Gold has parallels to the alternative energy industry. It is used in battery cells, solar panels, and a range of electronic components for the production and distribution of renewable energy. In addition to its connection to alternative energy, gold makes sense as an investment today because it is outperforming other options during the Coronavirus Pandemic. Gold prices and futures are the highest they’ve been in almost a decade. The returns over the next year could be significant.
Galiano Gold Inc. (NYSE American: GAU) is a Canadian gold mining and exploration company. It is the operator of the Asanko Gold Mine, a major multi-deposit complex in Ghana, West Africa. Production output has exceeded expectations in recent quarters. In 2019, output hit a record of 251,044 ounces. The company is targeting up to 245,000 ounces in 2020 and has seen minimal impact from the health crisis and related global economic slowdown. With the price of gold increasing, analysts expect that earnings growth this year will exceed 100%. This is likely to drive interest in the stock and send the price upwards in the coming months. The stock has strong momentum. It is up 28% over the last 30 days.
Analysts predict a moderate upside on this stock with an average target price of $1.80. If gold continues to outperform the market, this target is likely to increase. For its low cost and growth potential, Galiano Gold Inc. is a top alternative investment today.
- 1 Year Price Growth: 80%
- YTD Price Growth: 37%
- 3 Month Price Growth: 50%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.