Buying gold stocks in May 2023? 3 to know


Gold has always played an important role in the world’s economy. As a precious metal, it has long been viewed as a store of value, as a way to protect wealth, and even as a status symbol. The gold sector includes companies that mine, process and sell gold. investing in gold reserves a way to connect with peoplegold marketwithout actually buying physical gold.

Investing in gold stocks can be an interesting strategy for several reasons. First, gold stocks often perform well. Share Market is uncertain or volatile, as investors look to gold as a safe haven during turbulent times. Second, gold stocks can also benefit from rising gold prices, which can be caused by factors such as increased demand, geopolitical tensions or inflation concerns. Finally, some gold stocks may pay dividends, providing investors with additional income.

When considering buying gold stocks, it is important to thoroughly research the companies in which you are interested. Look at their financial health, production levels and overall strategy to ensure they are well positioned to take advantage of favorable market conditions. By doing so, you can potentially benefit from the growth and stability that gold stocks can offer, as well as protect your investment from the unique risks associated with the gold sector. In view of this, here are three trending gold stocks to watch in the stock market right now.

Gold Stocks To Watch Now

Newmont Corporation (NEM Stock)

Initially, Newmont Corporation (NEM) is one of the world’s largest gold mining companies with operations in several countries including the United States, Canada, Australia and Ghana.

Late last month, Newmont reported a beat for its first quarter 2023 earnings results. Taking the dive, the company reported earnings per share of $0.40 for the first quarter of 2023 on revenue of $2.7 billion. That’s versus consensus estimates that called for EPS of $0.33 and a revenue estimate of $3.6 billion. Additionally, Newmont reported that it produced 1.27 million gold ounces in the first quarter of 2023.

In the past six months of trading, shares of NEM stock have gained 17.91%. Meanwhile, as of last Friday’s close, Newmont stock closed at $48.72 per share.

Source: TD Ameritrade TOS

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Barrick Gold (Gold Stock)

Second, Barrick Gold Corporation (GOLD) is another major gold mining company with a global presence, operating mines in North and South America, Africa, and the Asia-Pacific region.

Earlier this month, Barrick Gold announced its Q1 2023 financial results. In detail, GOLD reported earnings per share of $0.14 on revenue of $2.6 billion. The results came in line with analysts’ consensus estimates for earnings per share of $0.11 and revenue of $2.6 billion for the quarter.

Additionally, in the last six months of trading action, the gold stock shares have gained 38.64%. Whereas, this past Friday, GOLD stock closed the day trading at $20.20 per share.

gold reserves
Source: TD Ameritrade TOS

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Franco-Nevada (FNV Stock)

last but not least, Franco-Nevada Corporation (FNV) is a unique player in the gold sector, as it is a royalty and streaming company focused on gold. This means that it provides financing to miners in exchange for a percentage of their future production or revenue.

Earlier this month, Franco-Nevada also announced earnings results for the first quarter of 2023. Specifically, the company reported earnings of $0.79 per share versus the estimate of $0.77. Additionally, revenue for Q1 2023 came in at $276.3 million. This came in under the Consensus Estimate for the quarter which was $310.0 million.

Moreover, looking at the last six months, Franco-Nevada stock has gained 26.44%. Furthermore, last Friday, shares of FNV stock closed at the end of the day at $159.01 per share.

fnv stock
Source: TD Ameritrade TOS

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