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Gold Stocks ASX: Top 10 Gold Mining Companies 2023

best gold mining stocks

Her core competency lies in analyzing stocks across different sectors, from technology to mining, and banking to oil and gas. She holds a postgraduate degree in finance from ICFAI Business School, Pune, and is currently on her way to becoming a Certified Financial Planner. OR is a precious metal royalty company that “holds a North American focused portfolio of over 165 royalties, streams and precious metal offtakes.”

Because of the wide availability of gold ETFs, you don’t have to be a stock-picking guru to participate in the gold industry’s upside. Wheaton Precious Metals is one of the largest precious metal streaming companies in the world that generates its revenues primarily from the sale of gold, silver and palladium. As of December 31, 2020, the Company has entered into long-term purchase agreements with different mining companies, for the purchase of precious metals and cobalt.

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But investing in gold itself means having to store and protect the bars or coins, which isn’t always practical. Top-rated Canaccord Genuity analyst Carey MacRury is bullish on the stock with a Buy rating and a price target of $17.07. The analyst’s price target implies an upside potential of 26.4% at current levels.

best gold mining stocks

The firm holds significant operations in North and South America, as well as Asia, Australia and Africa. Hansen also mentioned three other factors that could contribute to new record highs for gold in 2023. Firstly, an increasing “war economy mentality” could discourage central banks from holding foreign exchange reserves and instead lean towards gold as a means of self-reliance.

What are gold penny stocks?

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. Coming in fourth on this top gold-mining companies list is AngloGold Ashanti, which produced 85.3 MT of gold in 2022. The South African company has nine gold operations in seven countries across three continents, as well as numerous exploration projects around the world. AngloGold’s Kibali gold mine (a joint venture with Barrick as the operator) in the Democratic Republic of Congo is the fifth largest gold mine in the world, having produced 23.3 MT of gold in 2022. Barrick complements its top-tier gold mining portfolio with a strong balance sheet.

Then the company goes through a long waiting period during which it must demonstrate the mine’s profitability to investors, as well as funding, which creates a whole new set of risks. Only when it manages to secure the funding to carry out the mine plan, investors who have held the stock can breathe a sigh of relief. The development phase is also when institutional investors tend to arrive on the scene, having deemed the mine a worthy investment. Speaking of time, making risky investments often require a great deal of patience.

BMO Capital analyst Jackie Przybylowski still believes Barrick is one of the best gold stocks. This is evidenced by a Buy rating and a price target of $23 that implies additional upside potential of 41.1% to current levels. The analyst approves of the fact that GOLD is pursuing organic growth opportunities “that will continue to drive value and provide catalysts.”

Barrick Gold (NYSE:GOLD)

Gold continues to be a popular investment in low-cost speculation markets. If you are looking to invest in a commodity that has held its own, you can’t get much better than gold. Gold is easy to invest in, so yes, investing in gold is a great investment for beginners. 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.

  • Hecla Mining Company is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho, and is a growing gold producer with an operating mine in Quebec, Canada.
  • Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America.
  • Others think that the value of gold is mostly nostalgic because it was used as the value standard for U.S. currency until 1971.
  • Find out which are the best gold ETFs to monitor and add to your watchlist.

From your brokerage account, choose the stock you want to buy, the price at which you want to purchase it and how many shares of the stock you wish to own. Like FNV—the other gold streamer on the list—Royal Gold’s share price has risen steadily over time. It has the lowest expected annual forward earnings estimate on the list, but it has generally been a steady performer for more than a decade. AngloGold Ashanti is based in Johannesburg, South Africa, and the company operates gold mines in Africa, Australia and the Americas. DPM has the second-highest EPS growth estimate on the list, after Torex. Sales had been increasing steadily every year since 2016, but dipped slightly in 2022.

Largest gold companies

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. Geographically, it derives a majority of revenue from the United States. Because Franco-Nevada can profit from gold mining without exposure to the risks of mine development, its stock has historically outperformed the price of gold and other gold mining stocks. As with any investment, it is important to carefully consider the risks and potential rewards before making a decision. Santana Minerals Limited is a mineral exploration and development company based in Perth, Western Australia.

  • Like FNV—the other gold streamer on the list—Royal Gold’s share price has risen steadily over time.
  • MAG Silver is a Vancouver-based advanced stage exploration and development company that is focused on the acquisition, exploration and development of high-grade, district-scale projects located primarily in the Americas.
  • Harmony Gold Mining Company operates several gold mines across Witwatersrand Basin, Klerksdorp, West Rand and Free State.
  • Easier methods of investing in gold today include stocks, options, certificates, exchange-traded funds (ETFs), closed-end funds (CEFs), exchange-traded notes (ETNs), futures and contracts for differences (CFDs).
  • The company expects to increase gold production in 2023 compared to 2022.

It focuses on completing gold purchase agreements with gold mining companies that have advanced stage development projects or operating mines. Newmont is the world’s largest gold miner, producing around 6 million attributable ounces of gold in 2022 and accounting for about 5% of total 2022 mined production. Newmont’s all-in sustaining cost of around $1,200 per ounce in 2022 places the company toward the upper end of the second quartile of the gold AISC curve—not low enough to justify a moat, in our view.

Another massive opportunity for the company comes from its copper mining division, which contributes 18% to total revenues. That number could grow substantially over the next several years due to multiple long-term projects in development. The decision to keep cash or gold is a personal preference based on your beliefs about https://g-markets.net/helpful-articles/16-candlestick-patterns-every-trader-should-know/ inflation, the economy, and the money supply. According to data from Bankrate.com, the average annual return on gold has been 0.8%. Meanwhile, the average annual return on cash as measured by one-year CDs was 0.4%. However, despite being known as an inflation hedge, it hasn’t performed as well as expected in recent years.

Summary of the 5 best gold stocks

If you want to see more stocks in this selection, check out 5 Best Gold Royalty and Small-Cap Gold Stocks To Buy. Although former President Franklin D. Roosevelt removed the gold standard in 1933, the greenback still closely correlates with gold—and subsequently gold stocks—as the metal is priced in U.S. dollars. Momentum investing is a factor-based investing strategy that involves buying a stock whose price has risen faster than the market as a whole. Momentum investors believe that stocks that have outperformed the market will often continue to do so because the factors that caused them to outperform will not suddenly disappear. Both sales and earnings are critical factors in the success of a company. Companies with quarterly EPS or revenue growth of more than 1,000% were excluded as outliers.

The five gold stocks made up almost 39% of the ETF’s assets, with Newmont accounting for more than 10%. The gold stocks have market capitalizations ranging from Newmont’s $41 billion to Wheaton Precious Metals’ $22 billion. The biggest gold producer in Australia is the mining company Newcrest Mining Limited ($NCM), which is headquartered in Melbourne. Other major gold producers in the country include Evolution Mining ($EVN) and Northern Star Resources ($NST). With inflation on the rise, many investors turn to gold stocks as a way to preserve their purchasing power.

best gold mining stocks

That year’s Nixon Shock economic policy measures suspended the direct conversion between paper money and gold and created the fiat currency we have today. Kinross Gold Corporation is headquartered in Toronto, Ontario and engages in gold and silver mining. Wheaton Precious Metals Corp. is a well-diversfied mining company, with earnings from gold, silver, palladium and cobalt. While its production and revenue declined in 2022, it has plans to develop 13 new sites and boost its production in 2023. Analysts consider its long-term production outlook to be positive and rate WPM a “buy.”

Agnico Eagle Mines Ltd.

Its fourth-quarter results showed a 13% sequential increase in gold production at a slightly higher realized gold price of $1,728/oz. All-in-sustaining costs dropped to $1,242/oz from $1,269/oz in the third quarter. For fiscal 2023, it expects to produce 4.2 million to 4.6 million oz of gold, halting a three-year decline. The volatility in gold prices, the adverse economic climate, and the supply chain crisis last year resulted in negative top-line growth.

Costs remain low because much less earth is moved to get the best ore. Its treasury bulked up by high grading, the company is then in a position to buy a company and its reserves, thereby replacing those lost to high grading. Whereas in the 1980s, junior gold companies discovered 10-30% of new mines, after 2000 they have accounted for up to 75%, according to a McKinsey report. Additionally, many financial advisors simply don’t view gold as a good long-term investment. There’s no shortage of belief within the industry that gold could soon hit another all-time peak given the confluence of mid- and long-term driving forces.

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