Right now, gold is trading at roughly $1,125 U.S. an ounce. That’s down from its all-time high of $1,214.80 U.S., which it reached in late 2009. But it’s still far above the fall 2008 price of roughly $700 U.S.
We think gold could well move higher in the long term, although it will continue to be volatile. Rising gold would be mainly driven by investor fears that low interest rates and government stimulus spending will spur inflation. That could prompt many investors to seek security by investing in gold.
The best way to profit from rising gold is by sticking with gold stocks, particularly shares of gold-mining companies with rising production, positive cash flow and strong prospects. Even so, because of their volatile nature, we continue to recommend that gold stocks only make up a limited portion of your portfolio’s resources segment.
IAMGold’s wide-ranging operations make it a standout among junior gold stocks
In the current Stock Pickers Digest, our newsletter for aggressive investing, we update our buy/sell/hold advice on two junior gold stocks that are focused on raising production. One of these firms is IAMGold (symbol IMG on Toronto).
IAMGold has interests in seven operating gold mines: 100% of the Mupane mine in Botswana; 38% of the Sadiola mine and 40% of the Yatela mine, both located in Mali; 18.9% interests in both the Tarkwa and Damang mines in Ghana; 100% of the Doyon mine in Quebec; and 100% of the Rosebel mine in Suriname, South America.
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The company also owns the Niobec niobium mine in Quebec, and has a 1% royalty interest in the Diavik diamond mine in the Northwest Territories.
The gold stock’s revenue and cash flow rose sharply in its latest quarter, even though its gold production fell 8.4%, to 234,000 ounces from 255,000 ounces a year earlier. IAMGold exhausted the reserves of the Sleeping Giant gold mine in Quebec; that was the main reason for the lower gold production.
IAMGold’s new mine should dramatically increase its production
In 2010, the company forecasts as much as 1 million ounces of gold production. That’s mainly because IAMGold is building a new mine at Essekane, in the west African country of Burkina Faso.
Essekane is scheduled to start up by late 2010, and the company expects the mine to produce 300,000 ounces of gold per year. That will boost the gold stock’s overall annual production by about 29%. IAMGold also aims to add to reserves at its existing mines, and to buy other resource firms.
For our latest buy/sell/hold advice on IAMGold and 16 other stocks that could be suitable for the part of your portfolio you devote to aggressive investing, be sure to consult the latest issue of Stock Pickers Digest. Best of all, you can get this issue absolutely free. Click here to learn how.
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