Chaarat Gold

I believe now could be a good time to buy gold stocks. And Chaarat Gold (LSE:CGH) is one that’s near the top of my shopping list.

The company operates the Kapan mine in Armenia, where production has been beating forecasts of late. It also owns promising exploration assets in Kyrgyzstan, one of which — the Kyzyltash gold project — has been described by finnCap as “large enough to underpin a midcap gold company or be part of a major’s portfolio.”

Gold prices remain robust around the $2,000 per ounce marker. And I think they could soon soar to fresh record highs as high inflation and weak economic data rattle market confidence.

This would give Chaarat’s profits a significant shot in the arm. I’d buy the miner even though currency fluctuations pose a risk to earnings.

Ten Lifestyle Group

Spending by high-net-worth people remains largely unchanged during economic downturns. This is why I believe Ten Lifestyle (LSE:TENG) — a company that offers concierge services to businesses and wealthy individuals — might be a perfect pick for these uncertain times.

The business is more than just a solid short-term pick, too. I think profits here could grow strongly over the coming decade as personal wealth levels balloon.

Analysts at Credit Suisse think the number of millionaires worldwide will soar to 87m over the next five years. That’s up from the 62.5m that were recorded at the end of 2021.

I am concerned by Ten Lifestyle’s elevated valuation. A forward price-to-earnings (P/E) ratio of 29.5 times could leave it vulnerable to a share price correction if trading news disappoints. But on balance I think this is a top penny stock to buy right now.

Zinnwald Lithium

The share prices of lithium stocks could go through the roof over the next decade. Being a key material in car batteries, demand for the commodity is tipped to soar as electric vehicle sales take off.

Lithium miner Albemarle recently raised its demand forecast to 3.7m tonnes by 2030. At the same time it predicted supply of just 2.9m tonnes, suggesting a big deficit that could supercharge prices.

I think Zinnwald Lithium (LSE:ZNWD) might prove a top stock to exploit this opportunity. The business is developing the Zinnwald project in Eastern Germany, an asset located in the heart of the continent’s carbuilding and chemicals belt.

What’s more, a €2bn commodities fund to be established by the German government could provide significant support. Bloomberg reports that policymakers will provide financial aid to miners of key materials like lithium to reduce reliance on China.

There is still a long way to go until first production at Zinnwald. And any development setbacks there could have a significant impact on future earnings. But all things considered, I find this penny stock highly attractive right now.

The post 3 top penny stocks I’m considering buying appeared first on The Motley Fool UK.