Gold put together a banner year in 2020. The COVID-19 pandemic spooked investors had spurred a flight to alternative assets for protection. This created a huge opportunity for the yellow metal. The spot price of gold rose above $2,000 U.S./ounce, an all-time high. However, this momentum would peter out in the summer of 2020 and give way to the cryptocurrency craze. Still, loose monetary policy, high inflation, and uncertainty in the form of the delta variant should keep investors’ eyes on gold. Today, I want to look at three cheap gold stocks worth snatching up.
B2Gold (TSX:BTO)(NYSE:BTG) is a Vancouver-based gold miner with locations in Mali, Namibia, and the Philippines. Its shares have plunged 32% in 2021 as of close on July 28. In Q1 2021, the company benefited from still-strong gold prices. Total gold revenue came in at $362 million. This gold stock last had a very attractive price-to-earnings ratio of 6.6.
Yamana Gold (TSX:YRI)(NYSE:AUY) is a Toronto-based gold producer. This gold stock has dropped 31% in the year-to-date period. In the second quarter of 2021, Yamana continued to build on its significant production ramp up. Shares of Yamana last had a favourable P/E ratio of 18. Moreover, it offers a quarterly dividend of $0.026 per share. That represents a modest 2.4% yield.
Kinross Gold (TSX:K)(NYSE:KGC) is another gold miner based in Toronto. This gold stock has declined 23% so far this year. Its shares are down 33% from the same time in 2020. In Q2 2021, Kinross reiterated that it expected to hit its promising production guidance. Kinross stock possesses a very favourable P/E ratio of 5.8. It last paid out a quarterly dividend of $0.03 per share, representing a 1.8% yield.
