Gold hit a six-month high in price last week, and with that gold stocks climbed.
Wall Street had one of the worst-performing Decembers in decades and investor confidence is down. The US and China have been in heated talks of a trade war for months, which caused the high market volatility. Still, talks of a recession are looming around the US, and when stocks are unstable, investors look to put their money into something else—like gold. Gold’s appeal as a defensive asset has returned full force. This is a positive environment for gold companies and gold stocks.
Today, we’ll take a look at three gold stocks that are booming in January.
Mandalay Resources Corporation (TSX:MND)
Gold stocks across the board seem to have corrected today on the TSX. Mandalay Resources has had quite the last 30 days on the market. The gold and silver mining company runs its operations out of Toronto, Ontario. Mandalay’s main exploration properties are located in Australia and Chile.
In the last 30 days, the gold stock has seen a price increase of almost 85%. Three days ago, Mandalay announced its year-end resources and reserves estimations.
Dominic Duffy, President and CEO of Mandalay, said:
“We are pleased to have added to the Reserves and Resources at Costerfield. Our exploration efforts in 2018 more than replaced depletion from production last year, boosted the reserve grade, and extended the mine life, while building a pipeline of Mineral Resources that we will be working to convert to Mineral Reserves in 2019.”
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According to Yahoo Finance, MND is currently trading at $0.12 a share, down -$0.005 (-4.00%).
Premier Gold Mines Limited (TSX:PG)
Premier Gold’s stock has slightly correct today, but the company’s shares have seen exponential growth in the past 30 days. Premier Gold operates out of Thunder Bay, Ontario, and owns gold and silver deposits in Canada, Mexico, and the US.
Two days ago, the company announced it launched its updated website and new logo. While this doesn’t necessarily show big progress, last month the company announced the progress of two new mining developments at South Arturo.
According to Yahoo Finance, the gold stock is trading at $1.76 a share, down -$0.03 (-1.68%). For the month, however, the gold stock is up 12%.
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