The price of gold has been on a remarkable upward curve over the past weeks, and it is likely that the top gold stocks in the market have been in sharp focus due to the rally. The coronavirus pandemic has resulted in unprecedented turmoil in the markets, which has prompted investors to look for safe-haven investments. Gold has proven to be that asset, and the price of the precious metal has increased steadily as investors pile on to it day after day. In such a situation, it is only natural for investors to consider the possibility of perhaps investing in some of the top gold stocks.
Some, in fact, believe that the price of gold could rise further; if Bank of America is to be believed, it could hit $3,000 an ounce in 18 month’s time. In a report that is titled “The FED can’t print gold,” the analysts at Bank of America implied that the supply of gold cannot be controlled by central banks. Moreover, the massive fiscal stimuli provided by central banks will prompt people to buy gold, which could trigger a further rally. In such a situation, investors could do well to take a look at four top gold stocks.
Top Gold Stocks to Buy for Under $2: New Gold (TSX:NGD) (NYSEAMERICAN:NGD)
One of the top gold stocks to have emerged over the past weeks is New Gold. The stock has rallied by 60% this month so far, and investors could do well to put the stock on their watch lists. On April 15, the company published its first-quarter production report, revealing that in the period from January to March, it produced 66,790 ounces of gold, 18.5 million ounces of copper, and 131,417 ounces of silver.
However, it withdrew its projections for the full year owing to uncertainties unleashed by the coronavirus pandemic. The average realized price of gold during the quarter stood at $1,458 per ounce, and the average realized price for copper was $2.56 per ounce. The company also revealed that its available liquidity improved, amounting to $600 million at the end of the quarter.
Top Gold Stocks to Buy for Under $2: McEwen Mining (TSX:MUX) (NYSE:MUX)
McEwen Mining is among the more promising gold mining companies in the industry. At this point in time, it has four mines spread across Argentina, Nevada, Mexico, and Canada. In the financial year 2019, the company produced 175,000 ounces of gold, but the all-in sustaining cost of $1,350 per ounce was a touch on the higher side.
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The high cost is the major reason why the stock price has remained largely stagnant for McEwen. In Q1 2020, McEwen produced 29,100 ounces of gold and 553,100 ounces of silver.
The company announced last week that its Black Fox mine is open again after having been closed due to the coronavirus shutdowns.
Top Gold Stocks to Buy for Under $2: Asanko Gold (TSX:AKG) (NYSEAMERICAN:AKG)
Investors who are looking for top gold stocks to invest in due to the possibility of a rally in the precious metal could consider the possibility of tracking Asanko Gold. Last week, the company announced its preliminary Q1 2020 results. The company expects revenue to touch $104.6 million from the sale of 67,820 ounces of gold.
Total gold production for the quarter stood at 66,333 ounces, which was a company record. Asanko also announced that the all-in sustaining cost per ounce of gold stood at $805. The performance proved to be a positive trigger for Asanko stock, which has recorded 50% gains this month, so far, making AKG one of the top gold stocks that investors could track during this time.
Top Gold Stocks to Buy for Under $2: Great Panther Mining (TSX:GPR) (NYSEAMERICAN:GPL)
Investors would need to do their fair share of research in order to discover the best of the best gold stocks. However, some stocks stand out from the crowd sometimes, and, currently, one of those is Great Panther Mining. The company operates three gold mines, which includes the Tucano gold mine in Brazil. It also owns two silver mines in Mexico.
In the first quarter of 2020, Great Panther produced 35,000 gold equivalent ounces, which proved to be 134% higher than its performance in the same quarter in 2019. The operations at Tucano improved in efficiency, and the Brazilian mine produced full output for the quarter for the first time. These two factors contributed nicely to GPR’s stock performance.
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