Could Kinross Gold Corp (KGC) go higher?

I’ve been stuck with this stock since 2016. I bought shares of Kinross Gold Corp. (stock symbol KGC) at 5.50 after hearing one of my favorite financial pundits recommend it on CNBC. It wasn’t his fault that I bought it. My mistake was that I didn’t sell it when it started its downward spiral. You know, that’s the most common mistake beginning traders like myself make…holding on to a sinking stock with the hope that it will return to its glory.

Nevertheless, I’m stuck with KGC until I can break even. But, I ask myself, should I hold on longer after breaking even? Todd Gordon, of TradingAnalysis.com, predicts that gold could climb higher. He predicted the recent gold rally on June 6th. So far, Gordan was right on the money.

On CNBC’s “Trading Nation,” Todd Gordon said, “The Fed is set to cut interest rates for the first time since 2008 with the market at all-time highs here, trying to continue the upward trajectory in economic growth. Gold has been a very good beneficiary…I see an opportunity to put another GLD trade on.”

KGC is a gold mining company headquartered in Toronto, Canada. They own 8 active mines in the U.S., Ghana, Russian Federation, Chile, Brazil, and Mauritania. KGC is one of the top ten gold mining stocks in the world. Kinross’s 52-week low is 2.38 and 52-week high is 4.63.

In April 2016, KGC rose to $5.70, but has tumbled down ever since… until now. It’s moved mostly sideways as has the Gold market, but in October 2018, it dipped to its lowest in 5 years at 2.59. On August 2, 2019, KGC rose to 4.57. I haven’t seen it that high in years, so I’m encouraged to hang onto this little stock until I can break even.

In the wake of the ongoing tariff turmoil with China, KGC and other gold stocks may fare nicely. Zacks recommends six of these stocks (including KGC) as a hedge. The trade war has been going on for more than a year already, and there doesn’t seem to be an end in sight.

According to Zacks, “Kinross has projected earnings growth rate of 100% for the current year and carries a Zacks Rank #1. The company’s shares have gained 30.3% in a year’s time.”

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Zacks also went onto say: “The company has expected earnings growth of 110% for the current year. The Zacks Consensus Estimate for the current year has improved by 75% over the last 30 days. The stock has jumped 46.5% in the past three months.” (Source: Zacks, Nalak Das’ article “6 Top Gold Stocks to Hedge Against Worsening Trade Conflict”)

(SOURCE: Zacks, Nalak Das’ article “6 Top Gold Stocks to Hedge Against Worsening Trade Conflict”)

My takeaway:

So, to answer the question: “Will KGC go higher?”

I’m thinking “yes” based on the fact that it’s highly possible that the US and China trade turmoil will drag on through 2019 and possibly into 2020. However, I’ve got my finger on the “Eject” button this time in case KGC starts a downward trend like it did when I bought it in 2016.

Disclaimer: I’m a total amateur, so please take my stock advice with a grain of salt. I’m a beginner. I’m learning about the stock market and analysis. I love it, but I’m definitely on a learning curve. Still, I hope some of my research will help others.

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Lisa Logan has been writing professionally since she was a student at North Carolina State University where she earned her bachelor and master’s degrees. She started out writing profile articles for the N.C. Literary Review, interviewing various North Carolina authors of fiction. Her own creative works were published in several issues of the Raleigh News and Observer’s short fiction section Sunday Reader. Lisa’s passion for screenwriting led to freelancing for a national screenwriter’s magazine Creative Screenwriting in which she writes features, interviewing Hollywood screenwriters, high-level film producers, directors, and actors. Lisa’s work can also be found in Our State magazine and Our State’s now defunct sister publication NC Signature.