7 Best Gold Stocks With High Upside Potential

In this article we will take a look at seven best gold stocks with high upside potential.

If you’ve been keeping an eye on the markets lately, you’ve probably noticed that gold is having quite a year, and investors are paying attention. After a strong start in 2025, gold continues to hover near all time highs, with Bloomberg reporting bullion trading around $3,353 an ounce after a series of gains fueled by weak U.S. job data. The growing expectation of Federal Reserve rate cuts has boosted sentiment, since lower interest rates tend to make gold more attractive as a non yielding asset.

What’s fueling this gold rally even further? According to a Citigroup note highlighted by Bloomberg on August 4, analysts now believe gold could hit between $3,300 and $3,600 an ounce in the next three months, thanks to ongoing economic uncertainty and inflationary pressures from new trade tariffs. This is a notable shift from Citi’s earlier stance, and it aligns them more closely with other bullish forecasts from firms like Goldman Sachs and Fidelity International, who also see the precious metal pushing higher.

And it's not just Wall Street that’s bullish. The World Gold Council released its Mid Year Outlook 2025, emphasizing gold’s impressive 26% rise in the first half of the year alone. Their analysis suggests that if current macroeconomic trends hold, or worsen, gold could see an additional 10 - 15% upside before year end. On the flip side, even in a more stable scenario, gold is expected to remain strong, with only minor downside risk.

With so much momentum building in the gold market, the big question becomes: how can investors capitalize? While buying physical gold is one route, many are turning to gold mining and royalty companies as a way to gain leveraged exposure to rising prices. That’s where this list of the best gold stocks comes in.

In this article, we’ve highlighted seven top gold stocks with high upside potential, backed by strong fundamentals, favorable analyst ratings, or strategic positioning in the current macro landscape. Whether you're a seasoned investor or just looking to diversify with commodities, these gold plays deserve a closer look. Let’s dig in.

7 Best Gold Stocks With High Upside Potential

Our Methodology for Selecting the Best Gold Stocks

To identify the seven best gold stocks with high upside potential, we screened publicly traded gold companies on U.S. stock exchanges with a share price above $10. Each stock featured in this list holds a strong buy rating from Wall Street analysts and shows a positive upside potential when comparing its current share price to the average analyst target price, as of August 4. This approach ensures that the selected stocks are not only fundamentally sound but also viewed favorably by market experts with meaningful room for price appreciation.

Wall Street Analysts Are Bullish On These 7 Gold Stocks With High Upside Potential

07. OR Royalties Inc. (NYSE:OR)

Current Share Price as of August 4: $28.88

Average Analysts Share Price Target: $31.27

Upside Potential: 8%

Our list of seven best gold stocks with high upside potential starts with Montreal based OR Royalties Inc. (NYSE:OR). OR Royalties Inc. (NYSE:OR) manages gold and precious metal royalties in Canada and internationally. Its main asset is a 3-5% royalty on the Canadian Malartic mine. The company rebranded from Osisko Gold Royalties Ltd in May 2025. As of August 4, the stock trades at $28.88, with an average analyst target of $31.27, offering about 8% upside potential.

OR Royalties Inc. (NYSE:OR) stands out among the best gold stocks thanks to its robust financial performance in Q2 2025, highlighted by record revenue and cash margin. In the second quarter, the company earned 19,700 gold equivalent ounces (GEOs), driven by strong royalty and streaming agreements. This contributed to all time high quarterly revenues of $60.4 million, up from $47.4 million in Q2 2024. The company also achieved a record cash margin of 95.8%, equating to $57.8 million, reflecting exceptional cost efficiency.

OR Royalties Inc. (NYSE:OR) maintained a strong financial position, ending the quarter with $49.6 million in cash after repaying $40 million on its credit facility. As of the latest update, the outstanding credit balance was further reduced to $25.7 million, while the total available credit stood at over $800 million, including an uncommitted accordion facility.

This performance was supported by elevated gold prices, which averaged $3,280 per ounce during the quarter, significantly higher than the $2,338 average in Q2 2024.

From analysts standpoint, on July 21, Stifel increased its price target on OR Royalties Inc. (NYSE:OR) from C$38 to C$43 while maintaining a Buy rating on the stock, signaling continued confidence in the company's growth outlook.

06. Caledonia Mining Corporation Plc (NYSE:CMCL)

Current Share Price as of August 4: $21.06

Average Analysts Share Price Target: $25.4

Upside Potential: 21%

Caledonia Mining Corporation Plc (NYSE:CMCL) is a Jersey based gold producer with a strong foothold in Zimbabwe. The company owns a 64% stake in the Blanket Mine, its primary producing asset, which continues to deliver solid operational results. In addition, Caledonia Mining Corporation Plc (NYSE:CMCL) holds 100% interests in several key exploration and development projects, including the Maligreen, Bilboes, and Motapa gold properties, positioning it for future growth.

With analysts setting a price target of $25.40, the stock offers an upside potential of 21% from current levels.

Caledonia Mining Corporation Plc (NYSE:CMCL) is experiencing a robust year, with its flagship Blanket Mine in Zimbabwe delivering record breaking results. In Q2 2025, the mine produced 21,070 ounces of gold, surpassing the 20,773 ounces produced in the same period last year. The total output for the first half of 2025 reached 39,741 ounces, a 5.1% year over year increase.

Following this performance, the company raised its full year production guidance to 75,500 - 79,500 ounces, reflecting management’s confidence in continued operational strength.

Financially, Caledonia Mining Corporation Plc (NYSE:CMCL) expects full year 2025 profitability to exceed market expectations, supported by strong gold prices and operational efficiency. The company plans to release its Q2 and H1 financial results on August 11, which are expected to confirm a profitable quarter.

CEO Mark Learmonth highlighted the positive momentum, attributing success to the team’s execution and the sustained gold price environment.

On July 17, Maxim raised its price target on Caledonia Mining Corporation Plc (NYSE:CMCL) to $28 from $21 and reiterated a Buy rating. The upgrade followed better than expected Q2 gold production from its Zimbabwe mine and higher 2025 production guidance. Maxim expects the company to use 2025 free cash flow to reduce debt and fund dividends, strengthening its financial position.

05. Pan American Silver Corp. (NYSE:PAAS)

Current Share Price as of August 4: $28.14

Average Analysts Share Price Target: $36.53

Upside Potential: 30%

At number five on our list of seven best gold stocks with high upside potential stands Pan American Silver Corp. (NYSE:PAAS). Pan American Silver Corp. (NYSE:PAAS) is a leading precious metals mining company headquartered in Vancouver, Canada. With operations across Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil, the company is engaged in the exploration, development, and production of silver, gold, zinc, lead, and copper.

Originally incorporated in 1979 and renamed in 1995, Pan American Silver Corp. (NYSE:PAAS) has grown into one of the largest silver producers globally. With an average analyst price target of $36.53, the stock offers a 30% upside potential from current levels.

Pan American Silver Corp. (NYSE:PAAS) is off to an exceptional start in 2025, reporting record mine operating earnings of $250.8 million in Q1, driven by higher metal prices, improved operational efficiency, and tight cost control. The company produced over 5 million ounces of silver, slightly exceeding its guidance, and delivered 182,200 ounces of gold, in line with expectations.

What makes Pan American Silver Corp. (NYSE:PAAS) one of the best gold stocks right now is its cost discipline. All in sustaining costs (AISC) for silver dropped to $13.94/oz, well below the guided range, while gold AISC came in at $1,485/oz, also better than expected. This performance helped generate $112.6 million in free cash flow in Q1 alone.

With a record cash and short term investments balance of $923 million and total available liquidity of $1.7 billion, Pan American Silver Corp. (NYSE:PAAS) is well capitalized to fund growth. Its major organic expansion, the La Colorada Skarn project, is progressing, along with mine optimization at Jacobina and continued exploration at other key sites.

From analysts point of view, Pan American Silver Corp. (NYSE:PAAS) received a bullish update on July 15, as CIBC analyst Cosmos Chiu raised the firm's price target from $39 to $46, citing continued confidence in the company's outlook. The Outperformer rating on the stock was maintained, reflecting expectations of further upside potential.

04. Alamos Gold Inc. (NYSE:AGI)

Current Share Price as of August 4: $25.58

Average Analysts Share Price Target: $37.05

Upside Potential: 45%

Alamos Gold Inc. (NYSE:AGI) is a North American gold producer with operations across Canada, Mexico, and the U.S. The company focuses on the exploration, development, and production of gold assets, with a track record of operational efficiency and strategic growth. As of August 4, Alamos Gold Inc. (NYSE:AGI) trades at $25.58 per share, with analysts setting an average price target of $37.05, indicating an upside potential of 45%.

Alamos Gold Inc. (NYSE:AGI) produced 137,000 ounces of gold in Q2 2025, up 10% from the previous quarter. The company also delivered $85 million in free cash flow, while continuing to invest in key projects like Island Gold and Mulatos.

All in sustaining costs (AISC) dropped 18% quarter over quarter, and further cost improvements are expected later in the year. A major expansion study at Island Gold is underway and could significantly boost future output.

With a strong balance sheet, $345 million in cash, and plans to increase annual production to over 900,000 ounces by 2028, Alamos Gold Inc. (NYSE:AGI) offers solid upside potential and remains one of the top gold stocks to watch.

Alamos Gold Inc. (NYSE:AGI) received an update on August 1, as TD Securities revised its price target to C$47 from C$48, while maintaining a Buy rating on the stock. The slight adjustment reflects updated outlooks, but analysts continue to see upside potential for the company.

03. U.S. Gold Corp. (NASDAQ:USAU)

Current Share Price as of August 4: $11.25

Average Analysts Share Price Target: $17

Upside Potential: 51%

U.S. Gold Corp. (NASDAQ:USAU) is a U.S. based exploration company focused on gold, silver, and copper. It owns 100% of the CK Gold Project in Wyoming, the Keystone Project in Nevada, and the Challis Gold Project in Idaho. The company also holds a 0.5% royalty interest in Nevada’s Maggie Creek Project. As of August 4, the stock trades at $11.25, with an average analyst target of $17, indicating a 51% upside potential.

The company’s flagship CK Gold Project in Wyoming reached a major permitting milestone in April 2024, receiving approval for its surface mine operation plan. Additional state level permits, including an Industrial Siting permit and a pollution discharge permit, are already secured, with only an air quality permit pending, expected later this year. These developments signal that U.S. Gold is transitioning from an explorer to a near term developer.

Despite operating losses of $6.9 million for the fiscal year ended April 30, 2024, the company maintained a healthy working capital of over $6 million and completed a $4.9 million equity raise in April 2024. Its exploration efforts also continue at the Keystone Project in Nevada and the Challis Gold Project in Idaho, both of which offer additional upside if discoveries are confirmed.

On July 2, U.S. Gold Corp. (NASDAQ:USAU) announced its inclusion in both the Russell 3000 and Russell 2000 indexes, effective June 30, as part of FTSE Russell’s annual reconstitution. This milestone places the company among the largest 3,000 U.S. public companies and within the small cap segment of the market. As a result, U.S. Gold's shares were also added to the corresponding growth and value indexes. The inclusion is expected to boost visibility and attract institutional investment, especially following the surge in trading volume on June 27, just before the reconstitution took effect.

On July 1, Roth Capital raised its price target on U.S. Gold Corp. (NASDAQ:USAU) from $16 to $18, while maintaining a Buy rating. The update follows an upward revision in the firm’s gold price assumptions, now forecasting average gold prices of $3,294/oz for Q2, $3,300 for Q3, and $3,150 for Q4 2025. The higher gold price outlook is expected to positively impact U.S. Gold’s valuation.

02. Contango Ore, Inc. (NYSE:CTGO)

Current Share Price as of August 4: $19.75

Average Analysts Share Price Target: $30.36

Upside Potential: 54%

Contango Ore, Inc. (NYSE:CTGO) is a U.S. based exploration stage company focused on gold, silver, and copper projects in Alaska. Founded in 2009 and headquartered in Fairbanks, the company is developing several promising mineral properties. As of August 4, the stock trades at $19.75, while analysts have an average price target of $30.36, suggesting a potential upside of 54%.

In Q2 2025, Contango Ore, Inc. (NYSE:CTGO) sold 17,764 ounces of gold at an all in sustaining cost (AISC) of $1,548 per ounce, outperforming its full year cost target of $1,625. The company expects to produce an average of 58,750 ounces annually through 2029, with 2025 production guidance set at 60,000 ounces, reflecting stable and consistent output.

During the first half of 2025, Contango Ore, Inc. (NYSE:CTGO) received $54 million in cash distributions from its joint venture and now anticipates total distributions to surpass $95 million for the year, assuming gold averages $3,100 per ounce. A portion of these funds is being used to reduce debt, which dropped from $38.3 million to $23.1 million in Q2.

The company is also reducing hedge exposure. Through a Carry Trade, it cut its hedge position by 11,900 ounces, bringing the remaining hedge balance down to 62,900 ounces as of July 31.

Looking ahead, additional upside could come from its Johnson Tract and Lucky Shot projects, along with a royalty interest in Onyx Gold Corp., providing further exploration and investment potential.

01. Seabridge Gold Inc. (NYSE:SA)

Current Share Price as of August 4: $16.02

Average Analysts Share Price Target: $42.5

Upside Potential: 165%

Topping our list of seven best gold stocks with high upside potential is Seabridge Gold Inc. (NYSE:SA). Seabridge Gold Inc. (NYSE:SA) is a Toronto based company focused on acquiring and exploring gold properties across North America. It also targets copper, silver, and molybdenum deposits. Founded in 1979, the company rebranded from Seabridge Resources to Seabridge Gold in 2002. As of August 4, the stock trades at $16.02, with an average analyst price target of $42.50, indicating a significant upside potential of 165%.

Seabridge Gold Inc. (NYSE:SA) continues to advance its massive gold projects across North America. In Q1 2025, the company reported net earnings of $10.6 million, a strong turnaround from a loss in the prior year. It secured $100 million in new funding, including $20 million from a strategic investor, and significantly boosted its working capital to $148.7 million. Seabridge Gold Inc. (NYSE:SA) is fully funding exploration at key projects including KSM and Iskut in British Columbia’s Golden Triangle, along with others in Yukon, Northwest Territories, and Nevada.

As of August 4, Seabridge Gold Inc. (NYSE:SA) has delivered an impressive 40.4% price return year to date, significantly outperforming the S&P 500’s 7.62% gain over the same period. The stock has also surged nearly 9% over the last month, reflecting strong investor interest amid rising gold prices.

In a recent development, on July 14, Seabridge Gold Inc. (NYSE:SA) reported that Tudor Gold has appealed a decision by the Chief Gold Commissioner of British Columbia, which upheld Seabridge’s rights to build tunnels through Tudor’s land for its KSM Project. Tudor claims these rights interfere with its own mineral claims and is asking the court to overturn the ruling. However, Seabridge maintains it has no claim to Tudor’s minerals and believes the appeal will be dismissed. For now, the Conditional Mineral Reserve (CMR), which protects Seabridge Gold Inc. (NYSE:SA) tunnel access, remains in place.

Read Next:

Disclaimer: None. The article is originally published on TheRichStocks.com.