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Best Gold Stocks Right Now

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If you plan to diversify your portfolio in light of recent events, investing in gold stocks could be a good choice. Gold stocks not only track the movements of gold prices that tend to rise in uncertain times, but they also typically gain value in a rising stock market. 

With gold prices trending higher, gold stocks could serve as a hedge to stocks you hold from other economic sectors. Gold stocks can also be traded speculatively in the current economic environment. 

Keep in mind that gold stocks can vary considerably in price and investment quality, ranging from highly-rated listed stocks to pink sheet penny stocks. The best gold stocks will depend on your risk tolerance and financial objectives.   

Highlighted Gold Stocks

  • Newmont Corporation (NYSE: NEM)
  • Barrick Gold Corp. (NYSE: GOLD)
  • Yamana Gold (NYSE: AUY)
  • Kirkland Lake Gold (NYSE: KL)
  • Eldorado Gold (NYSE: EGO)
Symbol Company Change Price
NEM Newmont
– 2.29%
$61.99
GOLD Barrick Gold
– 1.12%
$27.37
AUY Yamana Gold
– 0.63%
$5.53
KL Kirkland Lake Gold
– 2.97%
$46.14
EGO Eldorado Gold
– 2.48%
$10.62

Overview: Gold Stocks

Newmont Corporation (NYSE: NEM) is the world’s largest gold mining stock. The Greenwood Village, Colorado-based company was incorporated in 1921 after being founded in 1916 by William Boyce Thompson. The company employs 24,000 people worldwide and is the only gold mining company in the S&P 500 index. 

Barrick Gold Corp. (NYSE: GOLD) ranks as the second-largest gold mining company in the world and is based in Toronto, Ontario, Canada. The company was founded by Peter Munk and was listed as a publicly-traded company on the Toronto Stock Exchange in 1983. 

Yamana Gold Inc. (NYSE: AUY) was founded by Peter Marrone and is based in Toronto. Yamana began operations in 2003 and grew significantly with the purchase of other gold companies in 2005, 2006 and 2007. 

Kirkland Lake Gold (NYSE: KL) is based in Toronto and was founded by Brian Hinchcliffe and Harry Dobson in 1994. The company began operations as Brimstone Gold Corporation, growing through key acquisitions such as Foxpoint Resources in Vancouver and Kirkland Lake in Ontario. 

Eldorado Gold Corporation (NYSE: EGO) was founded in 1992 as Sino Gold Mining and has its base in Vancouver. The company’s activities span all facets of mining, including exploration, reclamation, development and production.

Best Online Brokers for Gold Stocks

You can buy gold stocks through virtually any broker with access to major stock exchanges and commission-free trading is offered at many online stock brokerages. Some of the top U.S. brokers that you might consider to trade gold stocks through include: E*TRADE, T.D. Ameritrade, Charles Schwab or Interactive Brokers.  

Commissions
$0
Account Minimum
$0
Get started securely through Webull’s website
Commissions
$0
Account Minimum
$0
1 Minute Review

Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.

Webull is widely considered one of the best Robinhood alternatives.

Best For
  • Active traders
  • Intermediate traders
  • Advanced traders
Pros
  • Commission-free trading in over 5,000 different stocks and ETFs
  • No account maintenance fees or software platform fees
  • No charges to open and maintain an account
  • Leverage of 4:1 on margin trades made the same day and leverage of 2:1 on trades held overnight
  • Intuitive trading platform with technical and fundamental analysis tools
Cons
  • Does not support trading in options, mutual funds, bonds or OTC stocks
Commissions
$0
Account Minimum
$0
Get started securely through JP Morgan Chase’s website
Commissions
$0
Account Minimum
$0
1 Minute Review

Chase You Invest is the retail brokerage arm of JP Morgan Chase, the largest bank in the United States. While most of the firm’s products are targeted toward wealthy clientele, You Invest gives novice investors a chance to learn about markets, select the best securities and plan for future goals like retirement. No futures, forex, or margin trading is available, so the only way for traders to find leverage is through options. 

Not all investors will appreciate the basic setup and simplistic trading suggestions, but plenty more want to learn about markets but just don’t know where to get started. Chase You Invest provides that starting point, even if most clients eventually grow out of it.

Best For
  • Investors using Chase banking products
  • Mobile traders
  • Retirement savers
Pros
  • Easy to navigate
  • Functional mobile app
  • Cash promotion for new accounts
Cons
  • No forex or futures trading
  • Limited account types
  • No margin offered
Commissions
$0
Account Minimum
$0
Get started securely through TradeStation’s website
Commissions
$0
Account Minimum
$0
1 Minute Review

TradeStation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets as frequent and professional traders appreciate its wide range of analysis tools. TradeStation’s app is also equally effective, offering full platform capabilities.

Best For
  • Advanced traders
  • Options and futures traders
  • Active stock traders
Pros
  • Comprehensive trading platform and professional-grade tools
  • Wide range of tradable securities
  • Fully-operational mobile app
Cons
  • Confusing pricing structure to leave new traders with a weak understanding of what they pay
  • Cluttered layout to make navigating TradeStation’s platform more difficult than it should be

Features to Look for in a Gold Stock

  1. A strong balance sheet: As with stocks in general, a strong balance sheet with consistent earnings per share growth would qualify a stock for consideration. The balance sheet will also indicate the amount of cash on hand and the amount of debt outstanding. A miner needs cash flow to find more gold and to maintain the gold it holds in reserves, while more cash typically indicates lower debt. 
  2. Location of mining operations: Most investment-grade mining companies operate multiple mines in their base country, as well as in other countries where the company owns an interest in mines and mining operations. Mines operated abroad could be at risk for a number of reasons, including geopolitical concerns, although most mining companies work with the governing bodies of the countries where their mines are located. Ideally, mines located abroad should be in politically stable countries to mitigate geopolitical risks.  
  3. Solid operating margins: In the gold mining business, the better the margins, the higher the cash flow. The margins for gold miners tend to improve as the gold price trends higher, thereby fueling further upside in the price of gold stocks. 

Gold Stocks to Watch Out for this Year

The price of gold has reached recent highs due to current news focused on the global coronavirus shutdown strongly affecting world markets. Once the world’s economy begins to reopen, the price of gold and gold-based assets may correct initially, but they could then continue trending higher. Also, if the price of gold remains fairly stable at current levels, gold mining stocks could make a good investment over the coming year. Benzinga is currently watching these stocks.

1. Newmont Corporation (NYSE: NEM) 

Newmont Corporation’s stock recently traded as low as $40.73 on March 16 but now trades considerably higher. Due to the 20% increase in gold prices in 2020’s Q1 from a year ago, Newmont declared a $0.25 dividend after reporting net income of $326 million or $0.40 per diluted share on May 5. The company also withdrew its 2020 full-year guidance figures since some production could be deferred to 2021, which would impact this year’s costs. 

2. Barrick Gold Corp. (NYSE: GOLD) 

Barrick no longer qualifies as one of our stocks under $20 after trading up from $12.70 in March 2020 to hit $28.52 per share in April 2020. The almost $300-ounce surge in gold prices put Barrick at $26.87 per share. Barrick is the world’s second-largest gold miner and 90% of its earnings come directly from gold mining. 

Barrick stock makes up the closest to a pure play in relation to the price of gold among major gold miners. Barrick announced a 17% reduction to its debt from the end of 2019’s Q4. 

3. Yamana Gold Inc. (NYSE: AUY) 

Now trading at $4.87 per share, Yamana Gold stock qualifies as one of the stocks under $5 that could accommodate investors looking for a good low-priced gold mining stock. Yamana reported net earnings of $45 million, or $0.05 per share on April 30 versus a net loss of $4.1 million for the same period 1 year ago. Yamana stock has also risen notably from its low of $1.78 per share seen in July of 2019. Despite the stellar results for the company’s Q1 and an increase in the stock’s dividend, Yamana revised its 2020 production guidance due to temporary mine closures as a result of the COVID-19 pandemic. 

4. Kirkland Lake Gold (NYSE: KL)

Kirkland Lake Gold has been one of the fastest-growing stocks in the gold sector with considerable mining interests in Australia and Canada. On May 6, the company reported a sharp increase in 2020 Q1 earnings due in part to the company’s acquisition of Detour Gold Corp. and higher gold prices. 

Kirkland’s adjusted net earnings came to $179.2 million or $0.70 per share, up 57% from the $0.54 per share seen for the same period one year ago. Due to the COVID-19 situation, many of the company’s operations have been reduced, which will impact output and costs for the rest of the year.  

5. Eldorado Gold Corporation (NYSE: EGO)

Eldorado Gold Corp. stock has tripled since trading at $3.11 per share back in May 2019. Currently trading at $9.35 per share, Eldorado’s stock qualifies for our list of stocks under $10. With over 17 million ounces of gold in their market capitalization and four operating mines that produce 400,000 ounces per year, the company is poised to increase production throughout the rest of 2020. 

On April 30, 2020, Eldorado reported adjusted net earnings of $12.5 million, or $0.08 per share compared to a net loss of $21.1 million or -$0.13 per share seen in 2019’s Q1. The company’s current adjusted net earnings include a $12.2 million loss on foreign exchange translation and deferred tax balances.  

Biggest Gold Movers of the Day

Depending on earnings releases and other important company news, other gold mining stocks could gain significantly in the pre-market and regular trading sessions. 

Gainers

Session: Jul 8, 2020 4:00 pm – Jul 9, 2020 2:03 pm
Symbol Open Close Change Change % Volume
Buy HL Stock – Trade for Free HL
Hecla Mining
3.60 3.74 0.14 3.88% 13.31M
Buy CDE Stock – Trade for Free CDE
Coeur Mining
5.44 5.61 0.18 3.21% 8.39M
Buy GFI Stock – Trade for Free GFI
Gold Fields
10.21 10.40 0.19 1.86% 8.84M
Buy SBSW Stock – Trade for Free SBSW
Sibanye Stillwater
9.67 9.71 0.04 0.36% 2.90M

Losers

Session: Jul 8, 2020 4:00 pm – Jul 9, 2020 2:03 pm
Symbol Open Close Change Change % Volume
Buy HMY Stock – Trade for Free HMY
Harmony Gold Mining Co
5.79 5.48 -0.31 -5.28% 11.26M
Buy KL Stock – Trade for Free KL
Kirkland Lake Gold
47.55 46.11 -1.44 -3.03% 3.08M
Buy DRD Stock – Trade for Free DRD
DRDGold
16.79 16.38 -0.41 -2.45% 49.38K
Buy EGO Stock – Trade for Free EGO
Eldorado Gold
10.89 10.63 -0.26 -2.39% 1.93M
Buy PVG Stock – Trade for Free PVG
Pretium Resources
8.74 8.55 -0.19 -2.18% 1.21M
Buy NEM Stock – Trade for Free NEM
Newmont
63.44 62.11 -1.33 -2.10% 5.80M
Buy SSRM Stock – Trade for Free SSRM
SSR Mining
22.74 22.38 -0.36 -1.59% 1.49M
Buy WPM Stock – Trade for Free WPM
Wheaton Precious Metals
46.91 46.21 -0.70 -1.50% 1.89M
Buy OR Stock – Trade for Free OR
Osisko Gold Royalties
10.73 10.57 -0.16 -1.45% 68.58K
Buy RGLD Stock – Trade for Free RGLD
Royal Gold
126.75 125.04 -1.71 -1.35% 17.59K
Buy SAND Stock – Trade for Free SAND
Sandstorm Gold
9.79 9.66 -0.13 -1.33% 1.53M
Buy AGI Stock – Trade for Free AGI
Alamos Gold
10.41 10.28 -0.13 -1.21% 2.44M
Buy USAU Stock – Trade for Free USAU
U.S. Gold
6.67 6.60 -0.07 -1.05% 28.47K
Buy GOLD Stock – Trade for Free GOLD
Barrick Gold
27.68 27.40 -0.28 -1.02% 9.57M
Buy FNV Stock – Trade for Free FNV
Franco-Nevada
144.62 143.43 -1.19 -0.83% 41.70K
Buy IAG Stock – Trade for Free IAG
Iamgold
4.56 4.53 -0.03 -0.66% 3.07M
Buy AEM Stock – Trade for Free AEM
Agnico Eagle Mines
65.88 65.52 -0.36 -0.55% 76.38K
Buy AUY Stock – Trade for Free AUY
Yamana Gold
5.56 5.54 -0.03 -0.45% 11.43M
Buy KGC Stock – Trade for Free KGC
Kinross Gold
7.60 7.57 -0.03 -0.40% 11.90M
Buy SA Stock – Trade for Free SA
Seabridge Gold
18.41 18.34 -0.07 -0.39% 28.39K

Gold Stocks: Is Now the Time to Buy?

The gold mining sector has been one of the few segments of the overall economy that have gained during the COVID-19 world health crisis. The gains in gold stocks can be attributed to the surge in the price of gold, with many companies adjusting to temporary mine closings all over the world. 

Buying gold stock shares with gold at current levels makes sense if the price of gold holds the $1,500 per ounce level and may present additional opportunities if the price of gold sells off. 

If you are looking for stocks by price, be sure to take a look at our other pages covering stocks by price.

If you are looking buy gold stocks check out the Benzinga online broker rankings.

Or, check out some of our other favorites:

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