Gold Stocks Rally Ahead of FOMC Meeting; Now What?
Trade Policy Uncertainty Boosts Gold Stocks
The Federal Reserve is set to make its latest policy statement and interest-rate projections of 2019. Gold prices have rallied ahead of these talks taking gold stocks with it. For most of the year, due to the turmoil in the global financial markets, mining stocks have gotten a boost.
Last week, precious metals rose in price once again, which carried through this week. However, the rising price of gold is also a good thing for gold stocks as we said. As expected the recent rally has sparked a lot of interest in those stocks once again. Here is a look at three gold stocks to watch heading into the FOMC’s meeting this week.
Top Gold Stocks #1: Harmony Gold Mining
The first gold stock to keep under consideration is that of Harmony Gold Mining Co. ( HMY Stock Report). This has shown impressive momentum for the better part of the past several months. Since June, the Harmony stock has managed to gain as much as 100% despite recent choppiness in trade.
Overall, during this gold rally, it is very likely that the stock will keep the attention of investors. Last month the company announced strong financial results and revealed that the rise in gold price helped in improving Harmony’s cash flow situation considerably.
Top Gold Stocks #2: B2Gold Corp
Another gold stock that gathered impressive momentum this year is that of B2Gold Corp. ( BTG Stock Report). In fact, this week, shares of BTG stock ramped up once again ahead of the FOMC meeting while recent news helped trigger more momentum. Back on Monday, the company announced the results from the exploration drills at two of its key properties. The properties in question are at Anaconda and in Fekola.
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The yearend exploration drill results proved to be positive. Of course, this resulted in the B2Gold stock gaining significant momentum this week. Also, thanks to the boost in gold prices, B2Gold continues to attract interest. Currently, the stock is less than $0.30 away from its 52-week highs and up 27% year-to-date.
Top Gold Stocks #3: Iamgold Corp
One of the more difficult gold stocks to watch this year, Iamgold Corp ( IAG Stock Report) has traded mostly sideways in 2019. Shares of IAG stock opened the year at $3.68 and 12 months later, the gold stock trades around the same level. Though there was a dip in price that investors could have taken advantage of in May, the overall trend isn’t as spectacular as the previous companies mentioned.
Regardless, the company has made progress from a corporate front. Last week Iamgold released its National Instrument 43–101 Technical Report for its Nelligan Gold Project. The project in question is situated in Quebec and the publication of the project is a positive development for the company overall. IAG stock displayed impressive momentum after the report was announced.
Originally published at https://goldstocks.com on December 11, 2019.
