The spot price of gold was trading just below US$1,770 per ounce in mid-afternoon trading on April 30. Precious metals have been crushed since the summer of 2020. A recovering global economy and soaring digital currencies have pushed gold to the sidelines. However, the yellow metal is still worth holding in what looks like a broadly overheated market. Gold has been one of the main beneficiaries of market volatility, and that should continue in the 2020s.
Augusta Gold (TSX:G) is a Vancouver-based junior miner that is engaged in the acquisition and exploration of mineral properties in the United States. Shares of Augusta Gold have dropped 25% since its was listed on the main TSX index. This junior miner is a small player in comparison to some of the top gold producers on the TSX. However, it boasts an excellent balance sheet and has made promising progress with its exploration.
Gran Columbia Gold (TSX:GCM) is a Toronto-based company engaged in the acquisition, exploration, development, and operation of gold and silver properties primarily in Columbia. The stock has plunged 37% in 2021 so far. Its shares have dropped 11% year over year.
The company released its final batch of 2020 results on March 31. Gran Columbia achieved its annual production guidance for the fifth straight year. Revenue increased 20% year-over-year to a record $390 million in 2020. Like its peers, Gran Columbia was powered by higher gold spot prices.
