Harmony Gold Mining Co (NYSE:HMY) Stock, Quote.Headers.trade-ideas

Harmony Gold Mining Co

Harmony Gold Mining Co Ltd is a gold mining and exploration company having operations in South Africa and Papua New Guinea (PNG). Its projects include Bambanani, Joel, Masimong, Phakisa, Target 1, Tshepong, Unisel, Doornkop, and Kusasalethu. The group's segments are Tshepong Operations, Bambanani, Joel, Doornkop, Moab Khotsong, Hidden Valley, Target 1, Kusasalethu, Masimong, Unisel, and all other surface operations.

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Gold reaches new all-time high above $2,460/oz amid heightened investor confidence in Fed rate cut in Sept. Jerome Powell&#39;s remarks support market expectations.

Gold Miners Hit 27-Month Peak, Bullion Breaks Record As Traders Decide September Rate Cut As Good As Done

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Why Charles Schwab Shares Are Trading Lower By Over 7%? Here Are Other Stocks Moving In Tuesday&#39;s Mid-Day Session

Konskie,,Poland,-,January,05,,2019:,Unitedhealth,Group,Logo,Displayed

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UnitedHealth Posts Better-Than-Expected Earnings, Joins AngioDynamics, Bank of America  And Other Big Stocks Moving Higher On Tuesday

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Shares of precious metals stocks are trading lower as gold and silver prices fall amid a rise in the dollar.

Shares of gold companies are trading lower amid a pullback following recent strength as Treasury yields rise.

Gold reached new all-time highs Tuesday, with the commodity soaring above $2,460 per ounce and showcasing a robust 1.7% gain for the session, driven by heightened investor convictions that the Fed will cut interest rates <a href="https://www.benzinga.com/federal-reserve">at its September meeting</a>.
Jerome Powell&#8216;s remarks during his<a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve"> interview at the Economic Club of Washington</a> Monday appear to have dispelled the last doubts about the start of rate cuts after the Fed chair confidently welcomed the latest inflation reports for the second quarter.
"We've had now three better readings. And if you average them, it's a pretty good pace," Powell said. He further hinted the Fed would be willing to act by lowering interest rates if labor market conditions unexpectedly weaken.
Fed futures indicate traders are fully pricing in a rate cut at the September meeting, placing 93.3% odds of a 25-basis-point cut and a marginal 6.7% chance on a larger 50-basis-point cut, according to the CME Group&#8216;s FedWatch tool.
Yields on the 10-year Treasury note dropped by 7 basis points Tuesday to 4.16%, eyeing the lowest close since mid-March. The rise in gold and the reduction in Treasury yields spurred a rally in gold mining stocks.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) soared by 3.3% on Tuesday, achieving its highest level since April 21, 2022. Its rally since the lows of February 2024 has now extended to 55%.
<h3 class="wp-block-heading">Chart: Gold Mining ETF Reaches Levels Unseen In 27 Months </h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="496" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-1024x496.png" alt="" class="wp-image-439337" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-1024x496.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-1536x744.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Image: <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071724&amp;t=be2bearmibe3na1">Benzinga Pro</a> 
<h3 class="wp-block-heading">Bank Of America Predicts Strong Gold Miner Earnings</h3>
&#8220;With the sharp and sustained move higher in gold prices, we think that there will be an increased focus on capital allocation in the sector,&#8221; wrote Bank of America analyst Lawson Winder. 
Winder suggested that companies in the mining sector might increase dividends or buy back shares to boost stock value. 
He emphasizes the importance of second-quarter guidance updates, noting that positive guidance can lead to substantial outperformance.
Winder also expects a focus on organic production growth and potential acquisitions, especially given the slowdown in corporate acquisition activity and the availability of assets for sale following Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)&#8217;s acquisition of Newcrest Mining.
<h3 class="wp-block-heading">Tuesday&#8217;s Movers Among Gold Miners</h3>
Tuesday&#8217;s leading performers within the VanEck Gold Miners ETF were:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Security Name</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>)</td>
<td>14.44</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>10.51</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>5.19</td>
</tr>
<tr>
<td>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>)</td>
<td>5.01</td>
</tr>
<tr>
<td>Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</td>
<td>4.60</td>
</tr>
</tbody>
</table>
</figure>
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Shares of The Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) fell sharply during Tuesday's session following <a href="https://www.benzinga.com/quote/SCHW/earnings">second-quarter results.</a>
Charles Schwab said adjusted net income declined 2% Y/Y to $1.465 billion. Adjusted EPS fell 3% Y/Y to 73 cents, beating the consensus of 72 cents, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Charles Schwab shares dipped 7.5% to $69.42 on Tuesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Yoshitsu Co., Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKLF#NASDAQ">TKLF</a>) jumped 109% to $0.6437 after the company reported a year-over-year increase in FY24 financial results.</li>
<li>Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) shares climbed 95.4% to $2.12 after the company obtained an exclusive global license to develop, manufacture, and commercialize its Alzheimer&#8217;s drug.</li>
<li>Logistic Properties of the Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) shares climbed 53.8% to $23.71.</li>
<li>NaaS Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAAS#NASDAQ">NAAS</a>) gained 38% to $3.8503.</li>
<li>Virpax Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRPX#NASDAQ">VRPX</a>) gained 38% to $1.4799.</li>
<li>AEON Biopharma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEON#NYSE">AEON</a>) shares rose 29.2% to $2.9450 after jumping around 63% on Monday.</li>
<li>Conduit Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDT#NASDAQ">CDT</a>) gained 27.3% to $0.3055 after declining over 8% on Monday.</li>
<li>AngioDynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGO#NASDAQ">ANGO</a>) surged 24.7% to $7.39 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.</li>
<li>KWESST Micro Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KWE#NASDAQ">KWE</a>) gained 22.8% to $0.4160</li>
<li>Zenvia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZENV#NASDAQ">ZENV</a>) climbed 22.7% to $1.9634. The company announced that it entered into an agreement with Alliance Global Partners to offer and sell Class A common shares up to $20 million.</li>
<li>Locafy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCFY#NASDAQ">LCFY</a>) rose 21% to $4.4150.</li>
<li>SciSparc Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRC#NASDAQ">SPRC</a>) gained 20% to $1.0150.</li>
<li>Koss Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOSS#NASDAQ">KOSS</a>) rose 19.8% to $10.45.</li>
<li>Alpha Technology Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATGL#NASDAQ">ATGL</a>) climbed 19.2% to $3.42.</li>
<li>Meiwu Technology Company Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WNW#NASDAQ">WNW</a>) shares rose 16.1% to $1.01 after surging around 15% on Monday.</li>
<li>NetSol Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTWK#NASDAQ">NTWK</a>) climbed 16% to $3.0501 as the company signed a $16 million agreement with a major automaker to revolutionize digital car buying and leasing experience in the United States.</li>
<li>Chegg, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHGG#NYSE">CHGG</a>) gained 15% to $3.6440. Morgan Stanley analyst Josh Baer upgraded Chegg from Underweight to Equal-Weight and lowered the price target from $6.5 to $3.25.</li>
<li>8&#215;8, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EGHT#NASDAQ">EGHT</a>) gained 13.3% to $2.8450. 8&#215;8. secured a $200 million term loan at reduced interest rate.</li>
<li>Fate Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FATE#NASDAQ">FATE</a>) gained 12.8% to $4.39.</li>
<li>Pacific Biosciences of California, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACB#NASDAQ">PACB</a>) rose 12.8% to $1.8350. PacBio is expected to hold its quarterly conference call to discuss its second quarter financial results on Wednesday, Aug. 7.</li>
<li>Newegg Commerce, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEGG#NASDAQ">NEGG</a>) gained 11.8% to $1.14.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) jumped 11.8% to $10.57</li>
<li>Sana Biotechnology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANA#NASDAQ">SANA</a>) surged 11.7% to $7.11.</li>
<li>ServisFirst Bancshares, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NASDAQ">SFBS</a>) climbed 10.8% to $78.60 after the company reported better-than-expected second-quarter financial result. Also, Piper Sandler maintained a Neutral rating on the stock and raised its price target from $63 to $70.</li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) rose 7.9% to $34.54 after Starboard Value sent a letter to the company outlining initiatives for improving growth, profitability and capital allocation.</li>
<li>Arvinas, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARVN#NASDAQ">ARVN</a>) gained 7.7% to $32.27.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares rose 7.3% to $68.92 after B of A Securities upgraded the stock from Neutral to Buy.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Cyngn Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYN#NASDAQ">CYN</a>) shares fell 22.1% to $7.15 after jumping 54% on Monday.</li>
<li>Autonomix Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMIX#NASDAQ">AMIX</a>) shares declined 21.4% to $1.08. Autonomix shares jumped 130% on Monday after the company entered into an agreement with RF Innovations to license intellectual property for its Apex 6 Radiofrequency Generator.</li>
<li>Zeo Energy Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZEO#NASDAQ">ZEO</a>) fell 18% to $3.23.</li>
<li>Clearmind Medicine Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMND#NASDAQ">CMND</a>) fell 16.7% to $1.85. Clearmind Medicine announced the FDA clearance for IND application of MEAI-based CMND-100 oral capsule.</li>
<li>Crown LNG Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGBS#NASDAQ">CGBS</a>) declined 15.8% to $2.65.</li>
<li>Funko, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FNKO#NASDAQ">FNKO</a>) shares fell 13.3% to $8.71.</li>
<li>Shapeways Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHPW#NASDAQ">SHPW</a>) fell 13.2% to $0.3010.</li>
<li>Vicinity Motor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VEV#NASDAQ">VEV</a>) shares dipped 12.8% to $0.5581 after dipping 10% on Monday.</li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares fell 8.7% to $37.04. Trump Media &amp; Technology Group shares jumped over 31% on Monday following the attempted assassination of Donald Trump.</li>
<li>Greenpro Capital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRNQ#NASDAQ">GRNQ</a>) shares fell 8.5% to $1.08. Greenpro Capital shares surged around 35% on Monday after the company announced that its subsidiary, Green-X, secured over $100 million in digital assets.</li>
<li>Grom Social Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GROM#NASDAQ">GROM</a>) shares declined 7.8% to $0.3945 after gaining around 10% on Monday.</li>
<li>Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) fell 7.1% to $67.83 after Loop Capital downgraded the stock from Buy to Hold.</li>
<li>Eos Energy Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EOSE#NASDAQ">EOSE</a>) fell 7% to $1.9150.</li>
</ul>
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Why Charles Schwab Shares Are Trading Lower By Over 7%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

Shares of gold stocks are trading higher amid trader optimism that the Fed will cut rates.

U.S. stocks were mostly higher, with the Dow Jones index gaining around 550 points on Tuesday.
Shares of UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) rose sharply during Tuesday's session following a <a href="https://www.benzinga.com/news/earnings/24/07/39790051/unitedhealth-q2-earnings-revenue-and-eps-beat-lifts-cyberattack-impact-estimate-reaffirms-profit-ou">second-quarter earnings beat.</a>
The company reported adjusted EPS of $6.80, up from $6.14 a year ago, beating the consensus of $6.66, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. UnitedHealth&#8217;s revenues increased nearly $6 billion (+6.4% Y/Y) to $98.86 billion, beating the consensus of $98.34 billion, led by expansion in people served domestically at Optum and UnitedHealthcare.
UnitedHealth Group shares gained 5.7% to $544.96 on Tuesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Logistic Properties of the Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) shares surged 53.8% to $23.71.</li>
<li>AngioDynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGO#NASDAQ">ANGO</a>) shares gained 24.7% to $7.39 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.</li>
<li>Chegg, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHGG#NYSE">CHGG</a>) jumped 15% to $3.6440. Morgan Stanley analyst Josh Baer upgraded Chegg from Underweight to Equal-Weight and lowered the price target from $6.5 to $3.25.</li>
<li>8&#215;8, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EGHT#NASDAQ">EGHT</a>) rose 13.3% to $2.8450. 8&#215;8. secured a $200 million term loan at reduced interest rate.</li>
<li>Fate Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FATE#NASDAQ">FATE</a>) climbed 12.8% to $4.39.</li>
<li>Pacific Biosciences of California, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACB#NASDAQ">PACB</a>) gained 12.8% to $1.8350. PacBio is expected to hold its quarterly conference call to discuss its second quarter financial results on Wednesday, Aug. 7.</li>
<li>Newegg Commerce, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEGG#NASDAQ">NEGG</a>) rose 11.8% to $1.14.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) climbed 11.8% to $10.57</li>
<li>ServisFirst Bancshares, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NASDAQ">SFBS</a>) gained 10.8% to $78.60 after the company reported better-than-expected second-quarter financial result. Also, Piper Sandler maintained a Neutral rating on the stock and raised its price target from $63 to $70.</li>
<li>Wheels Up Experience Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UP#NYSE">UP</a>) rose 10.3% to $3.98.</li>
<li>Janux Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JANX#NASDAQ">JANX</a>) jumped 9.7% to $47.69.</li>
<li>Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) rose 8.1% to $16.34.</li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) gained 7.9% to $34.54 after Starboard Value sent a letter to the company outlining initiatives for improving growth, profitability and capital allocation.</li>
<li>Arvinas, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARVN#NASDAQ">ARVN</a>) shares climbed 7.7% to $32.27.</li>
<li>Dream Finders Homes, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFH#NYSE">DFH</a>) rose 7.5% to $30.29.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares gained 7.3% to $68.92 after B of A Securities upgraded the stock from Neutral to Buy.</li>
<li>Tempus AI, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) rose 7% to $39.15. Tempus expanded immuno-oncology portfolio with the launch of AI-enabled, multimodal immune profile algorithmic tests.</li>
<li>Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>) gained 6.7% to $6.70. Newell Brands is expected to release its second quarter 2024 earnings results on Friday, July 26.</li>
<li>The Scotts Miracle-Gro Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>) rose 5.7% to $65.56.</li>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) rose 5% to $43.99 following upbeat quarterly results.</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) gained 4.7% to $11.13.</li>
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JP Morgan analyst Patrick Jones maintains Harmony Gold Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) with a Underweight and lowers the price target from $5.8 to $4.8.

Price Target

Analyst Ratings

JP Morgan Maintains Underweight on Harmony Gold Mining Co, Lowers Price Target to $4.8

Gold futures for August delivery are currently around $2,343 per ounce, delivering a year-to-date rise of 13.5%. Gold is currently at two-week highs, buoyed by lackluster U.S. economic data that has led to expectations of interest rate cuts by the Federal Reserve this year. So far in 2024, gold has been consistently above the $2,000-per-ounce mark, surging to an unprecedented high of $2,449.50 in May. Several factors have contributed to this upward trajectory, including increased geopolitical tensions, a depreciating U.S. dollar, the potential for monetary policy easing and continuous purchasing by central banks.
The prospects for the Zacks Mining - Gold industry look optimistic, supported by the momentum in gold prices. We suggest keeping a tab on companies like Harmony Gold (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmy#NYSE">HMY</a>), Eldorado Gold (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ego#NYSE">EGO</a>), New Gold Inc. (AMEX:NGD) and Galiano Gold (AMEX:GAU), as these are well-poised for improvement, backed by their strong balance sheets, efforts to lower costs and growth initiatives.
<h3>Weak U.S Data Work in Favor of Gold</h3>
Per the&nbsp; U.S. Census Bureau&#39;s latest report, retail and foodservices sales in the United States inched up 0.1% in May 2024 from April 2024. On a year-over-year basis, sales rose 2.3%. This weaker-than-expected performance indicates that consumers are grappling with stubbornly higher levels of inflation. The market is currently pricing in about a 66% chance of a Fed rate cut in September, which has aided gold prices lately. 
The Institute for Supply Management&#39;s manufacturing index languished in contraction territory for a consecutive 16 months until February 2024. Even though it saw a slight uptick to 50.3% in March, the index slipped to the contraction territory again in April with a 49.2% reading. It further decelerated to 48.7% in May. This continued weakness in the manufacturing sector has contributed to heightened economic uncertainty, boosting investor interest in gold as a safe-haven asset and thereby hiking gold prices.
<h3>Demand &amp; Supply Imbalance to Support Prices</h3>
Central banks, particularly China, have been ramping up reserves held in gold due to currency depreciation, and geopolitical and economic risks. In 2022, central banks added 1,082 tons of gold, marking the highest annual purchase on record. This was followed by 1,037 tons of gold purchases in 2023, which was the second highest. 
According to the 70 responses to the 2024 Central Bank Gold Reserves survey, 29% of central banks have plans to increase their gold reserves in the next 12 months. This is the highest projection since the initiation of the survey in 2018. 
The use of gold in energy, healthcare and technology is rising. India and China account for around 50% of consumer gold demand. Economic strength in India is yielding wealth-driven buying. Physical demand has also been strong in China of late since the weaker yuan, volatile stock market and comparatively low deposit rates have led investors to explore alternatives for their savings. 
Meanwhile, depleting resources, declining supply in old mines and the lack of new mines have been inherent threats to the industry. Therefore, this will eventually create a demand-supply imbalance, which is likely to drive gold prices.
<h3>4 Gold Stocks to Buy</h3>
We have handpicked four gold-mining stocks, which currently sport a Zacks Rank #1 (Strong Buy) or #2 (Buy) and have solid growth potential. 
The chart below shows the price performances of these stocks year to date. These stocks have outperformed the industry as well as the broader Basic Materials sector and the S&amp;P 500.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b8/69232.jpg?v=1032028614" /> 
Image Source: Zacks Investment Research
New Gold: In the first quarter of 2024, the company&#39;s New Afton mine delivered a strong performance, producing 18,179 ounces of gold and 13.3 million pounds of copper. Both gold and copper productions were in line with the company&#39;s guidance. The Rainy River mine produced 52,719 ounces of gold. At Rainy River, the underground Main Zone is on target to produce its first ore in the fourth quarter of 2024. The company is on track to meet the 2024 consolidated production forecast of 310,000-350,000 ounces of gold and 50-60 million pounds of copper at all-in-sustaining costs of $1,240-$1,340 per gold ounce sold. Rainy River gold production is likely to expand dramatically over the next three years as underground mill feed increases. 
NGD recently signed an agreement relating to its strategic partnership with the Ontario Teachers&#39; Pension Plan for the New Afton Mine that will increase its effective free cash flow interest in the mine to 80.1%. This transaction is projected to result in a significant increase in attributable life-of-mine cash flow, while keeping New Gold&#39;s balance sheet strong and financially liquid. Continued focus on operational discipline and investment in growth projects will aid the company. 
The Zacks Consensus Estimate for the Toronto, Canada-based company&#39;s 2024 earnings has moved up 50% over the past 60 days. The consensus estimate indicates year-over-year growth of 71%. NGD currently sports a Zacks Rank #1. 
Eldorado Gold: The company produced 117,111 ounces of gold in the first quarter of 2024, up 5% year over year, reflecting higher gold production at most sites, notably at Lamaque (up 12%) and Olympias (up 14%). EGO expects production between 505,000 to 555,000 ounces of gold in 2024. The mid-point of the range suggests a 9% year-over-year increase. Project costs and schedule are on track for its development project, Skouries, with commercial production expected to commence at the end of 2025. 
March 2024 marked five years since the start of commercial production at the Lamaque Complex in Quebec. The complex has produced 848,014 ounces of gold, which exceeded EGO&#39;s expectations by 32% compared with the initial pre-feasibility study of 644,100 ounces. With the inaugural reserve expected at Ormaque later this year, the prospects of the Lamaque Complex are solid. 
Eldorado Gold is based in Vancouver, Canada. The Zacks Consensus Estimate for the company&#39;s fiscal 2024 earnings has moved up 49% over the past 60 days. The estimate indicates year-over-year growth of 91.2%. The company has an estimated long-term earnings growth of 50.8%. EGO has a trailing four-quarter earnings surprise of 430.7%, on average. The company currently carries a Zacks Rank #2. 
Galiano Gold: In March 2024, GAU acquired Gold Fields Group&#39;s 45% interest in the Asanko Gold Mine. With this move, Galiano Gold established itself as a growing gold producer with solid financial strength, owning and operating one of the largest gold mines in West Africa. The mine produced 30,386 ounces of gold in the first quarter of 2024. Output is expected to increase in the second half of 2024 after the completion of waste stripping at the Abore deposit, and the company expects to achieve 2024 production guidance of 140,000-160,000 ounces. 
GAU recently announced an upgrade to the Mineral Resources at Abore by 38%. The company&#39;s planned exploration programs for 2024 include drilling at Midras South to advance the deposit toward a potential maiden Mineral Reserve estimate, infill drilling at Adubiaso, early-stage drill testing at Target 3 and extension drilling at Gyagyatreso. A property-wide reconnaissance program has also been designed to identify new target areas of interest. 
Headquartered in Vancouver, Canada, Galiano Gold has an expected earnings growth of 117% for the current year. The Zacks Consensus Estimate for the company&#39;s fiscal 2024 earnings has moved up 37% over the past 60 days. GAU currently carries a Zacks Rank #2. 
Harmony Gold: The company produced 1,182,405 ounces of gold in the first nine months of fiscal 2024, which marked a 10% year-over-year improvement. With this performance, the company raised its production target to 1.55 million ounces from the prior expectation of 1.38-1.48 million ounces of gold in fiscal 2024. The operating free cash flow surged 171% year over year to $468 million in the period, driven by operational excellence and higher recovered grades. The company&#39;s all-in sustaining costs declined 2% year over year to $1,457 per ounce in the period. 
HMY continues to move down the industry cost curve. The company&#39;s efforts to reduce its debt levels appear encouraging and its flexible balance sheet continues to support its investments in its solid growth pipeline. 
The Zacks Consensus Estimate for earnings for the Randfontein, South Africa-based company&#39;s fiscal 2024 has been revised upward by 5.6% over the past 60 days. The consensus mark indicates year-over-year growth of 109%. HMY currently carries a Zacks Rank #2.
<a href="https://www.zacks.com/stock/news/2291035/gold-prices-increase-13-5-ytd-4-market-outperformers?cid=CS-BENZ-FT-analyst_blog|investment_ideas-2291035">To read this article on Zacks.com click here.</a>

Earnings

Gold Prices Increase 13.5% YTD: 4 Market Outperformers

Shares of GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) fell sharply during Friday's session after the company released worse-than-expected first-quarter results before schedule and filed to <a href="https://www.benzinga.com/news/earnings/24/06/39224137/gamestop-releases-q1-results-ahead-of-roaring-kitty-event-files-prospectus-to-raise-capital-via-equ">sell up to 75 million shares</a>.
GameStop released its first-quarter 2024 results early Friday ahead of its scheduled June 11 date. The company reported net sales of $881.8 million, down from $1.237 billion year-over-year. The net sales total missed a consensus estimate of $995.3 million. The company reported a loss of 12 cents per share, missing the estimate of a loss of 9 cents per share, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
GameStop shares dipped 22.5% to $36.07 on Friday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Trinity Place Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPHS#NYSE">TPHS</a>) jumped 165.4% to $0.3220 after declining around 11% on Thursday.</li>
<li>Leafly Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFLY#NASDAQ">LFLY</a>) shares gained 91.6% to $3.87.</li>
<li>Venus Concept Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERO#NASDAQ">VERO</a>) shares jumped 87.5% to $1.1606 on continued upward momentum after the stock regained Nasdaq compliance.</li>
<li>Asensus Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASXC#NASDAQ">ASXC</a>) climbed 40.1% to $0.3291 after the company announced it will be acquired by KARL STORZ for $0.35 per share in cash.</li>
<li>Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) gained 29.3% to $0.7032.</li>
<li>Geron Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GERN#NASDAQ">GERN</a>) shares jumped 26% to $4.90 as the company reported the FDA approval of RYTELO&#x2122; (imetelstat), a first-in-class telomerase inhibitor, for the treatment of adult patients with lower-risk MDS with transfusion-dependent anemia.</li>
<li>China Liberal Education Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLEU#NASDAQ">CLEU</a>) gained 23.4% to $2.4899.</li>
<li>American Oncology Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AONC#NASDAQ">AONC</a>) gained 22.6% to $2.0850. American Oncology Network recently announced the opening of Low Country Radiation in Waycross, Georgia.</li>
<li>MAIA Biotechnology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAIA#NASDAQ">MAIA</a>) rose 21.2% to $4.0249. The company unveiled compelling efficacy data from its Phase 2 THIO-101 clinical trial.</li>
<li>ChromaDex Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDXC#NASDAQ">CDXC</a>) gained 19.2% to $3.41 after the company received exclusive FDA Orphan Drug Designation and Rare Pediatric Disease Designation for Nicotinamide Riboside Chloride in the treatment of Ataxia Telangiectasia.</li>
<li>SunPower Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>) rose 18.8% to $4.11.</li>
<li>Oddity Tech Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODD#NASDAQ">ODD</a>) gained 18.3% to $43.49 after the company approved a share buyback and raised its Q2 guidance.</li>
<li>Universe Pharmaceuticals INC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPC#NASDAQ">UPC</a>) jumped 14.3% to $2.64</li>
<li>Presto Automation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRST#NASDAQ">PRST</a>) rose 14.1% to $0.0866 after declining 27% on Thursday.</li>
<li>Yext, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) gained 14.7% to $5.42. Yext is said to hire investment bankers to explore strategic alternatives, including a sale, Reuters reported.</li>
<li>Argan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGX#NYSE">AGX</a>) jumped 11.1% to $76.78 after the company reported better-than-expected first-quarter financial results.</li>
<li>Planet Labs PBC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PL#NYSE">PL</a>) gained 9.6% to $1.9950 following better-than-expected quarterly earnings.</li>
<li>Braze, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BRZE#NASDAQ">BRZE</a>) rose 4.2% to $38.32 following better-than-expected first-quarter earnings.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Biomea Fusion, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMEA#NASDAQ">BMEA</a>) shares dipped 65.6% to $3.87 after the United States Food and Drug Administration (FDA) imposed a full clinical hold on its Phase I/II trials for BMF-219, a diabetes treatment.</li>
<li>Barnes &amp; Noble Education, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNED#NYSE">BNED</a>) fell 35.3% to $0.2101 after the company announced final results of rights offering.</li>
<li>Scinai Immunotherapeutics Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCNI#NASDAQ">SCNI</a>) fell 31.3% to $2.7474. Scinai Immunotherapeutics regained compliance with Nasdaq minimum bid price requirement.</li>
<li>Volcon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VLCN#NASDAQ">VLCN</a>) fell 29.3% to $9.90. Volcon recently announced a 1-for-100 reverse stock split.</li>
<li>Latam Logistic Properties, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) shares fell 26.4% to $34.69 after jumping 49% on Thursday.</li>
<li>Hywin Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HYW#NYSE">HYW</a>) dipped 24.7% to $0.4670.</li>
<li>MicroAlgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLGO#NASDAQ">MLGO</a>) shares fell 24.2% to $4.24. MicroAlgo recently announced that it entered into convertible note purchase agreements with certain investors.</li>
<li>Actelis Networks, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASNS#NASDAQ">ASNS</a>) dipped 23% to $1.5101. Actelis announced closing of exercise of warrants for $3 million gross proceeds.</li>
<li>Semtech Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) dipped 19.6% to $30.54 after the company announced it has appointed a new President and CEO and reaffirmed Q2 2025 guidance.</li>
<li>Gorilla Technology Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRRR#NASDAQ">GRRR</a>) fell 19.3% to $4.7699 after announcing a $12 million registered direct offering.</li>
<li>Bright Green Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGXX#NASDAQ">BGXX</a>) shares fell 18.7% to $0.2851 after declining around 8% on Thursday.</li>
<li>Seres Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCRB#NASDAQ">MCRB</a>) declined 18.7% to $0.6916. Canaccord Genuity analyst John Newman maintained Seres Therapeutics with a Buy and lowered the price target from $15 to $10.</li>
<li>CEA Industries Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEAD#NASDAQ">CEAD</a>) dipped 18% to $6.65.</li>
<li>Oil-Dri Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ODC#NYSE">ODC</a>) fell 17.3% to $68.57 following third-quarter results.</li>
<li>mF International Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MFI#NASDAQ">MFI</a>) fell 17.1% to $1.07.</li>
<li>Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) shares declined 13.6% to $167.50 after the company reported weaker-than-expected results for its third quarter on Thursday.</li>
<li>Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>) shares dipped 13.4% to $30.17 after the company reported first-quarter earnings.</li>
<li>Moving iMage Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MITQ#NYSE">MITQ</a>) fell 10.3% to $0.6001 after declining 33% on Thursday. Moving iMage Technologies was recently awarded a multi-million dollar contract.</li>
<li>Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) declined 10.2% to $17.56.</li>
<li>Sify Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) fell 10.1% to $0.8001 as the company announced commencement of its previously announced rights offering.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) fell 9.2% to $8.36. Shares of precious metals companies traded lower amid a decline in gold and silver following US economic data.</li>
<li>Concrete Pumping Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBCP#NASDAQ">BBCP</a>) shares dipped 8% to $6.93 after posting weaker-than-expected second-quarter results.</li>
<li>Upstart Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) tumbled 8% to $24.75.</li>
<li>American Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMSWA#NASDAQ">AMSWA</a>) declined 7.5% to $9.55 following quarterly results. B. Riley Securities analyst Zach Cummings maintained American Software with a Buy and lowered the price target from $16 to $14.</li>
<li>DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) shares fell 7.4% to $50.57. DocuSign reported better-than-expected earnings for its first quarter and the company&#8217;s board also authorized a $1 billion increase to its existing stock repurchase program. The company said it sees second-quarter billings in the range of $715 million to $725 million.</li>
<li>Impinj, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PI#NASDAQ">PI</a>) fell 7.1% to $153.03.</li>
<li>Gen Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEN#NASDAQ">GEN</a>) declined 5.2% to $24.13 after Morgan Stanley downgraded the stock from Overweight to Equal-Weight and lowered its price target from $28 to $27.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/06/39226995/over-2m-bet-on-this-tech-stock-check-out-these-4-stocks-insiders-are-buying">Over $2M Bet On This Tech Stock? Check Out These 4 Stocks Insiders Are Buying</a>

AMSWA

AONC

ASNS

ASXC

BBCP

BGXX

BMEA

BNED

BRZE

CDXC

CEA INDUSTRIES INC by CEA Industries Inc.

CEAD

CLEU

DOCU

FFIE

GERN

GRRR

LFLY

MAIA

MCRB

MITQ

MLGO

PRST

SCNI

SIFY

SMTC

SPWR

TPHS

UPST

VERO

VLCN

YEXT

Why GameStop Shares Are Trading Lower By Over 22%? Here Are Other Stocks Moving In Friday's Mid-Day Session

Shares of precious metals companies are trading lower amid a drop in gold and silver following US economic data.

JP Morgan analyst Patrick Jones maintains Harmony Gold Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) with a Underweight and raises the price target from $5.1 to $5.8.

JP Morgan Maintains Underweight on Harmony Gold Mining Co, Raises Price Target to $5.8

Shares of gold stocks are trading higher amid a rise in the price of gold.

Shares of gold companies are trading lower as gold drops amid a rise in the dollar.

General

SBSW

Shares of precious metals stocks are trading lower as gold and silver continue to retreat from recent strength.

U.S. stock futures were slightly higher this morning, with the Dow futures gaining over 20 points on Tuesday.
Shares of Calix, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) fell sharply in today's pre-market trading after the company reported mixed first-quarter financial results and issued second-quarter <a href="https://www.benzinga.com/quote/CALX">guidance below estimates</a>.
Calix posted adjusted earnings of 21 cents per share, beating market estimates of 20 cents per share. The company's quarterly sales came in at $226.310 million, missing expectations of $228.139 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Calix shares dipped 16.8% to $24.60 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Abeona Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABEO#NASDAQ">ABEO</a>) fell 48.1% to $3.82 in pre-market trading after the company announced the FDA issued a Complete Response Letter in response to the company&#8217;s Biologics License Application for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa.</li>
<li>Sasol Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSL#NYSE">SSL</a>) shares fell 8.1% to $7.29 in pre-market trading after the company issued published its production and sales performance metrics for the nine months ended 31 March, 2024.</li>
<li>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) fell 5.7% to $268.91 pre-market trading after the company issued second-quarter guidance below estimates.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) shares slipped 4.5% to $8.32 in pre-market trading after falling 6% on Monday.</li>
<li>Mobile-health Network Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDR#NASDAQ">MNDR</a>) shares fell 4.1% to $22.87 in pre-market trading after dipping over 12% on Monday. The company issued H1 2024 financial guidance.</li>
<li>Sibanye Stillwater Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBSW#NYSE">SBSW</a>) shares fell 4% to $4.78 in pre-market trading.</li>
<li>Lufax Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LU#NYSE">LU</a>) shares declined 3.9% to $4.22 in pre-market trading after the company reported first-quarter results and said David Siu Kam Choy tendered his resignation as CFO due to personal reasons.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/04/38370585/investor-optimism-improves-but-fear-greed-index-remains-in-fear-zone">Investor Optimism Improves, But Fear &amp; Greed Index Remains In &#8216;Fear&#8217; Zone</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

Pre-Market Outlook

ABEO

CALX

CDNS

MNDR

Calix Reports Mixed Results, Joins Cadence Design Systems And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session

SILV

Shares of precious metals stocks are trading lower amid a pullback in the price of gold and silver.

HSBC analyst Leroy Mnguni downgrades Harmony Gold Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) from Hold to Reduce.

Downgrades

HSBC Downgrades Harmony Gold Mining Co to Reduce

Shares of precious metals stocks are trading higher as safe-haven assets gain following Iran's drone attack against Israel.

GATO

Shares of precious metals stocks are trading higher amid strength in the price of gold and silver.

Harmony Gold Mining Company shares are trading higher amid strength in gold.

In a report released on May 27, Catherine Cunningham from J.P. Morgan maintained a Sell rating on Harmony Gold Mining (HMY – Research Report), with...

J.P. Morgan Remains a Sell on Harmony Gold Mining (HMY)

Harmony Gold Mining (HMY) has released an update. Harmony Gold Mining Company Limited anticipates exceeding its annual production targets for FY24,...

Harmony Gold Mining Exceeds FY24 Targets

Harmony Gold expects to beat targets for full-year production, costs

In an era where global economic uncertainty is the only certainty, investing in gold mining stocks emerges as a smart, defensive strategy. Hence, investors could consider buying these quality gold mining stocks: Barrick Gold Corp. (GOLD), Harmony Gold Mining (HMY), and Kinross Gold Corp. (KGC) for stable returns. Read on… The Federal Reserve's recent policy statement reveals that inflation remains "elevated." The Personal Consumption Expenditures price index rose at a <a href="https://www.cnbc.com/2024/05/31/pce-inflation-april-2024-the-feds-preferred-inflation-measure-rose-0point2percent-in-april.html">2.8% annual rate in April</a>, well above the Fed's 2% target. This persistent level of inflation has investors searching for reliable hedges, and gold mining stocks are emerging as a prime choice.
Therefore, investors could consider buying quality gold mining stocks such as Barrick Gold Corporation (<a href="https://stocknews.com/stock/GOLD/">GOLD</a>), Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>), and Kinross Gold Corporation (<a href="https://stocknews.com/stock/KGC/">KGC</a>) to hedge against inflation.
Gold has always been the go-to asset in times of financial uncertainty, and 2024 is shaping up to be no exception. The World Gold Council's latest report paints an optimistic picture, predicting <a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2024/outlook">stronger returns for gold</a> than previously expected.
Their Gold Demand Trends report for the first quarter reveals a <a href="https://www.gold.org/news-and-events/press-releases/global-gold-demand-stays-strong-supporting-record-high-prices">3% year-over-year increase</a> in total global gold demand to 1,238 tonnes, the highest first-quarter demand since 2016. Additionally, mine production hit a record 893 tonnes, up 4% from last year.
Moreover, the outlook for gold prices remains bullish amidst global economic uncertainty. Bank of America Corporation (<a href="https://stocknews.com/stock/BAC/">BAC</a>) analysts project that gold could <a href="https://in.investing.com/news/commodities-news/bofa-gold-could-hit-3000oz-over-the-next-1218-months-4269708">soar to $3,000 per ounce</a> within the next 12-18 months, driven by increased non-commercial demand and potential Federal Reserve rate cuts. Such a scenario would likely lead to significant inflows into physically backed gold ETFs and boost trading volumes.
And let's not overlook central banks, which are ramping up their gold purchases to reduce USD holdings in foreign exchange portfolios. This strategic shift underscores yellow metal's status as a long-term store of value, a hedge against inflation, and an indispensable portfolio diversifier.
Furthermore, investors' interest in gold stocks is evident from the iShares Gold Trust Micro ETF's (<a href="https://stocknews.com/stock/IAUM/">IAUM</a>) 22.2% gains over the past nine months.
To that end, let's examine the fundamentals of the three stocks to buy in the <a href="https://stocknews.com/category/gold-miners/">Miners – Gold</a> industry, beginning with the third choice.
Stock #3: Barrick Gold Corporation (<a href="https://stocknews.com/stock/GOLD/">GOLD</a>)
Based in Toronto, Canada, GOLD is engaged in the exploration, mine development, production, and sale of gold and copper properties. The company holds ownership interests in producing gold mines across various countries, including Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States.
On May 1, 2024, Barrick Gold (International Holdings) Ltd., a subsidiary of GOLD, entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. This agreement provides GOLD with access to approximately 4,000 square kilometers of consolidated land positions in Jamaica.
The strategic partnership is expected to enhance GOLD's exploration capabilities and potentially lead to significant new discoveries, aligning well with the company's ongoing operations and growth strategy.
On April 25, GOLD's Nevada Gold Mines celebrated the official opening of its new underground mine, Goldrush. The Goldrush Project is projected to produce 130,000 ounces of gold in its initial year, contributing to Nevada Gold Mines' (NGM) overall value and production capacity. GOLD holds a 61.5% ownership stake in this project through a joint venture with Newmont.
GOLD's trailing-12-month gross profit margin and ROCE of 31.15% and 6.27% are 10.3% and 3.7% higher than the industry averages of 28.24% and 6.04%, respectively. Likewise, its trailing-12-month 12.58% net income margin compares to the industry average of 4.68%.
In the fiscal first quarter that ended March 31, 2024, GOLD's revenues increased 3.9% year-over-year to $2.75 billion. Its adjusted EBITDA grew 7% from the year-ago value to $1.27 billion with an attributable margin of 41%. GOLD's adjusted net earnings amounted to $333 million or $0.19 per share, reflecting an increase of 34.8% and 35.7%, respectively, in the same period.
Also, during the quarter, it produced 940 thousand gold ounces, slightly below the 952 thousand produced in the prior year.
The consensus <a href="https://www.investopedia.com/terms/e/eps.asp">EPS</a> estimate of $0.25 for the fiscal second quarter (ending June 2024) represents a 30.5% improvement year-over-year. The consensus revenue estimate of $3.25 billion for the ongoing quarter indicates a 14.7% increase from the same period last year. The company has an impressive earnings surprise history, surpassing the consensus EPS estimates in each of the trailing four quarters.
Over the past nine months, the stock has gained 11.4%, closing the last trading session at $16.80.
GOLD's strong fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall B rating, which equates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 distinct factors, with each factor weighted to an optimal degree.
It also has a B grade for Quality. Among the 41 stocks in the <a href="https://stocknews.com/category/gold-miners/">Miners – Gold</a> industry, it is ranked #8. <a href="https://stocknews.com/stock/GOLD/">Click here</a> to see the additional ratings for GOLD (Growth, Value, Momentum, Stability, and Sentiment).
Stock #2: Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>)
Headquartered in Randfontein, South Africa, HMY engages in the exploration, extraction, and processing of gold. It explores uranium, silver, copper, and molybdenum deposits. The company has eight underground operations in the Witwatersrand Basin, an open-pit mine on the Kraaipan Greenstone Belt, and various surface source operations in South Africa.
On April 30, HMY reported a 10% increase in total gold production for the nine months ended March 31, 2024, reaching 36,777 kilograms (1,182,405 ounces) compared to 33,349 kilograms (1,072,195 ounces) in the previous period. The rand gold price rose 17% year-over-year to R1,162,048 per kg ($1,928 per ounce), strengthening HMY's robust balance sheet due to strong free cash flow generation.
In March, the company announced the Queensland Government's declaration of the Eva Copper Mine Project as a ‘Prescribed Project' in recognition of its social and economic significance to the state's Northwest region. This will harness the coordination of approval processes required for the project and significantly benefit HMY.
HMY's trailing-12-month gross profit and EBITDA margins of 34.14% and 27.95% are 20.9% and 70.4% higher than the respective industry averages of 28.24% and 16.41%. Further, the stock's trailing-12-month net income margin of 15.50% is favorably compared to the 4.68% industry average.
During the six months that ended December 31, 2023, HMY's revenue increased 35.1% year-over-year to R31.41 billion ($1.72 billion). The company's gross profit grew 186.2% from the prior year's period to R8.62 billion ($473.32 million). Its operating profit of R7.57 billion ($415.52 million) indicates growth of 184.4% year-over-year.
In addition, the company's net profit for the period and EPS came in at R5.96 billion ($327.19 million) and R9.53, up 220.2% and 220.9% from the previous year's period. Its EBITDA increased 114% year-over-year to R17.43 billion ($956.85 million).
Analysts expect HMY's revenue for the fiscal year (ending June 2024) to increase 29.7% year-over-year to $3.42 billion, while its EPS is expected to grow 115.9% year-over-year to $0.95.
Shares of HMY have surged 125.2% over the past nine months and 119.8% over the past year to close the last trading session at $9.01.
HMY's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, translating to a Buy in our proprietary rating system.
HMY has an A grade for Growth and a B for Value. It is ranked #7 out of 41 stocks within the same industry. To see the other HMY ratings for Momentum, Stability, Sentiment, and Quality, <a href="https://stocknews.com/stock/HMY/">click here</a>.
Stock #1: Kinross Gold Corporation (<a href="https://stocknews.com/stock/KGC/">KGC</a>)
Based in Toronto, Canada, KGC acquires, explores, and develops gold properties principally in the U.S., Brazil, Chile, Canada, and Mauritania.
On June 13, the company paid its shareholders a quarterly dividend of $0.03 per common share. Its annualized dividend is $0.12 per share, translating to a dividend yield of 1.52% on the current share price. Also, its four-year average yield is 2.02%.
KGC's trailing-12-month gross profit margin of 51.68% is 83% higher than the industry average of 28.24%. Similarly, its trailing-12-month levered FCF margin and ROTA of 9.26% and 4.10% are 78.7% and 51.6% higher than the industry averages of 5.18% and 2.71%, respectively.
KGC's metal sales for the fiscal first quarter that ended March 31, 2024, increased 16.4% year-over-year to $1.08 billion. Its adjusted operating cash flow stood at $424.90 million, up 18.6% year-over-year. The company's adjusted net earnings attributable to common shareholders amounted to $124.90 million and $0.10 per share, reflecting an increase of 42.6% and 42.8% from the prior-year quarter, respectively.
Additionally, it produced 527,399 gold equivalent ounces (Au eq. oz.) in the quarter, marking a 13% year-over-year increase.
Street expects KGC's revenue for the third quarter (ending September 2024) to increase 10.2% year-over-year to $1.22 billion. Its EPS for the same quarter is anticipated to grow 14.3% year-over-year to $0.14. The company surpassed the consensus EPS estimates in each of the trailing four quarters, which is impressive.
The stock has gained 76% over the past year to close the last trading session at $7.87.
KGC's POWR Ratings reflect this promising outlook. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
KGC also has a B grade for Value, Sentiment, and Quality. Within the Miners – Gold industry, it is ranked #4. To see KGC's Growth, Momentum, and Stability ratings, <a href="https://stocknews.com/stock/KGC/">click here</a>.
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<hr />
GOLD shares were trading at $16.88 per share on Thursday afternoon, up $0.08 (+0.48%). Year-to-date, GOLD has declined -4.26%, versus a 15.61% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/gold-hmy-kgc-bac-3-gold-mining-stocks-to-hedge-against-inflation/>3 Gold Mining Stocks to Hedge Against Inflation</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Gold Mining Stocks to Hedge Against Inflation

Warning: HMY is at high risk of cutting its dividend

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
When it comes down to it, it&rsquo;s better to trust analyst consensus rather than to always go the contrarian route. These experts know what they&rsquo;re talking about. Contrary to conspiracy theories or random slander on the Internet, Wall Street firms don&rsquo;t just pick people off the street to represent their brands. That said, no one is perfect, making some sell-rated stocks potentially intriguing buys.



Again, I want to be clear. You don&rsquo;t want to go all Rambo on every idea that the experts hate. At the same time, it&rsquo;s inevitable that a few enterprises just slip through the cracks. Otherwise, if analysts had a 100% track record &ndash; or anything close to that &ndash; our job would be easy. Just bet on whatever the experts like and call it a day.



Further, because analysts tend to influence the market, savvy contrarians can leverage this dynamic to their favor. Suppose everybody&rsquo;s calling a trade wrong. Well, the subsequent red ink merely implies a discount. On that note, below are sell-rated stocks that really could be acquisitive opportunities.



<h2>Southern Copper (SCCO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/04/scco-1600-300x169.png" alt="Southern Copper Corporation logo on a phone screen in front of the logo on a computer screen. SCCO stock."><div>Source: viewimage / Shutterstock</div></div>Based in Phoenix, Arizona, Southern Copper (NYSE:<a href="https://investorplace.com/stock-quotes/scco-stock-quote/">SCCO</a>) falls under the basic materials space. It engages in mining, exploring, smelting and refining of copper and other minerals. Its main areas of operation are Peru, Mexico, Argentina, Ecuador and Chile. While the underlying metal is vital for the global economy, analysts don&rsquo;t have much love for SCCO stock.



According to TipRanks, analysts rate shares a <a href="https://www.tipranks.com/stocks/scco/forecast">consensus moderate sell</a>. This assessment breaks down as one buy, one hold and four sell ratings. Further, the average price target sits at $98.44, implying almost 15% downside risk. Admittedly, the company hasn&rsquo;t been the most impressive financial performer. In the past year, its average earnings per share was 75 cents, just a penny better than the expected average.



Still, I think it&rsquo;s too early to pronounce SCCO as &ldquo;DOA.&rdquo; After all, analysts believe that in fiscal 2024, EPS could rise almost 39% to $4.31. On the top line, sales might reach $11.43 billion, a lift of 15.5%.



Sure, the economic situation might not be that good under a <a href="https://www.wsj.com/economy/economists-say-inflation-would-be-worse-under-trump-than-biden-263bc900">second Trump administration</a>. However, &ldquo;The Donald&rdquo; will be eager to boost national activity. Therefore, SCCO is one of the sell-rated stocks that could swing higher.



<h2>CVR Energy (CVI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/12/cvr-energy-cvi-1600-300x169.jpg" alt="The logo for CVR Energy (CVI) is shown on a cellphone next to a screen displaying the company's website."><div>Source: T. Schneider / Shutterstock.com</div></div>Headquartered in Sugar Land, Texas, CVR Energy (NYSE:<a href="https://investorplace.com/stock-quotes/cvi-stock-quote/">CVI</a>) falls under the oil and gas refining and marketing industry. With its subsidiaries, CVR engages in downstream petroleum operations. It also specializes in nitrogen fertilizer manufacturing activities. However, due to the disinflationary dynamics in the hydrocarbon space, CVI stock hasn&rsquo;t performed that well.



Since the start of the year, CVI fell 21%. Interestingly, in the past four quarters, CVR&rsquo;s average EPS came out to $1.06. This beat the consensus view of 92 cents. However, the company suffered a big hit in Q1 2024, raising concerns for investors. Per TipRanks, analysts rate shares a <a href="https://www.tipranks.com/stocks/cvi/forecast">consensus hold</a> but it&rsquo;s a tenuous one. The assessment breaks down as one buy, one hold and two sell ratings.



However, it&rsquo;s possible that CVI ranks among the sell-rated stocks that could rise higher. Yes, experts project that the top line could erode by 14.9% to $7.87 billion. Also, EPS could tank by 79.43% to $1.16. That&rsquo;s obviously not a good look.



Nevertheless, geopolitical dynamics may threaten global oil supplies, which could reinvigorate CVR Energy. Also, a second Trump term should bolster domestic hydrocarbon enterprises.



<h2>Harmony Gold Mining (HMY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/09/costco-gold-bars1600-300x169.png" alt="Gold bars and Financial concept, studio shots. Costco's gold bars, cost stock"><div>Source: Misunseo / Shutterstock.com</div></div>Another player in the basic materials sector, Harmony Gold Mining (NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/">HMY</a>) specializes in its namesake asset. Based in resource-rich South Africa, Harmony engages in the exploration, extraction and processing of the yellow metal. It also explores for silver, copper, molybdenum and uranium deposits. The latter material is particularly intriguing due to the massive energy consumption of modern technology protocols.



A relevant business, the market is loving HMY stock, sending it up over 58% since the start of the year. Unfortunately, Wall Street analysts aren&rsquo;t exactly enthralled with the opportunity. Right now, one expert &ndash; <a href="https://www.tipranks.com/stocks/hmy/forecast#google_vignette">JPMorgan Chase&rsquo;s Catherine Cunningham</a> &ndash; is covering the idea. However, the market professional&rsquo;s &ldquo;sell&rdquo; rating isn&rsquo;t encouraging. Neither is the price target of $4.80, which implies more than 50% downside risk.



True, the valuation is tough to swallow. Currently, shares trade hands at 12.16X trailing-year earnings and 1.88X trailing-year sales. In contrast, these metrics sat at 5.7X and 0.33X, respectively, in the past year.



Nevertheless, an inflationary environment &ndash; which could be possible under a second Trump term &ndash; could lift gold prices. If that happens, gold miners could tag along for the ride. Therefore, HMY is one of the sell-rated stocks to potentially buy.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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Commodity Roundup: Gold near fresh record high, China demand concerns weigh on oil

Gold settles at all-time highs; Citi sees potential for continued gains to $3,000

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Investing in <a href="https://investorplace.com/industries/industrial/precious-metals/">precious metals stocks</a> can be both a rewarding and profitable experience. While these assets have historically served as a hedge against inflation, their true growth potential often remains untapped.&nbsp;



Precious metals like gold and silver have been on a tear in the last year, with gold rivaling the performance of the S&amp;P 500 Index. Investors turned to these hard assets amid rising inflation and higher interest rates over the last 24 months. However, despite economic conditions improving, there are still risks in the economy that can drive these metals even higher.&nbsp;



Concerns about de-dollarization, rising geopolitical tensions and debt across the globe remain constant. These three factors alone are a positive backdrop for the sector. With demand remaining strong, investors can diversify their portfolios with precious metals to set them up for long-term success.



Now, here are the top three overlooked precious metals stocks to quadruple your money through 2032!



<h2>Wheaton Precious Metals (WPM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/02/wpm-1600-300x169.jpg" alt="Wheaton Precious Metals logo close-up on website page. WPM stock."><div>Source: Postmodern Studio / Shutterstock</div></div>Wheaton Precious Metals (NYSE:<a href="https://investorplace.com/stock-quotes/wpm-stock-quote/">WPM</a>) stands out as one of the top precious metals stocks to buy in 2024. As a precious metals streaming company, WPM is less exposed to the operational risks of mining. This provides the company with more stability as it continues to benefit from higher commodity prices.



Wheaton Precious Metals is an extremely compelling pick for investors in 2024. The stock recently surged past its all-time high and has been a major beneficiary of higher gold prices. However, you cannot say the same for other precious metals mining companies that continue to struggle with operational challenges. Higher gold prices haven&rsquo;t necessarily translated to growing earnings. Wheaton&rsquo;s lean structure, which includes purchase agreements, allows it to maintain high-profit margins. In the <a href="https://s21.q4cdn.com/266470217/files/doc_financials/2024/q1/Q1-2024-Financial-Statements-Final.pdf">first quarter of 2024,</a> the company&rsquo;s revenue increased 38% year-over-year (YOY) to $297 million. Net earnings swelled 47% YOY to $164 million, or 36 cents per share. Wheaton&rsquo;s portfolio of high-quality assets and predictable cost structure has contributed to its stock outperforming many of its mining peers. This stability makes it well-positioned to quadruple in value by 2032.



<h2>Harmony Gold (HMY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/12/gold-300x169.jpg" alt="A pile of shining gold bars. Gold stocks"><div>Source: Shutterstock</div></div>Harmony Gold (NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/">HMY</a>) is a lesser-known precious metals mining company that is just getting started in 2024. As the largest gold mining company in South Africa, Harmony has ascended to glory in the past year.



Harmony Gold operates several mines in South Africa, with additional operations in Australia and Papua New Guinea. The company has a strong track record of operational excellence and sustainable mining practices since its founding in 1950. Its high-grade asset portfolio and strong cash flows have significantly boosted its profitability in the last year. Additionally, its robust balance sheet and extensive reserves allow it to weather economic storms as they emerge. In 2023, Harmony produced 1.46 million ounces of gold, and <a href="https://thevault.exchange/?get_group_doc=165/1714478081-HarmonyOperationalUpdateApril2024.pdf">CEO Peter Steenkamp</a> guided for more than 1.55 million ounces in FY24. This steady increase in production has significantly boosted the company&rsquo;s average recovered grades for gold, as well as its operating cash flow. With gold prices surging towards $2,500 an ounce, HMY stock is among the top precious metals stocks to buy now.



<h2>Fortuna Mining (FSM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/02/precious-metals-1600-300x169.jpg" alt="Close-up of a gold-ingot on top of a troy ounce silver and palladium bar. Precious metals. Gold, silver, palladium. materials stocks"><div>Source: corlaffra / Shutterstock</div></div>Fortuna Mining (NYSE:<a href="https://investorplace.com/stock-quotes/fsm-stock-quote/">FSM</a>) is another precious metals stock with considerable long-term growth prospects. Over the last few years, the company has seen an acceleration in revenue growth and has strengthened its liquidity. Additionally, its rebranding makes it well-positioned to benefit from higher silver and gold prices.&nbsp;



Fortuna Mining is one of the top precious metals stocks to buy and hold through 2032. The company currently operates five mines, located in Argentina, Burkina Faso, Mexico, Peru and Cote d&rsquo;Ivoire. Additionally, it is also exploring other mining opportunities in Senegal, Africa. This diversified pipeline of mining projects across many different regions positions the company for growth in the years ahead. In <a href="https://www.fortunamining.com/wp-content/uploads/2024/06/q1_2024_webcast.pdf?time=1721147038">Q1 FY24,</a> revenue increased 28% YOY to $225 million. Net earnings skyrocketed 141% YOY to $26.25 million, with gold production up 20% from the year prior. Furthermore, the company has significantly reduced its long-term debt, which fell 42% YOY in the first quarter. These positive developments position Fortuna Mining to outperform the market through 2032.



On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines.</a>



On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
<div>Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.</div><h3>More From InvestorPlace</h3>
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Harmony Gold Mining: Lower Fundamental Risk Comes With Higher Price

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Gold Ore Market Expected To Reach $26.96 Billion In 2027 as Significant Growth is Forecasted

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Harmony Gold Mining Co

Harmony Gold Mining Co (HMY) Forecast

Harmony Gold Mining Co (NYSE:HMY) Stock, Quote.Headers.trade-ideas