In this article we will take a look at ten best Gold stocks to invest in now.
Gold prices recently took a hit following the Federal Reserve's hawkish signal on interest rates, leaving investors jittery about the precious metal’s immediate prospects. But as 2025 approaches, many analysts are holding firm in their belief that gold has strong support on the horizon. Let’s dive into why gold remains a compelling investment choice, even amid the shifting tides of global economics and policy.
The Federal Reserve’s latest projections, unveiled in their “dot plot,” hinted at a tighter monetary stance for the near future, reducing the number of expected rate cuts in 2025. This announcement gave the U.S. dollar a significant boost, sending it to a two-year high. As is often the case, gold prices moved inversely, slipping to their lowest level in a month. A stronger dollar makes gold, which is priced in the greenback, more expensive for international buyers. Combine that with higher interest rates, and the opportunity cost of holding non-yielding assets like gold also increases.
However, this isn’t the whole story. While these factors weigh on gold, there are deeper, more resilient drivers at play. Analysts point to robust demand from central banks, particularly in China, as a major support pillar. In recent years, central banks across the globe, from Poland to India, have ramped up gold purchases, citing it as a hedge against geopolitical and economic risks. China’s central bank, for instance, has resumed its gold buying spree, driven by a mix of domestic macroeconomic concerns and escalating trade tensions with the United States.
Beyond central bank demand, the broader geopolitical landscape also bolsters gold’s appeal. Ongoing conflicts, such as the Russia-Ukraine war, have heightened the need for safe-haven assets. Gold’s stability shines brightest in times of uncertainty, making it an attractive choice for investors looking to safeguard their portfolios.
Cryptocurrencies, often dubbed the “digital gold,” have added a layer of competition, but they’ve yet to dethrone the precious metal. While crypto assets have their appeal as alternative stores of value, their volatility and lack of a track record during prolonged crises keep them from fully replacing gold in most portfolios. Analysts believe that gold’s dual role as a hedge against inflation and geopolitical risks will keep it relevant, even as crypto gains traction.
Looking ahead, the Fed’s cautious approach to rate cuts, combined with emerging market central banks’ desire to diversify reserves, creates what some are calling a “perfect storm” for gold. Economists forecast that these structural and cyclical factors will drive prices close to record highs by 2025. ING, for instance, predicts gold prices averaging $2,760 per ounce in 2025, up from their current levels.
While the short-term outlook may seem uncertain, the long-term fundamentals for gold remain robust. For investors looking to hedge against macroeconomic risks or diversify their portfolios, gold continues to shine as a beacon of stability in a volatile world. As we explore the top gold stocks to invest in now, these underlying trends offer compelling reasons to consider adding the precious metal to your portfolio.
Our approach to determining the best Gold Stocks
To prepare the list of ten best Gold stocls to invest in now, we we ranked the twenty most valuable Gold stocks that trade on stock exchanges in the U.S. by their average analyst share price target percentage upside as of December 20 and picked out the top firms. The stocks also have a forward P/E ratio of less than 15 as of December 20. The list is arranged in ascending order of the upside potential each firm holds.
10 Best Gold Stocks To Invest In Now
10. Kinross Gold Corporation (NYSE:KGC)
Upside Potential: 38%
Forward P/E Ratio: 9.63
Year To Date Share Price Gain: 50%
Kinross Gold Corporation (NYSE:KGC) deserves a spot on the list of the 10 Best Gold Stocks to Invest In Now, thanks to its impressive fundamentals and attractive valuation. With a forward P/E ratio of 9.63 as of December 20, the stock offers a compelling upside potential of 38%, with analysts setting a target price of $12.51 compared to its current share price of $9.07. Let’s explore why Kinross stands out in the competitive gold sector.
Founded in 1993 and headquartered in Toronto, Canada, Kinross Gold Corporation (NYSE:KGC) operates a diversified portfolio of gold mines and projects across key regions, including the United States, Brazil, Chile, Canada, and Mauritania. From Alaska's Fort Knox mine to Brazil's Paracatu and Mauritania's Tasiast, Kinross has a solid presence in gold-rich territories. The company is also involved in silver production and reclamation, further diversifying its revenue streams.
Kinross Gold Corporation (NYSE:KGC) recently reported robust Q3 2024 results, showcasing why it’s a favorite among gold investors. The company produced 564,000 ounces of gold in the quarter at a cost of sales under $1,000 per ounce. This strong production performance was supported by standout contributions from key assets like Tasiast and Paracatu, which delivered high-margin outputs and improved cash flow. Notably, Tasiast achieved record production with a cost of sales of just $688 per ounce.
The financial metrics paint an even brighter picture. Operating margins increased by 14% over the prior quarter, driven by disciplined cost management and a favorable gold price environment. Free cash flow hit a record $415 million for Q3, a 20% jump from the previous quarter, and year-to-date free cash flow stands at an impressive $906 million. Kinross has also aggressively reduced its debt, repaying $650 million so far in 2024, bringing its net debt-to-EBITDA ratio down to a comfortable 0.5x.
Looking ahead, Kinross Gold Corporation (NYSE:KGC) is well-positioned to meet its full-year production guidance of 2.1 million ounces. With ongoing exploration and project development, including the promising Great Bear project in Canada, the company is building a pipeline for long-term growth. Kinross Gold’s strong fundamentals and significant upside potential make it a top contender for any gold-focused investment portfolio.
09. IAMGOLD Corporation (NYSE:IAG)
Upside Potential: 42%
Forward P/E Ratio: 5.94
Year To Date Share Price Gain: 101%
IAMGOLD Corporation (NYSE:IAG) is an intermediate gold producer and developer headquartered in Toronto, Canada, with operations spanning Canada and Burkina Faso. With a forward P/E ratio of 5.94 as of December 20 and an impressive upside potential of 42% based on a target price of $7.24 compared to its current share price of $5.09, IAMGOLD deserves a spot among the best gold stocks to invest in now.
The company boasts a diversified portfolio, including a 100% interest in the Westwood project in Quebec, a 60% stake in the Côté Gold project in Ontario, and a 90% interest in the Essakane project in Burkina Faso. In its Q3 2024 earnings call, IAMGOLD showcased robust performance, surpassing expectations with earnings per share (EPS) of $0.18 against an anticipated $0.10.
Production in Q3 reached 173,000 attributable gold ounces, marking a substantial year-over-year increase from 109,000 ounces in Q3 2023. This growth was fueled by stable operations at Essakane, a successful turnaround at Westwood, and the ramp-up at Côté Gold, which achieved commercial production in August. The company's year-to-date production of 490,000 ounces positions it to hit the upper end of its guidance range of 495,000 to 540,000 ounces for 2024.
IAMGOLD's financials further highlight its strong fundamentals. Q3 revenues stood at $438.9 million, with an average realized gold price of $2,391 per ounce. The quarter delivered record adjusted EBITDA of $221.7 million, bringing year-to-date EBITDA to $565.2 million. The company ended the quarter with cash and cash equivalents of $553.4 million, maintaining robust liquidity of approximately $959.3 million.
On the cost front, IAMGOLD reported all-in sustaining costs (AISC) of $1,756 per ounce, aligned with expectations and well-positioned relative to industry averages. As Côté Gold continues its ramp-up and Essakane and Westwood approach record cash flow potential, IAMGOLD is on track to strengthen its balance sheet and deliver value to investors.
With a proven ability to navigate operational challenges and leverage favorable gold prices, IAMGOLD presents a compelling investment case for those seeking exposure to gold's potential upside.
08. Eldorado Gold Corporation (NYSE:EGO)
Upside Potential: 43%
Forward P/E Ratio: 8.12
Year To Date Share Price Gain: 15%
Eldorado Gold Corporation (NYSE:EGO) stands out as one of the top gold stocks to consider right now, with its strong fundamentals and promising growth potential. As of December 20, the stock trades at a forward P/E ratio of 8.12, significantly undervalued compared to its peers. Analysts forecast an upside potential of 43%, with a target price of $21.39 compared to the current share price of $14.97. The stock has already gained 15% year-to-date, making it an attractive pick for investors looking to capitalize on the gold sector's growth.
Eldorado operates a diverse portfolio of gold mines and projects across Turkey, Canada, Greece, and Romania, producing not only gold but also silver, lead, and zinc. The company achieved a solid Q3 2024 performance, producing 125,195 ounces of gold, aligning with its full-year guidance. Year-to-date, production has increased 7% compared to 2023, underscoring the company's operational efficiency and growth trajectory.
Financially, Eldorado reported net earnings of $101 million, or $0.49 per share, for the third quarter, driven by higher gold prices and increased sales volumes. Adjusted net earnings stood at $71 million, or $0.35 per share, reflecting the company’s strong core operations. Revenue grew by $87 million year-over-year, supported by robust production and favorable market conditions.
The company's cost structure remains competitive, with total cash costs of $953 per ounce and all-in sustaining costs (AISC) of $1,335 per ounce. While these figures have risen slightly due to higher royalties and labor expenses, Eldorado's focus on operational efficiency and strategic investments positions it well for long-term profitability. Notably, the company is advancing its Skouries project, which is expected to begin production in Q3 2025, further enhancing its growth outlook.
Eldorado's commitment to disciplined capital allocation and operational excellence, combined with its undervaluation and significant upside potential, makes it a compelling choice for investors seeking exposure to gold stocks with a strong foundation and promising future.
07. Alamos Gold Inc. (NYSE:AGI)
Upside Potential: 46%
Forward P/E Ratio: 14.25
Year To Date Share Price Gain: 34%
Alamos Gold Inc. (NYSE:AGI) stands out as one of the best gold stocks to invest in now, thanks to its impressive fundamentals and significant growth potential. With a forward P/E ratio of 14.25 as of December 20, the stock offers an attractive valuation. Analysts see an upside potential of 46%, with a target price of $26.39 compared to its current share price of $18.11. Moreover, the stock has already gained 34% year-to-date, reflecting its robust performance.
Founded in 2003 and headquartered in Toronto, Canada, Alamos Gold focuses on acquiring, exploring, developing, and extracting gold deposits. The company operates major mines like Young-Davidson and Island Gold in Ontario, Canada; Mulatos in Sonora, Mexico; and the Lynn Lake project in Manitoba, Canada. It also holds interests in the Quartz Mountain project in Oregon, USA, underscoring its geographically diversified asset base.
Alamos Gold's Q3 2024 earnings highlight its strong financial and operational performance. The company reported record production of 452,000 ounces of gold, supported by the recent acquisition of Argonaut Gold and the addition of the Magino mine. While all-in sustaining costs (AISC) rose to $1,425 per ounce due to higher-cost production from Magino, the company remains on track to reduce costs significantly in the coming years. By 2026, AISC is projected to decline to $1,150 per ounce as the Phase 3 expansion at Island Gold nears completion, driving annual production close to 700,000 ounces.
Financially, Alamos delivered record quarterly revenue of $361 million, fueled by gold sales at an average price of $2,458 per ounce. The company generated $88 million in free cash flow during the quarter, bringing the year-to-date total to $219 million. Its robust cash position of $292 million and total liquidity of $540 million underscore its ability to fund growth initiatives like exploration and mill expansions.
With a focus on cost reduction, production growth, and high-return investments, Alamos Gold is well-positioned to capitalize on rising gold prices. Its inclusion in the TSX 30 for exceptional performance over the past three years further cements its status as a top gold stock to watch.
06. Pan American Silver Corp. (NYSE:PAAS)
Upside Potential: 46%
Forward P/E Ratio: 11.82
Year To Date Share Price Gain: 25%
Pan American Silver Corp. (NASDAQ:PAAS) deserves a spot among the best gold stocks to invest in, boasting a forward P/E ratio of 11.82 as of December 20. With a current share price of $20.47 and an analyst target price of $29.92, the stock presents a compelling upside potential of 46%. Year to date, it has already gained an impressive 25% in value, reflecting strong investor confidence.
Headquartered in Vancouver, Canada, Pan American Silver has been a prominent player in the mining industry since its incorporation in 1979. The company explores, develops, and operates mines across North and South America, extracting silver, gold, zinc, lead, and copper. Its diverse portfolio and geographic spread position it well to capitalize on the demand for precious metals.
In Q3 2024, Pan American Silver reported stellar financial results, underscoring its operational strength. Revenue hit a record $716.1 million, while cash flow from operations before working capital changes soared to $235.8 million. Free cash flow also reached a record $151.5 million, bolstering the company's balance sheet. With $469.9 million in cash and short-term investments and $1.2 billion in available liquidity, the company is well-equipped to invest in growth and reward shareholders.
Operationally, the company produced 225,000 ounces of gold in Q3, led by robust performance at its Jacobina mine. This asset delivered 50,400 ounces of gold at an all-in sustaining cost (AISC) of $1,195 per ounce, showcasing solid margins. On the silver front, the La Colorada mine was a standout, with a 59% increase in production and a 26% reduction in cash costs quarter-over-quarter.
Pan American is also making strides in its growth projects, such as the La Colorada Skarn and Jacobina mine optimizations. These initiatives promise to enhance long-term production and profitability. Additionally, the company has been proactive in strengthening shareholder value, distributing $109.1 million in dividends year-to-date and repurchasing shares worth $24.3 million.
With its solid fundamentals, operational excellence, and significant upside potential, Pan American Silver stands out as a top pick for investors seeking exposure to gold stocks.
05. Newmont Corporation (NYSE:NEM)
Upside Potential: 47%
Forward P/E Ratio: 9.98
Year To Date Share Price Gain: N/A
Newmont Corporation (NYSE:NEM) is a leading name in gold production and exploration, making it a strong candidate for inclusion in any list of the best gold stocks to invest in now. With a forward P/E ratio of just 9.98 as of December 20, the stock is attractively valued. Analysts see significant upside potential, with a target price of $54.54, representing a 47% increase from its current share price of $37.02. Beyond gold, Newmont’s diversified portfolio includes copper, silver, zinc, and lead, and its operations span continents, from North and South America to Africa, Australia, and the Pacific.
The company's Q3 2024 performance underscores its strong fundamentals. Newmont produced nearly 1.7 million ounces of gold and 430,000 gold equivalent ounces from other metals, including 37,000 tons of copper. This production generated $1.6 billion in cash flow from operations and $760 million in free cash flow, reinforcing its ability to maintain a healthy balance sheet and shareholder returns. In fact, Newmont has returned $786 million to shareholders through share repurchases and dividends in the quarter, alongside reducing debt by $233 million.
Newmont’s strategic divestments are another highlight, with $1.5 billion in proceeds expected from asset sales, including the Telfer mine and Akyem mine. These moves align with the company’s commitment to optimizing its portfolio, focusing on its 11 managed Tier 1 and emerging Tier 1 operations, which are long-life and high-quality assets.
Operationally, Newmont continues to execute well. Higher grades at its Tanami and Penasquito mines are set to drive strong production in Q4, while efficiency improvements at its Lihir and Brucejack sites promise long-term gains. Additionally, its recent acquisition of Newcrest has delivered $500 million in synergies, demonstrating the company's ability to integrate and optimize assets effectively.
With a solid track record, a robust pipeline of projects, and a focus on returning value to shareholders, Newmont Corporation offers a compelling investment case in the gold sector. Its current valuation and growth prospects make it a standout choice for investors seeking exposure to gold and precious metals.
04. Barrick Gold Corporation (NYSE:GOLD)
Upside Potential: 51%
Forward P/E Ratio: 8.48
Year To Date Share Price Gain: N/A
Barrick Gold Corporation (NYSE:GOLD) is a heavyweight in the gold mining industry, and with its forward P/E ratio of 8.48 and an impressive upside potential of 51% based on a target price of $23.02 compared to its current share price of $15.23, it’s a compelling choice for investors. This Toronto-based company, founded in 1983, operates gold and copper mines across Argentina, Canada, Africa, and the U.S., with additional ventures in Asia and the Americas, making it a global powerhouse.
Barrick's Q3 2024 earnings call underscored its resilience and strategic focus. The company reported earnings per share (EPS) of $0.31, in line with expectations, reflecting strong operational discipline. A 33% year-over-year increase in adjusted net earnings per share is particularly noteworthy, especially when paired with a 24% rise in free cash flow to $444 million. This robust cash generation supports shareholder returns, with Barrick maintaining a steady dividend of $0.10 per share and repurchasing $95 million in shares.
Gold production held steady, while copper output surged 12% quarter-over-quarter, thanks to improved operational efficiency and reduced costs. The company's flagship Nevada Gold Mines complex remains a cornerstone, with ongoing investments ensuring its productivity for the next decade. Exploration efforts at Greater Leeville and other promising sites are paving the way for future growth, potentially doubling Carlin’s reserves and extending its lifespan well beyond 2045.
On the balance sheet front, Barrick continues to shine. Net debt was slashed by 27% quarter-over-quarter to $500 million, reinforcing its financial stability. This strong position enables the company to fund growth projects like Pueblo Viejo, which has seen a 23% production increase following its plant expansion, and the promising Reko Diq copper-gold project in Pakistan, slated for production by 2028.
In a market driven by rising gold prices, Barrick’s disciplined cost management, strategic investments, and commitment to sustainability make it a standout. Its diversified portfolio and forward-thinking approach position it as a top choice for those looking to invest in gold stocks now.
03. AngloGold Ashanti plc (NYSE:AU)
Upside Potential: 53%
Forward P/E Ratio: 6.05
Year To Date Share Price Gain: 24%
AngloGold Ashanti plc stands out as one of the most compelling gold stocks to consider right now, with a forward P/E ratio of 6.05 and an impressive upside potential of 53%, based on a target price of $35.64 compared to its current share price of $23.26. The stock has gained 24% year-to-date, further cementing its place among the best gold investment opportunities.
Operating as a leading gold miner across Africa, Australia, and the Americas, AngloGold Ashanti also produces silver and sulfuric acid as by-products. Its flagship Geita mine in Tanzania showcases the company’s robust production capabilities. The company has demonstrated remarkable financial performance, highlighted by a 339% year-over-year increase in adjusted EBITDA to $746 million in Q3 2024 and a 17-fold rise in free cash flow to $347 million. These results underscore its operational efficiency and ability to capitalize on higher gold prices.
CEO Alberto Calderon emphasized the company’s commitment to cost management and operational excellence, noting that higher revenues from strong gold prices have translated directly into better margins. Despite inflationary pressures, AngloGold’s disciplined approach has kept total cash costs for managed operations in check, rising only 3% year-over-year to $1,186 per ounce.
Production from managed operations rose 2% year-over-year to 586,000 ounces in Q3 2024, driven by standout performances at key sites such as Obuasi (up 15%) and Sunrise Dam (up 14%). The average gold price received during the quarter surged 28% to $2,449 per ounce, significantly boosting earnings.
AngloGold Ashanti’s strategic acquisition of Centamin plc is set to enhance its portfolio with the addition of the Sukari mine, a Tier-One asset with low all-in sustaining costs. This move is expected to be accretive to free cash flow and net asset value while offering opportunities for cost synergies and portfolio optimization.
With strong fundamentals, efficient cost management, and a clear growth strategy, AngloGold Ashanti is well-positioned to deliver long-term value, making it a top choice for gold investors.
02. Coeur Mining, Inc. (NYSE:CDE)
Upside Potential: 54%
Forward P/E Ratio: 9.04
Year To Date Share Price Gain: 77%
Coeur Mining, Inc. (NYSE:CDE) stands out as a compelling choice for the best gold stocks to invest in right now. With a forward P/E ratio of just 9.04 as of December 20 and an impressive upside potential of 54% based on a target price of $8.88 compared to its current share price of $5.77, the stock’s fundamentals make it hard to ignore. Year-to-date, the stock has gained a remarkable 77%, further cementing its place as a top contender.
The company, headquartered in Chicago, has a long history dating back to 1928. It focuses on exploring and producing gold, silver, zinc, and lead across the U.S., Canada, and Mexico. In Q3 2024, Coeur delivered one of its strongest quarters in over a decade, with substantial production increases across its operations and favorable gold and silver prices. These factors contributed to multiyear highs in free cash flow, revenue, and adjusted EBITDA.
Coeur generated $69 million in free cash flow and $126 million in adjusted EBITDA during the quarter. This success was bolstered by a 12% reduction in operating costs per ounce and a 15% rise in metal prices, leading to cost efficiencies of $1,113 per ounce for gold and $15.67 for silver. Importantly, the company utilized its cash flow to reduce $50 million of debt, bringing its net debt-to-EBITDA ratio below two times for the first time in three years.
Operations like Rochester and Palmarejo are key drivers of growth. Rochester saw gold and silver production surge by 20%, while Palmarejo’s gold and silver output rose by 8% and 14%, respectively. Meanwhile, Wharf delivered record-breaking gold production of nearly 34,000 ounces, generating $49 million in free cash flow.
Looking ahead, Coeur’s strategic acquisition of Silvercrest, expected to close in early 2025, is set to enhance its portfolio further. With robust operational metrics, improving cost efficiencies, and disciplined debt reduction, Coeur Mining is well-positioned for sustained growth, making it a solid pick for investors seeking exposure to the gold market.
01. Idaho Strategic Resources, Inc. (NYSE:IDR)
Upside Potential: 61%
Forward P/E Ratio: 12.94
Year To Date Share Price Gain: 61%
Topping our list of ten best gold stocks to invest in now is Idaho Strategic Resources, Inc. (NYSE: IDR). Idaho Strategic Resources, Inc. (NYSE: IDR) is making waves in the gold mining industry. With a forward P/E ratio of 12.94 and a substantial upside potential of 61%, based on a target price of $16.50 compared to its current price of $10.22, this stock is a compelling investment opportunity. Notably, Idaho Strategic has already delivered an impressive 61% year-to-date return, demonstrating strong momentum.
Headquartered in Coeur d'Alene, Idaho, the company focuses on gold, silver, and base metal mining, primarily in the Greater Coeur d'Alene Mining District. Its flagship asset, the Golden Chest Mine, is a producing gold mine located in the Murray Gold Belt. Additionally, Idaho Strategic boasts a portfolio of rare earth element projects and early-stage exploration properties, showcasing its diversified resource base.
In its Q3 2024 earnings report, Idaho Strategic reported an 86.39% year-over-year increase in revenue and an astonishing 376.44% surge in net income. Adjusted all-in sustaining costs, excluding exploration expenses, stood at $1,109.79 per ounce, highlighting efficient cost management. These robust financials reflect the company’s strategic approach to operations and asset utilization.
Operational highlights at the Golden Chest Mine include mining approximately 10,500 tonnes of ore with a head grade of 9.32 gpt gold and achieving a remarkable 93.1% gold recovery rate. Idaho Strategic also set a quarterly record by placing 3,820 cubic meters of cemented rockfill. The company’s exploration activities remain active, targeting new zones like Red Star and advancing other high-potential areas.
CEO John Swallow emphasized the company’s disciplined approach to cash flow, balance sheet improvement, and debt reduction. With cash levels at an all-time high, Idaho Strategic is well-positioned for future growth. The team is actively expanding its production capabilities and exploration efforts, supported by a robust operational and financial foundation.
Idaho Strategic’s strong fundamentals, innovative exploration, and disciplined management make it a standout in the gold sector, offering significant upside potential for investors.
Disclaimer: This article is for informational purposes only. See our full disclaimer. The article is originally published on TheRichStocks.com.
