Short interest for Harmony Gold Mining Co gives investors a sense of the degree to which investors are betting on the decline of Harmony Gold Mining Co's stock. Short interest data is updated every two weeks.

Harmony Gold Mining Co Stock (NYSE:HMY), Short Interest Report

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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Calix Reports Mixed Results, Joins Cadence Design Systems And Other Big Stocks Moving Lower In Tuesday&#39;s Pre-Market Session

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As of April 3, 2024, five stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Top 5 Materials Stocks That May Implode In April

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Gold prices hit new high of $2,220/oz as central banks anticipate rate cuts. Gold miners&#39; stocks also surge, with VanEck&#39;s GDX up 20%.

Gold Prices Rise To All-Time Highs, Mark Best Month In 4 Years: Mining Stocks Rally As Traders Anticipate Windfall Gains

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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>

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.

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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.

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.

As of April 3, 2024, five stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Arq, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arq#NASDAQ">ARQ</a>)</h3>
<ul>
<li>On March 12, Arq reported better-than-expected fourth-quarter financial results. &quot;We capped off 2023 with strong momentum and are very pleased with the steps we have taken and continue to take to further improve our foundational PAC business,&quot; said Robert Rasmus, CEO of Arq. The company&rsquo;s stock gained around 99% over the past month and has a <a href="https://www.benzinga.com/quote/ARQ">52-week high of $7.26 </a>.</li>
<li>RSI Value: 80.19</li>
<li>ARQ Price Action: Shares of Arq gained 7.8% to close at $7.04 on Tuesday.</li>
</ul>
<h3>Alcoa Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aa#NYSE">AA</a>)</h3>
<ul>
<li>On March 11, Alcoa inked a binding Scheme Implementation Deed to acquire Alumina Limited in an all-scrip, or all-stock, transaction. William F. Oplinger, Alcoa&rsquo;s President and CEO, said, &ldquo;Entering into the Scheme Implementation Deed to acquire Alumina Limited is a milestone on our path to deliver value for both Alcoa and Alumina shareholders.&rdquo; The company&rsquo;s stock gained around 30% over the past month and <a href="https://www.benzinga.com/quote/AA"> has a 52-week high </a> of $42.23.</li>
<li>RSI Value: 77.99</li>
<li>AA Price Action: Shares of Alcoa gained 4.8% to close at $35.64 on Tuesday.</li>
</ul>
<h3>Harmony Gold Mining Company Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmy#NYSE">HMY</a>)</h3>
<ul>
<li>On Jan. 25, Harmony Gold Mining announced that it remains on track to meet the higher end of its full-year production guidance. The company&rsquo;s stock gained around 24% over the past month and has a <a href="https://www.benzinga.com/quote/HMY"> 52-week high </a> of $8.61.</li>
<li>RSI Value: 76.73</li>
<li>HMY Price Action: Shares of Harmony Gold Mining gained 4% to close at $8.41 on Tuesday.</li>
</ul>
<h3>Tredegar Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tg#NYSE">TG</a>)</h3>
<ul>
<li>On March 15, Tredegar posted a loss for the fourth quarter. John Steitz, Tredegar&rsquo;s president and chief executive officer, said, &quot;Results for the fourth quarter were better than expected and improved compared with the third quarter of 2023. There are signs that the downturn at Bonnell, which we believe is a residual impact of the pandemic and started in the second half of 2022, has hit bottom and that a recovery is underway.&quot; The company&rsquo;s stock jumped around 57% over the past month and has a 52-week high is $9.53.</li>
<li>RSI Value: 78.03</li>
<li>TG Price Action: Shares of Tredegar gained 2.7% to close at $6.55 on Tuesday.</li>
</ul>
<h3>Kaiser Aluminum Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kalu#NASDAQ">KALU</a>)</h3>
<ul>
<li>On Feb. 21, Kaiser Aluminum posted better-than-expected quarterly sales. The company&rsquo;s stock jumped around 28% over the past month and <a href="https://www.benzinga.com/quote/KALU"> has a 52-week high </a> of $91.47.</li>
<li>RSI Value: 83.34</li>
<li>KALU Price Action: Shares of Kaiser Aluminum climbed 2.5% to close at $90.89 on Tuesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/24/04/38062468/acuity-brands-likely-to-report-higher-q2-earnings-here-are-the-recent-forecast-changes-from-wall-st"> Acuity Brands Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street&#39;s Most Accurate Analysts </a>

Shares of precious metals companies are trading higher as gold rises.

Gold prices surged past $2,220 an ounce during Thursday&#8217;s New York trading session, achieving a new all-time high amid growing anticipation of coordinated interest rate reductions <a href="https://www.benzinga.com/topic/interest-rates">by major central banks. </a>
With an 8.5% increase in March 2024, this marks gold&#8217;s best monthly performance since July 2020, when it climbed 10.8% amid substantial monetary and fiscal stimulus efforts during the COVID-19 pandemic.
The robust surge in gold prices has lifted the values of gold mining companies, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) climbing about 20% for the month, marking its best monthly performance since November 2020.
Medium-term debt dynamics in Europe and the U.S., alongside increasing domestic political polarization, have spurred central banks to ramp up their gold purchases, according to Bank of America&#8217;s commodities and derivatives strategist Francisco Blanch.
Blanch draws a parallel to the end of USD-gold convertibility in 1971, which heralded a new international monetary system. 
Similarly, he suggests the escalating geopolitical rift between the U.S./European Union and China/Russia, encompassing trade, politics and defense, is at &#8220;the heart of the run up in gold.&#8221;
<h2 class="wp-block-heading">Chart: Gold Notches Best-Performing Month In Nearly 4 Years </h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1024x495.png" alt="" class="wp-image-269752" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Top-Performing Gold Mining Stocks In March 2024</h2>
The top performers within the VanEck Gold Miners ETF portfolio for March 2024 were:
<ul>
<li>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>), with an increase of 49%.</li>
<li>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>), rising by 44.2%.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) and Torex Gold Resources Inc. (OTCPK: TORXF), both up by 42%.</li>
<li>OceanaGold Corporation (OTCPK: OCANF), which saw a 37% increase.</li>
</ul>
The leading performers in the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) portfolio for March 2024 included:
<ul>
<li>Argonaut Gold Inc. (OTCPK: ARNGF), with a gain of 70.65%.</li>
<li>McEwen Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>), which rose by 60.34%.</li>
<li>Australian Strategic Materials Ltd (OTCPK: ASMMF), with an increase of 40.82%.</li>
<li>Gatos Silver, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATO#NYSE">GATO</a>), closely behind with a 40.48% gain.</li>
<li>Hochschild Mining plc (OTCPK: HCHDF), with a rise of 36.57%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/news/large-cap/24/03/37990561/easters-bitter-surprise-cocoa-is-up-240-in-a-year-what-can-a-ton-of-the-chocolate-commodity-get-yo">Easter&#8217;s Bitter Surprise: Cocoa Is Up 240% In A Year – What Can A Ton Of The Chocolate Commodity Get You Today?</a>
Photo via Shutterstock.

Shares of gold companies are trading higher as gold rises following the Fed's decision to leave rates unchanged.

Shares of precious metal companies are trading higher amid strength in the price of gold.

As of March 5, 2024, five stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Nature Wood Group Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nwgl#NASDAQ">NWGL</a>)</h3>
<ul>
<li>On March 4, Nature Wood Group said it expects to achieve a significant increase in revenue, reaching $45 million for the fiscal year 2024, compared to the recently preannounced revenue of $25.4 million for 2023. The company&rsquo;s stock gained around 16% over the past five days and has a <a href="https://www.benzinga.com/quote/NWGL">52-week high of $21.97 </a>.</li>
<li>RSI Value: 77.38</li>
<li>NWGL Price Action: Shares of Nature Wood Group gained 12.1% to close at $19.00 on Monday.</li>
</ul>
<h3>Harmony Gold Mining Company Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmy#NYSE">HMY</a>)</h3>
<ul>
<li>On Jan. 25, Harmony Gold Mining announced that it remains on track to meet the higher end of its full-year production guidance. The company&rsquo;s stock gained around 21% over the past five days and <a href="https://www.benzinga.com/quote/HMY"> has a 52-week high </a> of $6.78.</li>
<li>RSI Value: 78.96</li>
<li>HMY Price Action: Shares of Harmony Gold Mining gained 14.1% to close at $6.78 on Monday.</li>
</ul>
<h3>Danimer Scientific, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dnmr#NYSE">DNMR</a>)</h3>
<ul>
<li>On Feb. 22, Danimer Scientific announced successful expansion of Rinnovo&reg; Demonstration Plant Capacity. The company&rsquo;s stock gained around 133% over the past month has a <a href="https://www.benzinga.com/quote/DNMR"> 52-week high </a> of $4.59.</li>
<li>RSI Value: 72.13</li>
<li>DNMR Price Action: Shares of Danimer Scientific gained 11.8% to close at $1.42 on Monday.</li>
</ul>
<h3>Martin Marietta Materials, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mlm#NYSE">MLM</a>)</h3>
<ul>
<li>On Feb. 14, Martin Marietta Materials said fourth-quarter revenue grew 8.9% Y/Y to $1.608 billion, missing the consensus of $1.632 billion. Ward Nye, Chair and CEO said, &ldquo;Looking at the year ahead, we expect aggregates demand for infrastructure, large-scale energy and domestic manufacturing projects will be strong, largely offsetting weaker residential demand and anticipated softening in light nonresidential activity. That said, as mortgage rates stabilize and affordability headwinds recede, we fully expect single-family residential construction to recover, as demand still far exceeds supply particularly in our key markets.&rdquo; The company&rsquo;s stock jumped around 9% over the past five days and has a 52-week high is $605.00.</li>
<li>RSI Value: 85.53</li>
<li>MLM Price Action: Shares of Martin Marietta Materials gained 2% to close at $601.90 on Monday.</li>
</ul>
<h3>RPM International In (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rpm#NYSE">RPM</a>)</h3>
<ul>
<li>On Jan. 4, RPM International Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rpm#NYSE">RPM</a>) reported second-quarter FY24 results and revised guidance. Sales remained flat Y/Y at $1.79 billion, missing the consensus of $1.84 billion. &quot;Demand in DIY and specialty OEM markets remained weak; however, we overcame these challenges by successfully executing MAP 2025 initiatives to expand gross margins by 320 basis points and generate double-digit adjusted EBIT growth,&quot; said Frank C. Sullivan, RPM chairman and CEO. The company&rsquo;s stock jumped around 12% over the past month and <a href="https://www.benzinga.com/quote/RPM"> has a 52-week high </a> of $117.61.</li>
<li>RSI Value: 75.36</li>
<li>RPM Price Action: Shares of RPM gained 1.5% to close at $116.47 on Monday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/24/03/37474323/stitch-fix-target-and-3-stocks-to-watch-heading-into-tuesday"> Stitch Fix, Target And 3 Stocks To Watch Heading Into Tuesday </a>

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Gold prices, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), edged above $2,110 per troy ounce on Monday, poised to achieve a record close and triggering a significant <a href="https://www.benzinga.com/topic/gold-miners">surge in mining stocks.</a>
This marked the fourth consecutive session of gains for the precious metal, bringing it within 1.4 percent of the all-time high reached during the intraday session on Dec. 4, 2023.
Despite the rise in Treasury yields on Monday, with the yield on the 2-year Treasury note inching up to 4.60%, gold exhibited strength in the market.
Market-implied probabilities for a Federal Reserve interest rate cut remained largely unchanged. Traders currently assign a 65% chance of a rate cut by June, with a total of four rate cuts expected by the end of the year.
According to the latest World Gold Council report, increasing geopolitical uncertainty is a significant driver of gold demand in 2024. Ongoing conflicts, trade tensions, and over 60 elections worldwide are likely to prompt investors to seek gold as a proven safe-haven asset.
Chart: Gold Prices Notch Record Close, Eye All-Time Highs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-1024x495.png" alt="" class="wp-image-238396" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
This surge in gold prices fueled a significant rise in mining stocks. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rallied by 4.4% on Monday, building on the momentum from Friday&#8217;s 3.7% surge. 
The gauge has effectively surpassed the 50-day moving average, setting its sights on testing the resistance indicated by the 200-day moving average at $28.79.
Meanwhile, the Sprott Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDJ#NYSE">SGDJ</a>) soared even higher by 5.3%, following a 4% leap on Friday.
Chart: Gold Miners Rally After A Double Bottom In February, Break Above 50-Day Average
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-1024x495.png" alt="" class="wp-image-238393" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Monday&#8217;s Best-Performing Gold Mining Stocks</h2>
The table below displays Monday&#8217;s top-performing gold mining stocks included in the Sprott Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>).
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Price ($)</th>
<th>Price Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Harmony Gold Mining Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>)</td>
<td>6.77</td>
<td>13.97</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>2.95</td>
<td>8.86</td>
</tr>
<tr>
<td>AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>)</td>
<td>21.11</td>
<td>8.26</td>
</tr>
<tr>
<td>Torex Gold Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NYSE">TXG</a>)</td>
<td>16.16</td>
<td>6.67</td>
</tr>
<tr>
<td>Seabridge Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SA#NYSE">SA</a>)</td>
<td>12.45</td>
<td>6.23</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>2.59</td>
<td>6.15</td>
</tr>
<tr>
<td>Kinross Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>)</td>
<td>5.37</td>
<td>5.71</td>
</tr>
<tr>
<td>Lundin Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUG#NYSE">LUG</a>)</td>
<td>17.17</td>
<td>5.47</td>
</tr>
<tr>
<td>Eldorado Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>)</td>
<td>11.35</td>
<td>4.80</td>
</tr>
<tr>
<td>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>33.47</td>
<td>4.79</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/news/mid-cap/24/03/37464095/downgrades-flood-in-for-commercial-real-estate-stocks-analysts-warn-of-rocky-road-ahead">Downgrades Flood In For Commercial Real Estate Stocks: Analysts Warn Of &#8216;Rocky Road Ahead&#8217;</a>
Photo: Shutterstock

Large Cap

Mid Cap

Econ #s

SGDJ

SGDM

Gold Breaks Above $2,110, Inches Closer To Record High, With Rallying Mining Stocks

CGAU

SAND

Shares of precious metals stocks are trading lower amid a rise in the US dollar following a greater-than-expected increase in January inflation.

Shares of precious metals companies are trading lower amid a drop in the price of gold.

The price of gold has remained above the $2,000 per ounce level since November and is currently making a run at its record high set on Dec. 12. Gold miners, however, have <a href="https://www.benzinga.com/topic/gold">largely underperformed</a>.
There has been some good news for miners in the past couple of sessions, however. World Gold Council <a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2023">data</a> showed that total gold demand in 2023 climbed to record highs, driven by a surge in buying from central banks as they looked for assets to offset high-interest rates.
<h3 class="wp-block-heading">Gold Stocks On Thursday</h3>
<ul>
<li>Newmont Goldcorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) rose 3%</li>
<li>Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) was up 5%</li>
<li>Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) gained 3% </li>
<li>Harmony Gold Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) jumped 9%.</li>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) gained 4.1%. </li>
</ul>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/01133353/newplot-61.png" alt="" class="wp-image-201927" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/01133353/newplot-61.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/01133353/newplot-61-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/news/earnings/24/02/36888966/russian-oil-hits-us-shores-under-sanction-busting-loophole">Oil From Russia Hits US Shores Under Sanction-Busting Loophole</a>
<h2 class="wp-block-heading">Historically Poor Performance</h2>
The above exchange-traded fund tracks the performance of gold mining groups listed in the U.S. GDX lost 8% last year. Although it&#8217;s up in the past week or so, it has lost a further 3.3% in January.
Compare this to the spot gold price — the shiny metal gained 13.4% in 2023. So far this year, it&#8217;s flat.
Compare the two back from 2011; gold was at a previous record level of around $1,900. The GDX was at its pinnacle. Gold has moved on to peak above $2,150, while the GDX has more than halved in value.
The main answer as to why this has happened is the sharp rise in costs for miners. Oliver Gross, a mining investor and consultant, said in a <a href="https://twitter.com/minenergybiz/status/1731590859366289526">post </a>on X there had been a &#8220;massive increase in the cost of mining of the last 15 years.&#8221;
&#8220;Whether it is energy raw materials, lubricants, mining machinery, wages for miners and skilled workers, economic feasibility studies, permitting, exploration costs, etc. Most cost factors have increased tremendously.&#8221;
In percentage terms, the cost of producing gold has risen more than the price of gold in the past decade, putting pressure on profit margins.
Gross also points to &#8220;dilution&#8221; as the &#8220;creeping death&#8221; of many gold mining stocks in recent years as companies — striving to achieve growth — embarked on acquisitions, mergers and capital raises.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dilution Dilution is the creeping death of many junior gold mining stocks. But we have also seen significant dilution among mid- and large-cap gold producers over the past 15 years as a result of acquisitions, mergers and capital raises. For example, just look at the history… <a href="https://t.co/i8u8VOjG5u">pic.twitter.com/i8u8VOjG5u</a>
&mdash; Oliver Groß (@minenergybiz) <a href="https://twitter.com/minenergybiz/status/1731590859366289526?ref_src=twsrc%5Etfw">December 4, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Au Ag, a precious metals investment group, believes that miners now have a better handle on costs, they&#8217;ve reduced their debt levels and have achieved sustained cash flows.
It added: &#8220;Gold miners are historically undervalued relative to gold, a trend likely to reverse and overshoot during the forthcoming secular gold bull market.&#8221;
Other reasons for owning miners include, increasing merger and acquisition activity, share buybacks and increased dividends returning cash to shareholders.
Now Read: <a href="https://www.benzinga.com/news/earnings/24/01/36853591/mortgage-rates-soar-cash-buyers-score-the-new-homebuying-playbook">Mortgage Rates Soar, Cash Buyers Score: The New Homebuying Playbook</a>
Image: Pixabay

Is Now The Time To Own Underperforming Gold Mining Stocks? One Trend Is 'Likely To Reverse'

Harmony Gold Mining shares are trading higher after the company announced that it remains on track to meet the higher end of its full-year production guidance.

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
With slowing demand due to elevated interest rates, the mining sectors have been hit hard since 2022. Moreover, lithium carbonate, the rare earth mineral for making electric vehicles and smartphone batteries, also experienced price pressure. Though the mineral&rsquo;s price fell more than 48% in a year, a recent uptick in demand raised prices by more than 16% from year-to-date. This increase could likely be due to a&nbsp;<a href="https://www.fastmarkets.com/insights/chinese-lithium-prices-extend-uptrend-amid-futures-strength-other-markets-in-stalemate/">strengthening market</a>&nbsp;in China. 



Gold prices have surged as well, rising around 13% since the start of 2024. Given the plethora of mining stocks available and the price trend of certain commodities, there are bound to be opportunities in the market. Below are three 3 mining stocks with untapped potential that investors should start considering.



<h2>Rio Tinto (RIO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/09/aluminum-stocks-3-1600-300x169.jpg" alt="stacks of rectangular aluminum metal stock"><div>Source: shutterstock.com/SimoneN</div></div>United Kingdom-based&nbsp;Rio Tinto (NYSE:<a href="https://investorplace.com/stock-quotes/rio-stock-quote/" target="_blank">RIO</a>) is a diversified mining company among the largest in the world. In 2023, the mining firm, like many, <a href="https://www.reuters.com/markets/commodities/rio-tintos-first-half-profit-falls-34-easing-iron-ore-prices-2023-07-26/">struggled as its core commodities</a>, aluminum and iron, dropped in price and demand. However, according to Koyfin, aluminum prices have picked up in the past week alongside a resurgence in Chinese manufacturing.



Moreover, despite a drop in profits, Rio Tinto remained committed to its shareholder dividend, providing $2.58 per share at a yield of around 6.45%. This, paired with the rise of many commodities, could be attractive to income-focused investors seeking hefty dividends from the firm.



Recent news that Norges Bank Investment Management,&nbsp;<a href="https://www.reuters.com/markets/deals/norway-sovereign-fund-advisor-may-recommend-rio-tinto-stake-sale-wsj-reports-2024-04-03/">could sell its $2.7 billion share in RIO</a> due to deforestation concerns has put pressure on the stock. However, should Norges Bank sell its stake, it is likely another fund or group of funds will eagerly fill in the gap. Despite the environmental concerns around mining, the business isn&rsquo;t going away anytime soon. Thus, investors should consider the real opportunities a multibillion-dollar business like RIO has while it trades at this cheap multiple.



<h2>Lithium Americas (LAC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/lithium1600c-300x169.jpg" alt="numerous blue-colored batteries lithium stocks"><div>Source: Shutterstock</div></div>Lithium Americas&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/lac-stock-quote/">LAC</a>) is a lithium extraction company focused on the Thacker Pass in Nevada, the largest lithium deposit in the U.S. The&nbsp;<a href="https://www.lithiumamericas.com/usa/thacker-pass/" target="_blank">Thacker project</a>&nbsp;already has tremendous potential, with 16.1 million tons of battery-grade lithium carbonate equivalent (LCE) available for extraction.



With the Thacker Pass project receiving a&nbsp;<a href="https://www.reuters.com/markets/commodities/gm-lithium-americas-develop-thacker-pass-mine-nevada-2023-01-31/" target="_blank">$650 million investment</a>&nbsp;from&nbsp;General Motors&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/gm-stock-quote/" target="_blank">GM</a>), the project&rsquo;s role in supplying battery materials for electric vehicles is undeniable. Moreover, the project will likely generate $1.2 billion in annual EBITDA, justifying LAC&rsquo;s current enterprise value of $900 million.



A couple weeks ago, to add to Lithium Americas&rsquo; nearly $200 million of liquidity, the U.S. Department of Energy&nbsp;<a href="https://www.reuters.com/markets/commodities/lithium-americas-get-226-bln-us-doe-loan-nevada-mine-2024-03-14/">approved</a>&nbsp;a $2.26 billion loan, one of its largest investments in the mining industry to date.



LAC shares have risen more than 6% on a year-to-date basis. Pair this with the potential of the Thacker project, and buying shares for a long-term hold could be lucrative. Lithium and electric vehicles could be central to the future of transportation, and holding lucrative mining stocks like LAC could provide long-term benefits.



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



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/10/gold_g_1600-300x169.jpg" alt="A photo of a gold nugget on a table, being picked up by tweezers, with more gold behind it. Stocks to Buy in March"><div>Source: aerogondo2 / Shutterstock.com</div></div>If there was a time to buy gold or gold stocks, it may have been since the beginning of March. Gold prices have soared since then. Nowadays, gold has appreciated nearly 13%, outpacing both the&nbsp;S&amp;P 500&nbsp;and the&nbsp;Nasdaq Composite.



Harmony Gold Mining&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/">HMY</a>) is one such gold miner that appears to be trading below where it should. This company engages in the exploration, extraction, and processing of gold with&nbsp;additional <a href="https://www.harmony.co.za/operations/">copper exploration</a>&nbsp;through its Queensland, Australia-based mine. Last year, gold price growth was relatively slower when compared to the asset growth we witnessed in equities. 



As a result, Harmony grew revenues by a little over 15% on a year-over-year basis. 2024 could see revenue figures jump even more, especially if gold prices sustain this rally they&rsquo;re in now. Trading at 9.5x forward earnings, HMY could be a good bet to make right now.



On the date of publication, Tyrik Torres 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&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Tyrik Torres has been studying and participating in financial markets since he was in college, and he has particular passion for helping people understand complex systems. His areas of expertise are semiconductor and enterprise software equities. He has work experience in both investing (public and private markets) and investment banking.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/digging-for-dollars-3-mining-stocks-with-untapped-potential/">Digging for Dollars: 3 Mining Stocks with Untapped Potential</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Digging for Dollars: 3 Mining Stocks with Untapped Potential

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
As simplistic as the methodology is, momentum investing can generate market-beating returns. However, momentum anomalies tend to collapse when structural breaks occur in the economy. As such, frequent revision of your momentum positions is required.



I have reason to believe that the stock market has reached a pivotal point. Although the U.S. Consumer Price Index settled above <a href="https://edition.cnn.com/2024/04/10/economy/cpi-consumer-price-index-inflation-march/index.html#:~:text=US%20consumer%20prices%20picked%20up,in%20the%20past%20six%20months.">estimates at 3.5%</a> for March, the year-over-year trend in inflation is down. Moreover, high-yield corporate bonds in the U.S. have slid by about&nbsp;<a href="https://www.spglobal.com/spdji/en/indices/fixed-income/sp-us-high-yield-corporate-bond-index/#overview">1%&nbsp;in the past quarter</a>, suggesting that credit risk is rising. In essence, the economic cycle has entered a new stage, meaning momentum stocks face structural change.



Structural changes in the economy will likely lead to adjustments in the stock market. For that reason, I&rsquo;ve turned bearish on numerous momentum stocks.



With the aforementioned considered, I would sell three momentum stocks ASAP.



<h2>Federal Loan Mortgage Corporation (FMCC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/03/stocks-red-down-bearish-hands-1600-300x169.jpg" alt="Grayish photo of investor's hands hovering over laptop with red stock graph showing downward arrow overlayed on top of the image. falling stocks"><div>Source: shutterstock.com/Leonid Sorokin</div></div>The&nbsp;Federal Loan Mortgage Corporation&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/fmcc-stock-quote/" target="_blank">FMCC</a>), aka Freddie Mac, is a state-sponsored enterprise that operates in the secondary mortgage market. The organization buys, secures, and sells residential mortgages. Although a state-owned enterprise may seem bulletproof, FMCC stock&rsquo;s near 2.5x year-over-year surge proves that FMCC stock is highly volatile.



Mortgage rates are still high. For instance, the <a href="https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-wednesday-april-10-2024/">30-year national average is at&nbsp;7.03%</a>. However, a U.S. interest rate pivot is looming, which could lead to lower mortgage valuations due to prepayment risk. Furthermore, potential economic softening means delinquency risk might kick in soon, adding additional pressure to Freddie Mac from an insurance vantage point.



Freddie Mac&rsquo;s fourth-quarter earnings results were publically disseminated in February. The <a href="https://seekingalpha.com/news/4066682-freddie-mac-gaap-eps-of-0_05-revenue-of-5_37b">entity achieved&nbsp;$2.69&nbsp;billion in net income</a>, a 65% year-over-year increase. Even though organic variables such as higher mortgage rates played a role, much of Freddie Mac&rsquo;s success stemmed from a credit reserve release. I think credit risk will spike in late 2024, reversing Freddie Mac&rsquo;s credit reserve benefits and contemporaneously adding secondary headwinds to its mortgage portfolio.



FMCC stock trades above its 10-, 50-, 100-, and 200-day&nbsp;<a target="_blank" href="https://seekingalpha.com/symbol/FMCC/momentum/performance">moving averages</a>. Thus, the question becomes: Is FMCC stock overpriced? I, for one, think so!



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



<div><img width="300" height="199" src="https://investorplace.com/wp-content/uploads/2014/07/4-300x199.jpg" alt="gold mining stocks gold stocks gold prices"><div>Source: &copy;iStock.com/belchonock</div></div>Harmony Gold&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/" target="_blank">HMY</a>) is a South African gold mining company whose stock has doubled in the past year. The firm mines the Mponeng mine, the world&rsquo;s deepest gold mine, and operates adjacent assets.



Although Harmony Gold possesses a substantial operational infrastructure, rising gold prices have contributed to much of HMY stock&rsquo;s recent outperformance. I believe technical asset pricing will lead to gold prices flatlining in the coming months, concurrently denting Harmony Gold&rsquo;s systematic tailwinds.



Sure, Harmony Gold released a robust first-half earnings report in February, <a href="https://seekingalpha.com/news/4073031-harmony-gold-mining-gaap-eps-of-0_51-revenue-of-1_68b">delivering&nbsp;$1.68 billion&nbsp;in revenue</a>, a 25.4% year-over-year increase. However, apart from uncertain gold prices, headwinds are en route. For example, Harmony Gold faces a highly uncertain South African national election in May, adding to HMY stock&rsquo;s country risk premium. Additionally, Harmony Gold&rsquo;s Australian operations are challenged by an <a href="https://www.mpirecruitment.au/news/whats-causing-minings-skills-shortage-and-why-itll-get-worse">ongoing labor shortage</a>, meaning the firm&rsquo;s cost base will likely remain elevated.



I&rsquo;m going to be honest: Harmony Gold&rsquo;s <a href="https://seekingalpha.com/symbol/HMY/profitability">net income margin of&nbsp;15.5%</a>&nbsp;is impressive. Nevertheless, inventory pricing headwinds paired with fundamental cost challenges may lead to investors cashing out on their gains, especially as HMY stock&rsquo;s <a href="https://seekingalpha.com/symbol/HMY/momentum/performance">relative strength index (RSI) is above&nbsp;70</a>.



<h2>Devon Energy (DVN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/dvn_devon_1600-300x169.png" alt="An image of a hand holding a smartphone displaying the Devon Energy Corporation logo in front of a computer screen"><div>Source: T. Schneider / Shutterstock.com</div></div>Despite the rise in renewable energy uptake, fossil fuels remain an essential part of our global energy mix. However, that does not diminish the fact that non-renewable <a href="https://investorplace.com/industries/energy/">energy stocks</a> such as&nbsp;Devon Energy&nbsp;(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/dvn-stock-quote/">DVN</a>) are highly cyclical.



DVN stock&rsquo;s RSI is placed at about 75. Moreover, DVN stock trades above its 10-, 50-, 100-, and 200-day <a href="https://seekingalpha.com/symbol/DVN/momentum/performance">moving averages</a>. As such, technical pricing points suggest DVN stock is overpriced.



Devon Energy is grappling with significant fundamental issues. For instance, the company&rsquo;s upstream sales in the fourth quarter of last year dropped by&nbsp;<a target="_blank" href="https://seekingalpha.com/symbol/DVN/news?filter=earnings_news">12.8% year-over-year</a>&nbsp;to approximately $2.74 billion. Similarly, Devon Energy&rsquo;s midstream sales also declined by 10.6% year-over-year to about $1.08 billion. These figures highlight the underlying challenges the company is currently facing.



Some might say the figures above will soon reverse. However, the uncertain economic and pricing environment makes production ramp-ups unlikely, placing Devon Energy in a tight spot. Therefore, DVN stock&rsquo;s aforementioned technical pricing points could be problematic as they contradict Devon Energy&rsquo;s fundamentals. Besides, let&rsquo;s not overlook the fact that DVN stock&rsquo;s <a href="https://seekingalpha.com/symbol/DVN/valuation/metrics">price-to-book ratio of&nbsp;2.82x</a>&nbsp;is way out of line!



On the date of publication, Steve Booyens did not hold (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&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Steve Booyens co-founded Pearl Gray Equity and Research in 2020 and has been responsible for institutional equity research and PR ever since. Before founding the firm, Steve spent time working in various finance roles in London and South Africa. He holds an MSc in Investment Banking from Queen Mary &ndash; University of London. Furthermore, Steve has passed all CFA Levels and is working toward his Ph.D. in Finance. His articles are published on various reputable web pages such as Seeking Alpha, TipRanks, Yahoo Finance, and Benzinga. Steve&rsquo;s articles on InvestorPlace form an interesting juxtaposition between mainstream opinion and objective theory. Readers can expect coverage on frequently traded stocks, REITs, fixed-income funds, CEFs, and ETFs.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/3-momentum-stocks-that-are-seriously-losing-their-mojo-sell-now/">3 Momentum Stocks That Are Seriously Losing Their Mojo. Sell Now?</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Momentum Stocks That Are Seriously Losing Their Mojo. Sell Now?

Harmony Gold Mining Co. Ltd (HMY) has released an update. Harmony Gold Mining Co. Ltd has announced that the Public Investment Corporation has incr...

Harmony Gold Stake Surpasses 15% by PIC

SBFM, BPTH and INDO among pre-market losers

Gold whacked in biggest one-day drop in over a year as Middle East fears ease

The gold market is poised for solid long-term growth thanks to surging gold demand for jewelry, backed by its appeal as an investment amid geopolitical concerns and potential interest rate cuts. Thus, investors could consider buying quality gold stocks DRDGOLD (DRD), Harmony Gold Mining (HMY), and Centamin (CELTF) for exciting returns. Continue reading… With ongoing geopolitical tensions, increasing investments by central banks in gold, anticipated interest rate cuts by the Federal Reserve, and jewelry demand, gold prices have soared to record highs in 2024. Further, various analysts expect that there will be continued gold strength.
Given the industry's shiny prospects, investors could consider buying fundamentally sound gold stocks DRDGOLD Limited (<a href="https://stocknews.com/stock/DRD/">DRD</a>), Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>), and Centamin plc (<a href="https://stocknews.com/stock/CELTF/">CELTF</a>) for exciting returns.
Gold has experienced a considerable surge in its value this year. The yellow metal rose by <a href="https://capex.com/en/overview/gold-price-prediction">more than 13% in the first quarter of 2024</a>, solidifying its position as one of the best-performing asset classes. The rally was mainly driven by interest rate cut expectations, geopolitical instability, and the precious metal's appeal as a safe haven asset.
However, gold prices stabilized recently due to reduced risk premiums over tensions in the Middle East, while upcoming economic data could provide clues to the Fed's interest rate path. <a href="https://www.reuters.com/markets/commodities/gold-prices-rangebound-traders-focus-us-economic-data-2024-04-24/">Spot gold was flat at $2,322.09 per ounce</a> by 1:45 p.m. ET on April 24, after touching its bottom since April 5 in the prior session. U.S. gold futures settled 0.2% lower at $2,338.4.
Jonathan Rose, Genesis Gold Group CEO, said, "In the long term, gold will rise further, with 2024 being an election year, persistent geopolitical conflict, and increasing U.S. debt."
According to a market veteran, gold prices could <a href="https://markets.businessinsider.com/news/commodities/gold-price-outlook-record-2025-inflation-oil-production-us-economy-2024-4?utm_medium=ingest&amp;utm_medium=referral&amp;utm_source=markets&amp;utm_source=yahoo.com">soar as high as $3,500 an ounce</a> through the end of 2025 if inflation surges to a second peak, implying a nearly 50% upside for gold.
Moreover, the demand for gold as jewelry is rising steadily, accounting for a 48.7% share of the global demand in 2023, which came at about 2,168 metric tons, positioning it as the <a href="https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/">largest gold-demanding industry</a> worldwide. Besides, harnessed through such solid demand, world production of gold mines has grown substantially to about 3,000 metric tons in 2023.
In light of these encouraging trends, let's look at the fundamentals of the three best <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> stocks, beginning with number 3.
Stock #3: DRDGOLD Limited (<a href="https://stocknews.com/stock/DRD/">DRD</a>)
Headquartered in Johannesburg, South Africa, DRD is a gold mining company engaged in the surface gold tailings retreatment business. The company is also involved in the exploration, extraction, processing, and smelting activities. It recovers gold from surface tailings in the Witwatersrand basin in Gauteng province.
DRD's trailing-12-month EBIT margin and net income margin of 24.72% and 22.97% are 121.8% and 348.9% higher than the respective industry averages of 11.15% and 5.12%. Likewise, the stock's trailing-12-month <a href="https://www.investopedia.com/terms/r/roce.asp">ROCE</a> of 22.39% is 241.2% higher than the industry average of 6.56%.
For the six months that ended December 31, 2023, DRD's revenue grew 12% year-over-year to R2.97 billion ($155.12 million). The company's gross profit from operating activities of R762.50 million ($39.77 million) indicates growth of 14% from the prior year's period. Its profit for the period came in at R589.30 million ($30.73 million), up 10% year-over-year.
Furthermore, the company's total assets stood at R8.29 billion ($432.63 million) as of December 31, 2023, compared to total assets of R7.27 billion ($379.40 million) as of December 31, 2022.
Analysts expect DRD's revenue for the fiscal year 2024 to grow 8.4% year-over-year to $317.25 million, and its EPS is expected to be $0.67 for the same period, respectively. Moreover, the stock has surged 4.6% over the past three months to close the last trading session at $7.82.
DRD's bright prospects are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
DRD has a B grade for Value. It is ranked #12 out of 42 stocks in the <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> industry.
To check other POWR Ratings of DRD for Quality, Growth Momentum, Stability, and Sentiment, <a href="https://stocknews.com/stock/DRD/">click here</a>.
Stock #2: Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>)
Based 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.
HMY's trailing-12-month gross profit margin and EBIT margin of 34.14% and 21.29% are 17.8% and 91% higher than the respective industry averages of 28.98% and 11.15%. Further, the stock's trailing-12-month net income margin of 15.50% is favorably compared to the 5.12% industry average.
On March 25, HMY announced 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 coordination of approval processes required for the project and benefit the company significantly.
During the six months that ended December 31, 2023, HMY's revenue increased 35.1% year-over-year to R31.41 billion ($1.64 billion). The company's gross profit grew 186.2% from the prior year's period to R8.62 billion ($449.67 million). Its operating profit of R 7.57 billion ($394.75 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 ($310.84 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 ($909.15 million).
Analysts expect HMY's revenue for the fiscal year (ending June 2024) to increase 21.8% year-over-year to $3.21 billion, while its EPS is expected to grow 106.8% year-over-year to $0.91, respectively.
Shares of HMY have gained 83.2% over the past six months and 94.2% over the past year to close the last trading session at $8.74.
HMY's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, translating to a Buy in our proprietary rating system.
HMY has an A grade for Growth. It also has a B grade for Quality and Value. It is ranked #6 among 42 stocks within the same industry.
To see the other ratings of HMY for Sentiment, Momentum, and Stability, <a href="https://stocknews.com/stock/HMY/">click here</a>.
Stock #1: Centamin plc (<a href="https://stocknews.com/stock/CELTF/">CELTF</a>)
Headquartered in Saint Helier, Jersey, CELTF engages in the exploration, mining, and development of precious metals in Egypt, Burkina Faso, Côte d'Ivoire, Jersey, the United Kingdom, and Australia. Its principal asset is the Sukari Gold Mine project, which covers an area of about 160 square km in the Eastern Desert of Egypt.
CELTF's trailing-12-month EBIT margin of 22.23% is 99.4% higher than the industry average of 11.15%. Likewise, the stock's trailing-12-month levered FCF margin of 9.47% is 77.9% higher than the industry average of 5.32%.
On January 9, 2024, CELTF announced encouraging results of its maiden drill program on the company's Eastern Desert Exploration (EDX) landholding in Egypt and updated the anticipated exploration program in 2024.
CELTF's EDX blocks consist of 3,000km of greenfield exploration tenements within Egypt's Nubian Shield - a highly prospective geological belt that has not been explored using modern exploration methods. Further, its 2024 work program includes delineating potential resources and further drill targets in Egypt as part of the growth strategy.
CELTF reported gold production of 104,821 oz and gold sold of 92,494 oz during the first quarter that ended March 31, 2024. The company posted revenue of $190.98 million, and its free cash flow came in at $10.34 million for the quarter. As of March 31, 2024, its cash on hand and total cash and liquid assets were $103 million and $167 million, respectively.
As per business guidance for the fiscal year 2024, CELTF's gold production is expected to range between 470,000 to 500,000 oz per annum, weighted towards H2.
Street expects CELTF's revenue for the fiscal year (ending December 2024) to increase 13.1% year-over-year to $1.01 billion. Similarly, for the fiscal year 2025, the company's revenue is expected to grow 4.2% year-over-year to $1.05 billion.
CELTF's stock has gained 56.2% over the past six months and 19.2% over the past year to close the last trading session at $1.56.
CELTF's sound fundamentals are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
The stock has a B grade for Value, Quality, and Stability. Within the Miners - Gold industry, CELTF is ranked #4 among the 42 stocks.
<a href="https://stocknews.com/stock/CELTF/">Click here</a> to access additional ratings of CELTF for Growth, Momentum, and Sentiment. Top of Form
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HMY shares were trading at $8.71 per share on Thursday morning, down $0.03 (-0.34%). Year-to-date, HMY has gained 42.62%, versus a 5.15% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/hmy-celtf-drd-3-gold-stocks-to-buy-delivering-exciting-returns/>3 Gold Stocks to Buy Delivering Exciting Returns</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

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Harmony Gold Mining Company Limited to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on 17 May 2023

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Harmony Gold Mining Co Stock (NYSE:HMY), Short Interest Report

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