New Gold to join the August Top 40

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We will be publishing the August Top 40 before the market open Tuesday. If there were any doubt that gold stocks are a hot area of the market this summer, the composition of the list should put that to rest. A total of 17 precious metals stocks have made our Top 40 chart. We cannot remember gold stocks ever having such a high representation in our Top 40. It is almost certainly a record.

A producer that will be joining this month is New Gold (NGD). When we wrote about it in our July 23rd morning report, we noted that it was trading in over-bought territory at the time. That condition has cleared as investors sold the stock on the August 1st release of Q2 results when the company re-affirmed guidance, but also indicated it would be hedging 168,000 ounces of gold production for 2020 (the company expects to produce between 300,000 to 335,000 ounces of gold this year). That news along with a planned ramp-up of capital spending at its Rainy River mine may be have given some investors cold gold feet. However, we note that the stock is trading higher in New York today under the ticker NGD.

With the gold price soaring, I expect many under-weight institutions are going to be scrambling to identify producers as possible investment candidates. After the recent pullback, New Gold is trading at an Enterprise Value to EBITDA ratio of about 5 according to Refinitiv. There are not too many gold producers to be had at that price.

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