With gold hitting all-time highs it's no wonder that miners like Newmont are soaring. Newmont reported a 38% jump in earnings last quarter as revenue soared 50%. When building a watchlist, IBD recommends looking for stocks with an 80 or higher RS Rating.
Newmont, a gold, silver and copper mining giant recently added to IBD Leaderboard, also pays a healthy dividend of around 3.32% annualized. Savvy investors can further enhance the return from NEM stock though the use of covered calls. According to Dow Jones Data, gold futures on Monday climbed 0.9% and made a new high of $2,433.90 an ounce.
Copper prices hit a record high on Wednesday and have gained around 30% in 2024, fueling rallies for top copper mining stocks Newmont and Freeport-McMoRan. On Wednesday, copper futures gained for a fifth straight session, up more than 1% to $4.