Top Gold Stocks to Buy in 2024
We go over the top 13 gold stocks in this post to invest in 2024. Go right to
5 Best Gold Stocks to Buy in 2024 to read about further gold stocks.
According
to a report by S&P Global, increased inflation and rising geopolitical
dangers associated with Russia's invasion of Ukraine are to blame for the
recent uptick in interest in gold investments. The price of gold has been
stable at around $1,900/oz since early March 2022, when it reached a 19-month
high of around $2,039/oz. The struggle of central banks to bring inflation to
the desired range of 2%-3% in most major nations, which have hit multi-decade
highs is boosting demand for the precious metal.
Read Also:
·
10
Stocks to Buy Under $50 in 2024
·
5
Best Stocks to Invest in 2024
·
14
Best Stocks to Invest in 2024
·
How
to Buy Truth Social Media Stock
·
Top
Expensive Cities in the U.S. 2024
·
5
Best Gold Stocks to Buy in 2024
The price of gold dropped 2% to US$1,639/oz in October as the dollar's strength increased and inflation seemed to be reaching its pinnacle. At the same time, the market
was showing signs of recovery. According to recent studies, the global market
for gold mining will increase from $214.1 billion in 2021 to $249.6 billion in
2026, growing at a compound annual growth rate of 3.1% over that time. Elite
investors are using some of the leading gold market equities, such as Newmont
Corporation, Barrick Gold Corporation, and Franco-Nevada
Corporation, to profit from the current gold boom.
Our Approach
The
businesses on the list are those that are best positioned to provide investors
with stability in the face of growing economic fears and operating in the gold
sector. To give readers some extra context for their investment decisions, the
company fundamentals and analyst rankings for these companies are also reviewed.
To measure the hedge fund sentiment for each stock in the third quarter of
In 2022, Insider Monkey analyzed a large database of about 900 elite hedge funds.
For
investors looking for safer places to deposit their money amid the recession
dangers, several of these gold stocks offer dividend payments and trustworthy
investing prospects.
Best Gold Stocks to Buy in 2024
13.
AngloGold Ashanti Limited
Holders
of Hedge Funds: 13
AngloGold
Ashanti Limited is a gold mining business with operations in
Australia, Africa, and the Americas. By 2030, AngloGold Ashanti intends to
reduce its scope 1 and 2 greenhouse gas emissions by 30%. By utilizing a
combination of renewable energy projects, fleet electrification, and
lower-emission power sources, the corporation is dedicated to attaining net
zero emissions by 2050.
On November 23, Abhi Agarwal of Deutsche Bank maintained a Buy rating on AngloGold Ashanti Limited stock and increased the price target to $20 from $16, noting that production growth had slowed over the previous three years and that the market would once more be confronted with low inventories, an inelastic supply, and incentive-level prices when global demand picked back up.
By the end of the third quarter of 2022, 13 hedge funds in the Insider Monkey database had positions in AngloGold Ashanti Limited worth $206.7 million, up from 12 hedge funds with stakes worth $232.4 million the quarter before.
AngloGold
Ashanti Limited is one of the top gold companies to purchase for a
recession, along with Newmont Corporation, Barrick Gold Corporation, and Franco-Nevada Corporation, according to elite
investors.
Computer and
Cellphone Popular Articles:
·
Samsung
Galaxy (Galaxy S21 Ultra 5G) Specification
·
Google
Pixel (Google Pixel 6 Pro) Specification
·
Apple
iPhone 13 Pro Max Specification
·
Samsung
Galaxy M32 Specification
12. SSR
Mining Inc.
Holders
of Hedge Funds: 16
SSR
Mining Inc. purchases explores, develops, and operates precious
metal resource holdings in the Americas and Turkey. On October 24, SSR Mining
announced that it had reached an agreement with partner Lidya Mining to pay
$150 million in cash in exchange for an additional 30% ownership in the
Kartaltepe Mining venture in the Pler District of Turkey. This agreement will
increase SSR Mining's ownership stake in the Pler District to 80%.
The
shares of SSR Mining Inc. were given a Sector Perform rating by
financial adviser Deutsche Bank on November 10, however, the price objective was
decreased from C$23.50 to C$23. Updates on the ratings were made by analyst Mike Parkin.
By the
end of the third quarter of 2022, 16 hedge funds in the Insider Monkey database
had positions in SSR Mining Inc. worth $233 million, up from 15
hedge funds with stakes worth $206.2 million the quarter before.
SSR
Mining Inc. was one of the stocks Palm Valley Capital Management,
an asset management company, highlighted in its Q3 2022 investor letter. The
fund stated the following:
“"During
the quarter, we also bought SSR Mining. We previously sold SSR
Mining, a precious metals mining company, in November 2021 after it achieved
our valuation. Because of the decline in precious metal prices and the
temporary closure of its Copler mine, SSR Mining's stock price has plummeted
dramatically this year. Since the stock remained low, we bought back its shares
in late September after the Copler mine began on schedule. With over $600
million in net cash and $4.1 billion in stockholders' equity, SSR Mining has a
very solid balance sheet and should produce a sizable amount of free cash flow
at the current gold and silver prices. Although we anticipate more stock
volatility, we think the company is trading at a favorable price compared to its asset-heavy balance sheet and our net asset value estimate.”
11.
B2Gold Corp.
Holders
of Hedge Funds: 16
A gold
producer, B2Gold Corp. has three active mines, one each in Mali, the
Philippines, and Namibia. On November 2, the limited global gold mining company
AngloGold Ashanti and B2Gold Corp announced that they would sell their $925
million Gramalote gold property in Colombia by the end of the year.
On
November 23, B2Gold Corp. analyst Ingrid Rico of Stifel maintained a
Buy rating on the company's stock and dropped the price target from C$7.25 to
C$7 while noting the third-quarter results and maintaining the projections for
the short- and long-term price of gold and silver.
16 hedge
funds in the Insider Monkey database had positions in B2Gold Corp. at the end of the third quarter of 2022, down from 15 at the end of the second
quarter, which had stakes totaling $220.2 million.
Players, Antivirus,
and VPN Popular Articles:
·
50+ Must Know VLC
Keyboard Shortcuts
·
Windows
Media Player Keyboard Shortcuts
·
FastestVPN
Review: Is FastestVPN Right for You?
·
Sophos
Antivirus Review: Is Sophos Home Right for You?
10. Hecla
Mining Company
Holders
of Hedge Funds: 17
In the
United States and abroad, Hecla Mining Company finds, buys, develops,
and produces precious and base metal resources. Hecla Mining announced an
an identical quarterly dividend on November 9 of $0.00375 per share. The yield
going ahead was 0.34%. The company continued with the previous quarter's
$0.0063 per share quarterly dividend, which was divided between $0.00375 for
the minimum dividend component and $0.0025 for the silver-linked component.
On October 25, Lucas Pipes, a B. Riley analyst, kept the shares of Hecla Mining company in a Buy rating but dropped the price objective to $6 from
$9, citing that the dollar's strength and rising interest rates continue to be
obstacles for precious metals in the short- to medium-term.
By the
end of the third quarter of 2022, 17 hedge funds in the Insider Monkey database
had positions in Hecla Mining Company worth $55.9 million, up from 16
hedge funds with stakes worth $57.5 million.
9.
Sibanye Stillwater Limited
Number of
Hedge Fund Holders: 18
Operating
as a precious metals mining firm in South Africa, the US, Zimbabwe, Canada, and
Argentina is Sibanye Stillwater Limited. Sibanye Stillwater Limited
said on November 28 that it will move forward with the $616 million Keliber
Lithium project in Finland as it looks to establish a presence in the European
battery metals market.
On
October 5, Abhi Agarwal of Deutsche Bank maintained a Buy rating on Sibanye
Stillwater Limited stock and lowered the price target from $13 to
$12.50, noting that the company is anticipated to face downside risks in the
near term and that many negative stories have already been spread among markets
for metals equities.
Condire Investment, a Dallas-based investment company, is one of the largest
shareholders in Sibanye Stillwater Limited, owning 6 million shares
worth more than $56.3 million. Condire Investment is one of the hedge funds
that Insider Monkey monitors.
Sibanye
Stillwater Limited was one of the stocks highlighted by asset
management company Desert Lion Capital in its Q2 2022 investor letter. The fund
stated the following:
“One of
the biggest PGM (platinum group metal) producer in the world, Sibanye
Stillwater Limited has significant operations in both South Africa
and the United States. The company's expanding lithium and nickel operations,
which are not yet contributing to earnings and are not yet recognized by the
market in SSW's price, offer significant upside potential in addition to its
additional gold mining projects in South Africa.”
8.
Kinross Gold Corporation
Holders
of Hedge Funds: 24
The
primary locations where Kinross Gold Corporation acquires explores,
and develops gold properties are the United States, the Russian Federation,
Brazil, Chile, Ghana, and Mauritania. On September 30, Kinross Gold Corporation
declared that its increased share buyback program had been approved by the TSX,
allowing it to modify its normal course issuer bid. The change raises the total
number of common shares that can be bought back from 65,002,277 to 114,047,070,
or 10% of the company's publicly traded stock.
Ingrid
Rico, a Stifel analyst, highlighted the third-quarter results on November 23
and cut the price objective for Kinross Gold Corporation stock from
C$10 to C$9. She also maintained the firm's expectations for the short- and
long-term price of gold and silver.
24 hedge
funds in Insider Monkey's database had holdings in Kinross Gold Corporation at the end of the third quarter of 2022, compared to 21 at $273.7 million in
the previous quarter.
7. Royal
Gold, Inc.
Holders
of Hedge Funds: 24
The company
Royal Gold, Inc. buys and administers royalties, streams, and
ancillary interests relating to precious metals. Royal Gold announced a
quarterly dividend on November 15 of $0.375 per share, an increase of 7.1% over
the previous dividend of $0.350. The yield going ahead was 1.42%.
On October 17, Barclays analyst Matthew Murphy kept the Royal Gold, Inc. stock as Equal Weight but lowered the price objective to $108
from $110, adding that when global growth slows, gold equities are preferred
over base metal equities.
First According to Insider Monkey's list of hedge funds, Eagle Investment Management, a New York-based investment company, is a significant shareholder in Royal Gold, Inc. with 3.3 million shares valued at more than $312.9 million.
6.
Wheaton Precious Metals Corp.
Holders
of Hedge Funds: 25
A metal streaming company called Wheaton Precious Metals Corp. primarily
sells precious metals in Canada and abroad. When Wheaton Precious Metals
released its third quarter 2022 earnings report on November 4, the company's
stock increased by 11%. The majority of the reports met expectations. On August
18, Wheaton Precious Metals disclosed that it has reached a binding deal with a
few Glencore plc companies to end its silver stream at the Yauliyacu Mine in
Peru in exchange for a $150 million cash payment.
Wheaton
Precious Metals Corp. stock received a Buy rating from financial
advisory Stifel on October 19, but the price objective was decreased from
C$66.50 to C$64. The rating update was made by analyst Ingrid Rico.
25 hedge
funds in Insider Monkey's database had positions in Wheaton Precious Metals
Corp. at the end of the third quarter of 2022, compared to 27 hedge
funds with interests totaling $360.9 million.
The
greatest gold stocks to buy for a recession, in addition to Newmont Corporation, Barrick Gold Corporation, and Franco-Nevada Corporation, include Wheaton Precious Metals Corp.
Click to continue reading and see 5 Top Gold Stocks To Buy in 2024.