Gold price has skyrocketed. Keep an eye on these gold stocks

on Mar 8, 2022
  • Gold price has been in a strong bullish trend in the past few weeks.
  • It has emerged as a good safe haven as the crisis in Ukraine continues.
  • We identify three gold stocks that could be beneficiaries.

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Gold price has been a major beneficiary of the ongoing crisis in Ukraine as investors have rushed to its safety. It has risen in the past two straight weeks and is trading at the highest point since August 2020. This means it has soared by about 70% from its lowest point in 2017. Here are the top gold stocks to watch.

Barrick Gold

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Barrick Gold (NYSE: GOLD) is one of the biggest gold mining companies in the world, valued at over $43 billion. The Canadian company operates in 16 cites around the world and is also a smaller player in the copper mining industry.

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The Barrick Gold stock price has been in a strong bullish trend in the past few months. It is trading at $24.85, which is the highest it has been since 26th May 2021. The shares have risen by 44% from the lowest level in December last year. 

Analysts believe that the GOLD stock price will continue doing well as the prices jump. As such, after its revenue dropped to $11.98 billion in 2021, there is a likelihood that it will go back above $12 billion this year if gold prices remain at elevated levels.

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Newmont Corporation

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Newmont Crporation (NYSE: NEM) is the biggest gold mining company in the world. It is valued at over $61 billion. Its growth has been both organic and through acquisitions such as the $10 billion buyout of Goldcorp. 

Unlike Barrick Gold, Newmont’s revenue jumped from $11.49 billion in 2020 to over $12.2 billion in 2021. But its profitability also dropped sharply to about $57 million. Therefore, the company will benefit substantially as gold prices continue rising. 

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Data compiled by WeBull shos that most analysts tracking the company have a hold rating while the rest have a buy rating. 

Wheaton Precious Metals

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Wheaton Precious Metals (NYSE: WPM) is another great gold stocks to keep an eye on. Unlike Barrick Gold and Newmont Corporation, Wheaton does not have any mining operations. As a result, it is able to keep its costs of operations substantially low.

Instead, Wheaton is a gold streaming company that acquires gold and mining byproducts like nickel from operating mines for a fixed charge. It has contracts mostly in North America. 

The business model has minimal risks and is more profitable than real mining. For example, in 2021, the company had revenue of $1.2 billion and a net income of $620 million.

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