Gold has long been considered a safe haven during market turmoil. It has been characterized as a high-value commodity. The gold market has faced many changes because of the evolving gold demand patterns. Demand for gold experiences positive growth in times of economic uncertainty and during the severe market crisis.
The demand for gold is always higher than the production capacity of the world. The gold mining industry has the ability to provides economic lifeblood to many regional communities. Gold has exceptional performance in the first half of 2020. It increased by 16.8% in US dollar terms and perform better than all other major asset classes. Gold prices increase between early June and early September as the uncertainty increases and interest rate drops.
Here are the top 10 leading companies in Gold Industry that need your attention:
Yamana Gold Inc. (NYSE: AUY)
Yamana Gold Inc. (NYSE: AUY) shares were trading up 4.64% at $6.31 at the time of writing on Wednesday. Yamana Gold Inc. (NYSE: AUY) share price went from a low point around $2.23 to briefly over $7.02 in the past 52 weeks, though shares have since pulled back to $6.31. AUY market cap has remained high, hitting $6.00B at the time of writing, giving it a price-to-sales ratio of more than 4.
Yamana Goldd Inc. gave an update on exploration results for the Minera Florida, El Peñón, and Jacobina mines. The exploration result continues to aid year-over-year growth, with promising new discoveries in the first half of 2020. If we look at the recent analyst rating AUY, Scotiabank upgraded coverage on AUY shares with a Sector outperform rating and a $3.92 price target, which implies room for -2.39% downside momentum this year.
Barrick Gold Corporation (NYSE: GOLD)
Barrick Gold Corporation (NYSE: GOLD) last closed at $30.46, in a 52-week range of $12.65 to $31.22. Analysts have a consensus price target of $32.99. Barrick Gold Corporation (GOLD) has lost a court challenge last week over the rights to the Porgera gold mine. Barrick CEO has faced a stark test in the fight for Papua Guinea mine. Previously, Barrick Gold Corporation has chosen Nguvu Moja Security Services Limited (NMSS) to replace an international security firm at its Tanzanian gold mines. Barrick has a total market capitalization of $54.84 billion at the time of writing.
Hecla Mining Company (NYSE: HL)
Hecla Mining Company (NYSE: HL) shares headed rising, higher as much as 4.95%. The most recent rating by BofA Securities, on August 05, 2020, is at a Neutral. Hecla Mining Company (HL) has earlier disclosed that it has decided to raise the quarterly dividend by 50% and decreased the realized price threshold for the silver-linked dividend. Its market cap remained high, hitting $3.12 billion at the time of writing.
New Gold Inc. (AMEX: NGD)
New Gold Inc. (AMEX: NGD) rose 6.18% after gaining more than $0.11 on Wednesday. New Gold Inc. (NGD) has earlier disclosed that it has concluded the sale of the Blackwater Project to Artemis Gold Inc. In this sale deal, the financial consideration includes the total payment of $190 million consists of an initial cash payment of $140 million and $50 million in cash payable on August 21, 2020. New Gold has a total market cap of $1.26 billion at the time of writing.
IAMGOLD Corporation (NYSE: IAG)
IAMGOLD Corporation (NYSE: IAG) rose 3.25% after gaining more than $0.13 on Wednesday. IAMGOLD Corporation (IAG) disclosed today that it has priced a private offering of $450 million aggregate principal amount of senior notes due 2028. The Notes bear interest at 5.750% per annum and are being issued at a price of 100% of their face amount, providing the Company with gross proceeds of $450 million. The closing date of the notes is September 23, 2020.
Newmont Corporation (NYSE: NEM)
Newmont Corporation (NYSE: NEM) last closed at $68.17, in a 52-week range of $33.00 to $72.22. Analysts have a consensus price target of $76.65. Newmont Corporation (NEM) has earlier appointed Susan N. Story to the Board of Directors effective September 10th. She has more than 38 years of experience in the water, energy, and electricity industries. She has worked as the President and Chief Executive Officer of American Water Works Co. Inc. earlier.
Kinross Gold Corporation (NYSE: KGC)
Kinross Gold Corporation (NYSE: KGC) stock soar by 7.38% to $9.17. The most recent rating by BofA Securities, on August 05, 2020, is at a Buy. Kinross Gold Corporation (KGC) has a 52-weeks low and high range of $2.72 and $10.20. Kinross has traded up 237.13% from its 52-weeks low and traded down -10.14% from its 52-weeks high. Its market cap remained high, hitting $11.65 billion at the time of writing.
Gold Fields Limited (NYSE: GFI)
Gold Fields Limited (NYSE: GFI) last closed at $13.40, in a 52-week range of $3.79 to $14.40. Analysts have a consensus price target of $13.61. Gold Fields Limited (GFI) stock has fluctuated between the 52-weeks low of $3.79 and a 52-weeks high of $14.40. Gold Fields moved up 253.56% from its 52-weeks low and moved down -6.91% from its 52-weeks high.
Harmony Gold Mining Company Limited (NYSE: HMY)
Harmony Gold Mining Company Limited (NYSE: HMY) stock soar by 8.51% to $6.25. The most recent rating by JP Morgan, on February 21, 2019, is at an Overweight. Harmony Gold Mining Company Limited (HMY) has a 52-weeks low and high range of $1.76 and $7.61. HMY has traded up 255.11% from its 52-weeks low and traded down -17.87% from its 52-weeks high. Its market cap remained high, hitting $3.81 billion at the time of writing.
B2Gold Corp. (AMEX: BTG)
B2Gold Corp. (AMEX: BTG) Shares headed rising, higher as much as 4.71%. The most recent rating by RBC Capital Mkts, on August 19, 2020, is at a Sector perform. B2Gold Corp. (AMEX: BTG) stock has fluctuated between the 52-weeks low of $2.16 and a 52-weeks high of $7.55. B2Gold Corp. moved up 208.80% from its 52-weeks low and moved down -11.66% from its 52-weeks high.
