best gold mining stocks

Considering this scenario, the analyst anticipates Osisko to ramp up production by 37% from 2022 to 2027 as it begins output or increases it at its projects in San Antonio, Cariboo and Windfall. For fiscal 2023, the company has projected production in the range of 4,200 to 4,600 thousand ounces, which is far better than a decline in production that GOLD has been facing over the past three years. Overall, out of 10 analysts covering the stock, four analysts have rated NEM a Buy. And while the rally has by not been impressive by any means, it has still been meaningful. This has weighed on dollar-denominated commodities – including gold.

Typically, a strong U.S. dollar means weaker gold prices as demand for the precious metal eases from buyers using foreign currencies. Conversely, demand increases when the greenback loses value, making gold cheaper for offshore buyers. Although the U.S. dollar and gold often have an inverse relationship, both can move in the same direction. For example, during periods of global uncertainty, both assets may rise as investors flock to save-haven investments. Due to its finite supply, gold is seen as a hedge against inflation, while the dollar’s status as the global reserve currency makes it sought after during times of risk aversion. With the exception of Wheaton and Franco-Nevada, these top holdings are the world’s largest gold mining companies.

Osisko Gold Royalties Ltd (OR)

Agnico Eagle produced around 3.1 million ounces of gold in 2022, making it the world’s third-largest gold miner. It is lower-cost than its larger competitors Newmont and Barrick, with its AISC of roughly $1,100 per ounce in 2022 placing Agnico around the middle of the second quartile of the gold cost curve. However, similar to Newmont and Barrick, we don’t think its unit costs are low enough to justify a moat. We forecast Agnico Eagle’s gold production to be about 3.6 million ounces in 2027. Detour Lake, Canadian Malartic, Meadowbank, Meliadine, and LaRonde account for more than 70% of Agnico Eagle’s midcycle production in 2027.

It was a familiar tone to BVN’s quarterlies compared to other gold miners discussed in the article. Its fourth-quarter results were relatively heartening, beating estimates on both lines while effectively narrowing down the losses. Its cash position reached an impressive $253.9 million at the conclusion of December, while net debt decreased by $484.6 million.

Santana has a number of exploration projects underway in Western Australia, and is actively seeking out new opportunities to expand its portfolio. MAG Silver is a Vancouver-based advanced stage exploration and development company that is focused on the acquisition, exploration and development of high-grade, district-scale projects located primarily in the Americas. The Company’s principal asset is a 44% interest in the Juanicipio joint venture located in Mexico, which is now in the construction phase heading to production.

Top Gold Stocks for Q2 2023

As a result, the company had a net cash balance as of early 2023, giving it the financial flexibility and strength to repurchase shares and pay an attractive dividend. The company pays a base dividend and a performance dividend, with the latter based on the amount of cash it has on its balance sheet at the end of each quarter. Silvercorp Metals, Inc. engages in the acquisition, exploration, development, and mining of precious and base metal mineral properties in the Peoples Republic of China. The company primarily operates and develops four Silver-Lead-Zinc mines at the Ying Mining Camp, Henan Province; and the Na-Bao Polymetalic Project in Qinghai Province, China. The company is growing its resource base through continuous exploration of existing projects as well as acquiring new development and exploration projects in multiple jurisdictions. Silvercorp is listed on the Toronto Stock Exchange and the NYSE under the symbol `T.SVM` and `SVM` respectively.

best gold mining stocks

With gold prices on the rise, here’s Morningstar’s take on several gold mining stocks today. In reality, bullion is just the term for pure gold in its physical form as legal tender. The term can also apply to other precious metals, such as silver or rhodium. As the value of gold goes up, the value of these assets tends to follow. That’s why investing in gold stocks is considered a safer, more convenient alternative to buying actual, physical gold yourself and stacking it in a safety deposit box.

Moreover, it has a solid ecosystem for mining, including rich mineral resources, favorable government policies,  a skilled workforce, and a strong small-scale mining environment. Therefore, it will always remain relevant in mining, boosting BVN stock’s attractiveness. A widely accepted value metric is the price-to-earnings (P/E) ratio. The gold ETF enables investors to easily own a diverse, high-quality group of large-scale gold companies.

Barrick Gold Corp (GOLD)

The high solvency ratio means the company has more than enough cash flow to cover its debts. Find out which are the best gold ETFs to monitor and add to your watchlist. The service requires full cookie support in order to view this website. Each stock shows the company description, along with key statistics and a link to view the entire Profile. We’d like to share more about how we work and what drives our day-to-day business. Despite representing a single element on the periodic table, gold gives us tons of ways to invest and diversify our portfolio.

best gold mining stocks

The company holds a portfolio of assets, diversified by commodity, revenue type, and stage of a project, primarily located in the United States, Canada, and Australia. Wheaton Precious Metals is one of the largest precious metal streaming companies in the world that generates its revenues primarily from the sale of gold, silver and palladium. As of December 31, 2020, the Company has entered into long-term purchase agreements with different mining companies, for the purchase of precious metals and cobalt. The company’s production profile is driven by the volume of metal production at its various mining assets. The primary drivers of the company’s financial results are the volume of metal production at the various mines to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Headquartered in Johannesburg, South Africa, AngloGold Ashanti Limited is an independent, global gold mining company with mines and exploration projects across Continental Africa, South Africa, Americas and Australasia.

Its average AISC of roughly $1,300 per gold equivalent ounce in 2022 places Kinross at around the 55th percentile of the gold cost curve. We forecast Kinross’ attributable production to modestly decline to about 1.8 million gold equivalent ounces in 2027. Kinross’ Paracatu mine in Brazil and Tasiast mine in Mauritania account for more than half of its midcycle production in 2027. That’s why many people tend to hold it; gold and other precious metals tend to be volatile in the short term and stable in the long term. A growth stock might be a good choice for someone willing to take on extra risk for potentially higher gains — and a bad choice for a more conservative investor. Kinross Gold Corporation is headquartered in Toronto, Ontario and engages in gold and silver mining.

Which Is Better: Owning Gold or Gold Stocks?

Barrick Gold lands in second place on this list of top gold producers. The company has been active on the M&A front in the last five years — in addition to merging its Nevada assets with Newmont in 2019, the company closed its acquisition of Randgold Resources the prior year. The firm holds significant operations in North and South America, as well as Asia, Australia and Africa. The miner’s aggressive merger and acquisition activity, along with effective execution, led to a rapid increase in gold mineral reserves. A hefty chunk of the increase was attributable to the integration of Kirkland Lake Gold, another in the long list of companies AEM has acquired over the years.

best gold mining stocks

Firstly, an increasing “war economy mentality” could discourage central banks from holding foreign exchange reserves and instead lean towards gold as a means of self-reliance. Secondly, governments may continue to increase deficit spending on ambitious projects such as the energy transition. And finally, the possibility of a global recession in 2023 could prompt central banks to increase liquidity.

All of these properties are in the exploration stage and have no probable reserves. Gold stocks are publicly traded companies involved in the mining and exploration of gold, a precious metal. Investors need to know that all gold stocks are not created equally. Whereas the mining and exploration companies can be more volatile, the physical holding stocks and ETFs can serve as a way for investors to hedge inflation, also known as a capital preservation strategy.

Is it a good time to invest in gold stocks?

Newcrest Mining is a leading gold mining company based in Australia. The company is one of the largest gold producers in the world, with operations in Australia, Papua New Guinea, and Indonesia. Newcrest is known for its focus on sustainability and responsible mining practices and is committed to minimising its environmental impact. The company has a diverse portfolio of gold and copper assets and is constantly looking for new opportunities to expand and grow its business. A gold mining company is a company that operates, owns or manages a gold mine. Only the top gold mining companies are shown in this list and gold mining companies that are not publicly traded on a stock exchange are excluded.

  • Having said that, the markets are still remarkably volatile, pushing the need for investments in safe-haven assets, including these best of the best gold stocks.
  • Gold mining is the practice of extracting gold ore from the earth and processing it into gold bullion.
  • Do keep in mind, though, that the fixed-rate I-Bond is a more stable inflation hedge that’s also taxed much lower than gold.
  • Companies with quarterly EPS or revenue growth of more than 1,000% were excluded as outliers.

It ranks them based on a number of factors, the top companies on its list aren’t necessarily the biggest. Data reflects the 12-month period ending March 2016 for companies based in the United States, Canada and Bermuda. Especially if inflation is rising, since many folks convert cash into gold during inflationary periods in order to preserve the value of their savings. Neither backed or unbacked is objectively better; it just depends on whether you’d like to invest in the gold industry or actual gold bullion itself.

Top gold stocks on ASX

The company currently has a pipeline of projects involved in exploring and developing existing mineral deposits in the U.S. and Colombia to improve the gold and silver production profile. MacRury expects gold prices to be $1,862 per ounce, up from the record average of $1,802 per ounce last year. “These [macro] headwinds look to have largely run their course with inflation and the economy slowing,” the analyst said. “Gold and gold equities have more room to run ahead of a potential Fed pause and with a non-trivial chance of a recession emerging.” OR is a precious metal royalty company that “holds a North American focused portfolio of over 165 royalties, streams and precious metal offtakes.” In addition, the company announced a quarterly dividend of 10 cents per share.