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The value of gold is just under $2,000 per ounce and flirts with its all-time high of $2,074. 88, reached in August 2020 at the height of the COVID-19 pandemic. Gold has risen in recent weeks following the outbreak of the war between Israel. Rising tensions in the Middle East are supporting the value of gold, which has now gained 6% since Hamas attacked Israel on Oct. 7. Gold is considered a safe haven and investors tend to flock to it in times of crisis. Geopolitical uncertainty and market volatility – just like now. Before the war broke out in the Middle East, gold was trading at its lowest level in seven months as emerging market bond yields pushed down on the valuable metal. But today, that trend has reversed. Here are the three most sensible gold and silver stocks to buy as a safe-haven investment.
Barrick Gold (NYSE:GOLD) shares have been on fire lately. Over the past month, the percentage value of the gold producer has gained 12%. Part of this increase is due to the fact that investors are looking to stocks as a safe haven following the outbreak of war in the Middle East. However, GOLD’s inventory also increased thanks to the company’s strong earnings release. Barrick Gold recently reported that its third-quarter profit rose 53% year-over-year to $368 million. largely due to the higher values of gold.
The mining company said its profit was 21 cents per constant percentage, up from 14 cents per constant percentage a year ago. Third-quarter revenue was $2. 86 billion, up 13% from $2. 53 billion in the same quarter of 2022. The company’s gold sales in the quarter were 1. 03 million ounces, up from 997,000 ounces last year, while Barrick’s gold sales were worth $1,928 per ounce, compared to $1,722 last year. Barrick also mines copper and benefits from the increased value of the metal.
Pan American Silver recently completed the acquisition of Yamana Gold for $4. 8 billion in a money and inventory transaction. The addition of Yamana increased Pan American’s production by more than 70% in its last peak quarter. With Yamana in the fold, Pan American now owns 4 other mines, the Cerro Moro mine in Argentina, the El Peón and Minera mines in Chile, and the Jacobina mining complex in Brazil. The acquisition is already having a positive effect on Pan American’s earnings. PAAS inventory is down 11% year-over-year. to date.
One of the leading gold producers in the U. S. is Newmont (NYSE: NEM), founded in Denver, Colorado. De fact, Newmont is now the largest gold mining company in the world. The company’s stock value has gained about 8% over the past month. , but it has lagged behind the industry. NEM shares are down 24% for the year and are not far off their 52-week low. That said, the company seems to have potential for long-term expansion. Meanwhile, it will pay a dividend trimestral. de 40 cents per share, giving it a fixed return of 4. 10%.
NEM stocks were sold off in late summer after the company reported weak financial effects in the second quarter, with earnings and gains below Wall Street forecasts. Revenue declined 12% year-over-year to $2. 7 billion due to declining gold volumes. Gold production is down 17% from last year due to a union strike at one of its highest-productivity mines. However, with the upward trend in gold costs and the resolution of the hard work situation, there is hope that Newmont’s effects in the third quarter will be greater and NEM’s inventory will recover.
At the time of publication, Joël Baglole did not hold (directly or indirectly) any position in the stocks analysed in this article. The reviews expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace. com.
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