5 best gold stocks to buy for Q4 2024
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This page lists the best stocks in the gold industry for the year ahead and explains why we are excited about them. In addition, we’ve summarised the best trading platforms to use to get them and how to make sure your investment experience is as good as it can be.
What are the top gold stocks to buy?
Copy link to sectionThe table below ranks the best gold stocks by how good an investment we think they’re going to prove. You can follow the links in the table to find their current share price, or scroll down to learn more about each one.
| # | Stock symbol | Company name | Trade now |
|---|---|---|---|
| 1 | NEM | Newmont Corporation | |
| 2 | GOLD | Barrick Gold Corporation | Trade GOLD 77% of retail CFD accounts lose money. |
| 3 | FNV | Franco-Nevada Corporation | Trade FNV 77% of retail CFD accounts lose money. |
| 4 | WPM | Wheaton Precious Metals Corporation | Trade WPM 77% of retail CFD accounts lose money. |
| 5 | AULGF | AngloGold Ashanti Limited |
Scroll down to find out more information about each of these gold stocks and for more information about the gold space in general.
1.) Newmont Corporation (NYSE: NEM)
Copy link to sectionIncorporated in 1921, Newmont Corporation is the world’s largest gold mining company. With gold mines in Colorado, Ontario, Nevada, Mexico, Australia, the Domincan Republic, Ghana, Peru, Argentina and Suriname, the company churns in the region of 6 million ounces of consolidated gold production and over $11 billion of revenue per year.
The reason Newmont os on our list is because of its huge, diversified portfolio, and because it has plenty of cash in its treasury, it has the potential to conduct further mergers and acquisitions in the future and create growth.
In the last 5 years, Newmont Mining’s stock price has increased drastically, and it has managed to do this while maintaining a solid dividend of over 3%. With a market cap of over $50 billion, Newmont has the value we are looking for in a gold major with the growth potential one might expect to find in a gold junior.
2.) Barrick Gold Corporation (NYSE: GOLD)
Copy link to sectionBarrick Gold is a major gold mining company that produces gold and copper from 16 assets in 13 countries. Founded in 1983 and headquartered in Toronto, the company employs over 18,000 workers and produces around 5 million ounces of gold and $9 billion in revenue per annum.
The company’s share price was performing extremely well until the COVID-19 crisis, which severely hampered its operations around the world. Since lockdowns have come to an end, Barrick Gold has experienced a resurgence, and its stock price is now firmly locked on an upward trajectory.
The main reason Barrick is on our list is that it also produces a significant amount of silver and copper, giving it a degree of diversification that isn’t present with all gold mining stocks. Though its <1% dividend yield is not the best around, it is a nice bonus for a growing major gold stock with the capacity to deliver returns.
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3.) Franco-Nevada Corporation (NYSE: FNV)
Copy link to sectionFranco-Nevada has been around in some form since 1983, though its current incarnation was created in 2002 when it was acquired by Newmont. In 2007, Newmont spun off Franco-Nevada via an IPO.
The company now has royalties and streams on almost 300 royalties, two-thirds of which are precious and base metals assets and one-third in oil and natural gas. These assets create around $1 billion in revenue per year and this has grown the company’s market cap to over $30 billion.
The company’s stock price has performed well in the last 5 years, though the main reason it is on our list is because it offers de-risked exposure to gold. This is because its revenue streams are spread across hundreds of assets, and it also takes on no exploration or development expenditure and risk.
77% of retail CFD accounts lose money.
4.) Wheaton Precious Metals Corporation (NYSE: WPM)
Copy link to sectionFounded in 2004 and headquartered in Vancouver, Wheaton Precious Metals is one of the world’s largest precious metals streaming company, and it operates multinationally. The company has streaming agreements on over 20 operating gold and silver mines.
With a market cap of over $19 billion, Wheaton has grown quickly to become a solid performer, and its stock price has consistently grown for much of the past 5 years. It also offers a small dividend to sweeten the deal for investors.
The reason Wheaton has secure a spot on our list is because we feel it is the best option in its class: gold and precious metals streaming. The company has proven to be consistently profitable, and further streams could unlock even more value.
77% of retail CFD accounts lose money.
5.) AngloGold Ashanti Limited (OTCMKTS: AULGF)
Copy link to sectionFormed in 2004 via the merger of AngloGold and the Ashanti Goldfields Corporation, AngloGold Ashanti is a large gold mining player with over 20 operations spread across 4 continents. The company produces over $4 billion in revenue from its over 3 million ounces of gold production per annum.
In the last few years, the company’s stock price has found a fairly consistent level, and its market cap now stands at over $9 billion. The company also produces silver and uranium oxide, which are profitable by-products.
The reason AngloGold Ashanti is on our list is because of the location of its assets. They are primarily based in Africa, which is a low-cost, underexplored region with massive potential for gold mining companies to locate new, high-grade resources.
Where to buy the best gold shares
Copy link to sectionIf you want to buy the best gold stocks now, this is most easily done via an online stockbroker. These convenient services allow you to control your entire portfolio from the comfort of your desktop or handheld device, and they often have low fees. The table below includes some of our favourite options offering a range of gold stocks.
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What is a gold stock?
Copy link to sectionIt is a publicly-traded company that is involved in the exploration, development and production of gold via mining or royalty and streaming agreements on gold assets.
Explorers acquire a promising land package and market it to increase their share price. They are then either taken out by a more senior mining company or on occasion, they begin developing the mine.
Developers de-risk and build infrastructure at gold mining sites. They often produce formal documentation like Preliminary Economic Assessments, Preliminary Feasibility Studies, Feasibility Studies, and Definitive Feasibility Studies to evidence the scale and grade of the gold resource.
Producers take gold mining assets into production and attempt to create a consistent amount of gold, which often comes with byproducts when the raw ore is processed.
Royalty companies make arrangements to help finance gold producers in return for a percentage of revenue on each ounce of gold that comes out of the ground.
Are gold shares a good investment?
Copy link to sectionInvesting in gold stocks allows exposure to the gold market without actually having to hold physical gold. Shares in gold mining companies and royalty companies offer the potential to benefit from rising gold prices. Top gold stocks like Newmont and Barrick Gold are leading gold producers and popular investments for investors looking to profit from mining operations.
However, gold stocks carry risks beyond just gold prices. Mining companies’ performance is affected by mining costs, strong balance sheet, production volumes, labour issues, environmental regulations, and management competence.
Buying shares in individual gold stocks generally requires researching companies’ operations and risk factors. Many investors prefer spreading risk through exchange traded funds holding baskets of gold stocks or mining companies diversified across other metals.
In times of uncertainty, gold offers a safe haven and gold stocks may outperform the broader market. But when economic sentiment improves, gold stocks often lag. For those bullish on gold over the long-term, top gold mining stocks offer direct exposure, leveraged upside potential, and dividend income.
When choosing from a range of gold producers, make sure to pay close attention to the all-in sustaining cost, or AISC. In an ideal world, this will be below the magic $1000/oz figure, giving the mine strong profitability, even in depressed market conditions. For the latest gold news, click any of the links below.
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