Gold has proven to be a solid investment for investors looking for a safe-haven in an increasingly volatile global market. However, the yellow metal has retreated since the beginning of February. The spot price of gold was trading just below US$1,820 per ounce before markets opened on March 8, 2023. Today, I want to zero-in on two gold stocks that look dirt-cheap in the first half of March. Let’s jump in.
Kinross Gold (TSX:K)(NYSE:KGC) is a Toronto-based company that is engaged in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, and Mauritania. The company released its fourth quarter and full year fiscal 2022 earnings on February 15, 2023. Adjusted operating cash flow reached $1.25 billion in 2022 and it posted adjusted net earnings of $283 million or $0.22 per share for the full year.
This gold stock recently roared back to profitability. Its shares possess a Relative Strength Index (RSI) of 25. That puts Kinross Gold in technically oversold territory at the time of this writing.
Barrick Gold (TSX:ABX)(NYSE:GOLD) is one of the largest gold producers on the planet. This gold stock has plunged 33% year-over-year as of close on March 7. The stock has dipped 11% so far in 2023.
In Q4 2022, Barrick posted a loss of $735 million – down from a profit in the fourth quarter of fiscal 2021. However, its results still beat analyst expectations. Revenue was reported at $11.0 billion for the full year. Shares of this gold stock possesses an RSI of 30, putting it on the edge of oversold levels.
