6 Gold Stocks to Watch in 2019

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The gold price is up close to 14 percent year-to-date, with its main tailwind so far in 2019 being its strength as a safe haven as ongoing geopolitical issues shake up the market.

Given the current economic and political landscape, many speculators predict that gold prices will continue to rally as the year continues, with stocks increasing in tandem. A pause in interest rate hikes from the US Federal Reserve could also support the spot price of the yellow metal.

So where should investors look for gold stocks to buy? Analysts at Raymond James recently released a list of the gold mining companies they believe have high upside potential as an investment.

They also raised their average gold price forecast for 2019 to US$1,353 per ounce from US$1,301.

“We are revising our gold price forecasts higher to reflect heightened sentiment of a transition back towards accommodative monetary policy across Central Banks,” the analysts state in the report.

Read on to learn which six gold mining companies the analysts chose for their gold stocks list. For investors looking to invest in gold and decide which gold stocks to buy, this may be a good place to start.

1. Agnico Eagle Mines (TSX:AEM,NYSE:AEM)

Current share price: C$51.93; 2019 year-to-date movement: +27.6 percent

Precious metals miner Agnico Eagle Mines has been in production since 1957, and has mining operations in Canada, Finland and Mexico. It also explores in all of those countries, as well as the US and Sweden.

Its first quarter results show payable gold production of 398,217 ounces for the period. Output was down slightly year-on-year, with the miner stating that this was due to expected reduced production at Meadowbank as the mine transitions to the Amaruq satellite deposit in the last six months of 2019.

Guidance remains unchanged at 1.75 million ounces for 2019, with total cash costs per ounce expected to be between US$620 and US$670. According to Agnico Eagle, close to 55 percent of its expected gold production this year is anticipated to take place in the second half of the year.

2. Newmont Goldcorp (TSX:NGT,NYSE:NEM)

Current share price: C$39.28; 2019 year-to-date movement: +20.97 percent

Major mining companies Newmont Mining and Goldcorp officially combined their businesses to become Newmont Goldcorp in April. The new company has assets in North America, South America, Australia and Africa, and will target production of 6 million to 7 million ounces of gold in the decades to come.

In July, the miner launched a joint venture with Barrick Gold (TSX:ABX,NYSE:GOLD). Under the first five years of the partnership, Barrick Gold and Newmont Goldcorp could garner an estimated US$500 million in average annual pre-tax synergies; the joint venture is projected have a total US$5 billion pre-tax net present value over a 20 year period.

3. Centerra Gold (TSX:CG,OTC Pink:CAGDF)

Current share price: C$9.84; 2019 year-to-date movement: +80.9 percent

Centerra Gold operates two flagship assets, the Mount Milligan mine and the Kumtor mine, which are located in Canada and the Kyrgyz Republic, respectively.

At the beginning of May, the miner shared its financial results for Q1, reporting net earnings of C$50.4 million on revenues of C$334 million. During the quarter, output hit 183,563 ounces of gold, which includes 150,308 ounces from Kumtor. Mount Milligan produced 33,255 ounces of gold and 11.4 million pounds of copper for the period.

Additionally, the miner revealed that construction at the Öksüt project in Turkey is approximately 49 percent complete.

4. OceanaGold (TSX:OGC,OTC Pink:OCANF)

Current share price: C$3.30; year-to-date movement: -19.3 percent

OceanaGold is a mid-tier gold company with four main assets: the Didipio mine on Luzon Island in the Philippines; the Macraes operations on the South Island of New Zealand; the Waihi gold mine on the North Island of New Zealand; and the Haile gold mine in South Carolina in the US.

In April, the company shared its results for the first quarter of this year, reporting consolidated gold production of 125,681 ounces and copper production of 3,910 tonnes. The miner also raked in revenue of US$179.5 million, with earnings before interest, depreciation and amortization of US$64.4 million and a net profit of US$12.4 million.

5. Endeavour Mining (TSX:EDV,OTCQX:EDVMF)

Current share price: C$22.57; year-to-date movement: +10.07 percent

Endeavour Mining, another of the world’s leading mining companies, has four mines in Burkina Faso and Côte d’Ivoire. These mines are expected to produce between 615,000 and 695,000 ounces of gold in 2019. The company is looking to uncover 10 million to 15 million ounces of gold via exploration by 2021.

In May, the company shared its results for Q1; the miner stated that the results were in line with expectations, with production of 121,000 ounces of gold at an all-in sustaining cost (AISC) of US$877 per ounce. Endeavour also said it is in good standing to meet full-year 2019 production guidance of 615,000 to 695,000 ounces of gold and AISC of US$760 to US$810 per ounce.

Contributing to production in 2019 will be Endeavour’s Ity CIL mine in Côte d’Ivoire, where the company declared commercial production in April.

6. Integra Resources (TSXV:ITR,OTCQX:IRRZF)

Current share price: C$0.88; year-to-date movement: +8.24 percent

Integra Resources is an exploration and development company operating in the US. It owns the DeLamar and Florida Mountain assets in Idaho, previously operated by Kinross Gold (TSX:K,NYSE:KGC).

Unlike the other mining stocks listed by Raymond James, Integra is not yet producing. Its focus this year has been on DeLamar, and in June it released an updated resource estimate for the asset. DeLamar’s global inferred resource now stands at 501,000 gold equivalent ounces at an average grade of 0.55 grams per tonne (g/t) gold equivalent. The calculation uses a 0.2 g/t gold equivalent cut off for oxide/transitional resources, and a 0.3 g/t gold equivalent cut off for unoxidized resources.

For other possible gold companies to invest in, check out our lists of the TSX– and TSXV-listed gold stocks that are up the most year-to-date.

You may also want to consider investing in physical gold or gold exchange-traded funds (ETFs). Click here to find out about investing in physical gold and click here for an overview of gold ETFs.

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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.