Best Gold Stocks Right Now

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Contributor, Benzinga
May 5, 2022

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Barrick Gold

Barrick Gold Corp is one of the world’s largest gold producers, operating mines in North America, South America, Australia, and Africa. The company segments consist of nine gold mines namely Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara, and Bulyanhulu. It generates maximum revenue from the Carlin mine segment. Geographically, it derives a majority of revenue from the United States.

Newmont

Newmont Corp is primarily a gold producer with operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. It is also engaged in the production of copper, silver, lead and zinc. The company’s operations are organized in five geographic regions: North America, South America, Australia, Africa and Nevada.

Royal Gold

Based in Denver, Colorado, Royal Gold acquires and manages precious metal streams. Its primary focus is the extraction of gold. The company provides traders an opportunity to invest in precious metals without incurring many of the costs and risks associated with mining processes. Royal Gold owns 187 mining properties and runs its operations in 12 countries.

The precious metal stock has a market cap of $7 billion and an EPS of $3.04. It has an annual dividend yield of $1.12 per share. Royal Gold trades more than 92,000 shares per day and generated revenue of $423 million in 2019.

In September 2020, Royal Gold announced that it has entered into an agreement to sell its ownership interest in Peak Gold Project in Tok, Alaska, and its common share position in Contango Ore Inc. The total cash consideration is priced at $61.3 million and the transaction is expected to close by October 2020.

Franco-Nevada

Franco-Nevada Corp is a precious-metals-focused royalty and investment company. The company owns a diversified portfolio of precious metals and royalty streams, which is actively managed to generate the bulk of its revenue from gold, silver, and platinum. The company does not operate mines, develop projects, or conduct exploration. Franco-Nevada’s short-term financial performance is linked to the price of commodities and the amount of production from its portfolio of producing assets. Its long-term performance is affected by the availability of exploration and development capital. 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.

Equinox Gold

Equinox Gold Corp is a growth focused gold producer operating entirely in the Americas, with projects in Canada, the USA, Mexico and Brazil. Equinox Gold has around seven operating gold mines and a clear plan to increase production by advancing a pipeline of growth projects.

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 generally gain value in a rising stock market. 

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 stocks to pink sheet penny stocks. The best gold stocks for your portfolio will depend on your risk tolerance and financial objectives.   

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. 

Barrick Gold Corp. (NYSE: GOLD) is one of the largest gold mining companies 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. 

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. 

Best Online Brokers for Gold Stocks

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

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Features to Look for in a Gold Stock

  • 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 also generally indicates lower debt. 
  • 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 in order to mitigate geopolitical risks.  
  • 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: Is Now the Time to Buy?

The gold mining sector has been one of the few segments of the overall economy that managed to gain value 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. Remember, though, that certain stocks could suffer for reasons not related to the industry. Plus, the gold industry is not perfect, and it could run into slumps from time to time.

Buying gold stock with gold at current levels makes sense if the price of gold holds strong 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:

Read also: BEST GOLD PENNY STOCKS