If you think penny stocks in gold will be a good investment then you should check out some of our top picks from the sector. Some to watch right now include US Gold (NASDAQ:USAU) and Coeur Mining (NYSE:CDE).
Gold Penny Stocks
At the time of writing, gold is trading up for the fourth consecutive day. This precious metal is having a bullish moment on the market. According to Kitco, gold “has closed higher than the previous close every day this week after breaking and closing above the key psychological level of $1300 per ounce on Monday.”
Further:
“Today gold futures basis the most active June contract is currently trading up $3.70, and is fixed at $1312 per ounce.”
So with gold prices on the rise, what penny stocks should you check out? Surprisingly, stocks in the sector are predominantly in the red today. But two that are swimming against the tide are US Gold and Coeur Mining.
Gold Penny Stocks: US Gold Corp
Currently selling for less than $1 USD, USAU stock hit above the $1 mark earlier today, but later fell to $0.97 USD.
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The Nevada-based company is a gold exploration and development company “advancing high potential projects in Nevada and Wyoming.”
Recently, the company announced that it completed its district-wide geochemical surveys on the Keystone project. Effectively, it has now identified and honed in on “site-specific discovery opportunities in 2019.”
So while it has yet to physically strike gold, it knows it can in 2019. Is this a potential gold penny stock play?
Gold Penny Stocks: Coeur Mining
Another company on the rise today is North America’s Coeur Mining, selling for $4.17 USD at present. The company will report its quarterly earnings on Wednesday, April 24th.
Leading up to that, several Wall Street analysts have updated their ratings on this penny stock:
“B. Riley FBR Initiated a Buy rating. Before that, on August 2nd, 2018, Noble Financial Upgrade to Buy. ROTH Capital Upgrade a Buy rating on July 10th, 2018, ROTH Capital Downgrade a Neutral rating on April 27th, 2018, and Raymond James Resumed an Outperform rating on March 23rd, 2018.”
With the majority in favor of these shares, investors should keep an eye here.
The Takeaway
As always, investors should do plenty of research before investing in any company—no matter how attractive the price. Do you think these penny stocks have potential?
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