rally could consider having a look at 5 potential gold penny stocks to buy.
Gold Penny Stocks to Buy Today: Coeur Mining Inc (NYSE:CDE)
One gold penny stock that made a strong move this morning is Coeur Mining. That being said, it should be noted that the gold producer has not had a great time this year, crashing by 50% so far. While that is not a particularly promising statistic, the current levels could well prove to be a comfortable entry point for many investors.
>> The Best Short Squeeze Play on the Radar?
As a matter of fact, CDE stock gained 9.30% this morning, movement that is possibly linked to the continued rise in gold prices. The company has also spent on higher capacity machinery, which could have a positive impact on production.
Gold Penny Stocks to Buy Today: McEwen Mining Inc (NYSE:MUX)
McEwen Mining stock has also emerged as one of the major gold penny stock gainers this morning. However, the reason for the 8% gain might not be related to gold prices.
On March 27, the company announced that it is going to take steps to ensure that its stock continues to trade on the New York Stock Exchange. According to NYSE rules, a stock needs to record an average price of no lower than $1 for 30 straight trading days, and MUX stock had fallen short of that. Investors may want to keep an eye on this stock to see if it can continue to trade above the required $1.
Gold Penny Stocks to Buy Today: Gold Resource Corporation (NYSE:GORO)
Investors who are looking to invest in the best gold penny stocks in the market at this point could also consider having a look at Gold Resource stock. This past Thursday, the company announced that the mining work at its Oaxaca mine in Mexico has been closed temporarily.
Gold Resource closed the mine after the declaration of the national health emergency by the government of Mexico, in the hopes of checking the spread of coronavirus. The General Health Council in the country directed all non-essential activities be stopped up until April 13.
GORO stock has risen 8% this morning.
Gold Penny Stocks to Buy Today: Americas Gold and Silver Corporation (NYSE:USAS)
Americas Gold and Silver is regarded as a promising firm among the small mining companies in North America. In December 2019, the stock performed well, but in February this year, things became far more volatile after the company’s financial results could not quite thrill the market. The company has also made plans to recapitalize some of its mining projects, which has affected the production of some metals.
In addition to that, Americas Gold and Silver saw a spike in its expenses, thanks to the addition of a new project. However, this morning, USAS stock experienced gains of 9%, so perhaps it is worthwhile for investors to keep track of the stock in the coming days.
Gold Penny Stocks to Buy Today: New Gold Inc (NYSE:NGD)
New Gold could also be considered one of the best gold penny stocks to invest in under the present circumstance. This morning, the company announced that after having gone through a self-imposed two-week suspension at its Rainy River mine, located in Ontario, New Gold is now looking to ramp up operations. This is a significant development for the company and resulted in a 5% spike in this gold penny stock.
Featured image: Pixabay
