Futures for Canada's main stock index rose on Thursday on firmer gold prices. Gold prices stabilized on Thursday after two days of losses, helped by a slight pullback in the dollar.
Gold’s resurgence comes amid increasing volatility for alternative investments such as cryptocurrencies and a weakening dollar.
The best gold stocks for this week include Orla Mining (TSX:OLA) and Wesdome Gold Mines (TSX:WDO) are holdovers from last year, while SilverCrest Metals (TSX:SIL), and Marathon Gold (TSX:MOZ) are new additions.
Investors looking for exposure to gold can benefit from these mining stocks as they have offered returns of more than 250% in the last three years.
Orla Mining boasts a $1.13 billion valuation. The emerging gold company focuses on developing low-risk, low-capital-intensity heap leach projects with strong exploration upside. It has two main projects – the Camino Rojo in Mexico and Cerro Quema in Panama. Panama — a copper-gold sulphide discovery with a pre-feasibility study. Orla has returned 313% in the last three years and currently trades at 4.58%. Analysts predict 60.4% upside potential.
The junior gold miner SilverCrest Metals has returned 286% in the last three years. The stock carries a strong buy rating from market analysts. Analysts forecast the current share price of $9.16 to climb 68.9% to $15.47 in the next year.
The precious metals exploration company focuses on new discoveries and value-added acquisitions. SilverCrest’s principal production target is in Mexico and the miner has sufficient funds for exploration and development activities.
Wesdome Gold’s mining stock has rewarded investors with a 283% return in the last three years. The 12-month average price target is $14.28 — a 32.5% climb from $10.78. The miner focuses on gold and silver as a by-product. Its gold mining operations are concentrated in Canada with plans to become the country’s next intermediate gold producer. In addition to the Eagle River Underground Mine and the Mishi Open pit, the company actively explores Kiena Complex .
Marathon Gold is another junior gold miner market analysts are bullish on. They predict a return potential of between 32.5% and 83.3% in the next 12 months. The performance of the company’s mining stock has been phenomenal with a +258% three-year return. Marathon Gold is growth oriented with its principal asset being in the Central Region in Newfoundland and Labrador - one of the top mining jurisdictions in the world.
Growth-oriented investors can’t overlook or bypass the precious metals sector. Right now, you have excellent choices among the mining stocks of Orla Mining, SilverCrest, Wesdome, and Marathon Gold.