Best Gold Stocks To Buy Now

According to a statement from the World Gold Council, gold’s price reached a historic high of $2,067.16 per oz last year in August. It was leading to a chain effect improving the gold’s performance in other primary currencies as well. However, gold’s price dropped by more than 7% at the beginning of 2021 as interest rates rose this year. It underperformed in most major currencies.

In recent months, inflation concerns balance some interest-rate-related worries around gold, driving prices higher once again. According to a recent study, experts expect the global gold mining market to be worth more than $248 billion in five years. It might grow by 3% annually in the next five years. Gold might be a safe bet in this volatile stock market.

Investors wanting to try gold investments have to check out the best stocks in the sector. Some of the top gold stocks include Barrick Gold Corporation, Wheaton Precious Metals Corp. and Newmont Corporation, among others discussed below.

Overview of the best gold stocks to invest now

Here are stocks that are attracting the attention of elite investors: Gold Fields Limited (NYSE:GFI), Newmont Corporation (NYSE:NEM), Wheaton Precious Metals Corp. (NYSE:WPM), and Barrick Gold Corporation (NYSE:GOLD).

Based on analyst ratings, basic business fundamentals, and hedge fund sentiment, these gold stocks are best to buy now. Insider Monkey’s research focuses on the hedge fund holdings in order to identify a group of holdings that outperformed the S&P 500 ETFs since the beginning of 2017. 

Gold Fields Limited. Hedge Fund Holders: 17

For the first half of the year, Gold Fields Limited posted, reporting earnings per share of $0.48, beating predictions by $0.03. The revenue during this time was close to $2 billion, up over 3% year-on-year. As the company posted earnings, it also updated guidance for the whole year, saying it expected gold production of up to 2.360Moz in 2021.

Meanwhile, Josh Wolfson, RBC Capital analyst, upgraded Gold Fields Limited stock and raised the price target to $12 from $10.55. He also noted that the company’s new project could double free cash flows in two years.

According to Insider Monkey, among the hedge funds investment firm AQR Capital Management (Connecticut-based) is a leading shareholder in Gold Fields Limited with 6.5 million shares worth more than $58 million.

Hecla Mining Company stock. Hedge Fund Holders: 20

Joe Reagor, Roth Capital analyst, resumed Hecla Mining Company stock coverage. He noted that the company proceeded to provide substantial leverage to valuable metals prices.