Best Gold Stocks to Invest in 2024

1G Golden Profit

Buying pure gold isn’t the only way to invest in the precious metal as gold mining stocks offer more flexibility. Investing in gold stocks is one way of hedging against market risks, such as recessions, rising inflation and the impact of world events. The price of gold can be volatile, but this month and last month, it has risen to more than 2,000 per ounce, its highest price since reaching 2,049 per ounce in early May.

Overall, gold mining stocks are up roughly 10% so far this year. In this article we explore the ins and outs of buying the best gold stocks in 2024. Let’s begin. 

The 10 Top Gold Stocks to Invest in 2024

  1. Gold Fields Limited: The large-cap gold and mineral mining company has nine operating mines in Australia, South Africa, Peru and Ghana and two projects underway in Canada and Chile. Shares of Gold Fields (NYSE: GFI) are up more than 35% this year. The company recently maintained full-year guidance despite higher costs due to inflation.
  2. Calibre Mining: The mid-cap Canadian mining company is in the process of buying Marathon Gold for roughly $250 million. The move will give the company the nearly completed Valentine Gold Project in Newfoundland, Canada. Starting in 2025, the project is expected to produce 195 thousand ounces (koz) of gold for 12 years, beginning in 2025. Shares of Calibre (OTC: CBXMF) are up more than 42% so far this year.
  3. DRDGOLD: The small-cap surface gold recovery company is South Africa’s oldest remaining gold mining company, having been established in 1895. The company has delivered a total return over the past five years of 688%. This year, DRDGOLD (NYSE: DRD) has seen its shares rise more than 15%. The company has delivered a semiannual dividend for 16 consecutive years.
  4. Osisko Gold Royalties: The mid-cap company has a North American-based portfolio of more than 180 royalties, streams and precious metal offtakes, led by its 5% net smelter return royalty on the Canadian Malartic mine, the largest gold mine in Canada. Osisko (NYSE: OR) has seen its shares rise by more than 16% this year. The company just appointed a new president and CEO, Jason Attew.
  5. Barrick Gold: The large-cap company is one of the world’s largest gold mining companies with operations in 18 countries across four continents. Barrick (NYSE: GOLD) has seen its shares decline by nearly 2% so far this year, though they have risen a little more than 2% the past three months. The company just increased its stake in Hercules Silver, buying $4.76 million in Hercules stock and now owns about 12.33% of Hercules.
  6. Wheaton Precious Metals: The large-cap precious streaming metals company delivers the upside of mining explorations and rising gold prices but with a lower risk than a pure-play mining company. The Canadian company finances projects in return for a share of future precious metals production at a predetermined discounted price. It has interests in 21 operating mines and 13 development stage projects, including a gold stream of Vale’s Salobo mine and silver streams on Glencore’s Antamina mine in Peru and Newmont Corporation’s Peñasquito mine in Mexico. Shares of Wheaton (NYSE: WPM) are up around 20% so far this year.
  7. Lundin Gold: The mid-cap Canadian mining company owns the Fruta del Norte gold mine in Ecuador. The mid-cap company just paid off the bank debt it used to purchase the mine. Lundin (OTC: LUGDF) has seen its shares rise more than 20% so far this year.
  8. Dundee Precious Metals: The small-cap Canadian gold mining company operates gold and copper mines in Namibia and Eastern Europe and Ecuador. It also has developing projects in Ecuador and Serbia. Shares of Dundee (OTC: DPMLF) are up more than 44% so far this year after record results through the third quarter, yet it still trades at less than eight times earnings.
  9. Royal Gold: The mid-cap company buys the rights to gold streams and royalty interests. Shares of Royal Gold (NASDAQ: RGLD) are up just under 4% so far this year. The company managed a third quarter that showed growth in revenue and earnings per share (EPS), despite a union strike that led to the closure of the Peñasquito mine in June through October. It also just raised its quarterly dividend for the 23rd consecutive year.
  10. Newmont Corporation: Considered the largest mining company in the world, it is the only mining company listed in the S&P 500 index. The U.S.-based company produces gold, copper, zinc and lead across North and South America, Australia and Africa. Newmont (NYSE: NEM) has seen its shares drop by more than 24% so far this year. The company was founded in 1921 and has been publicly traded since 1925.

A Closer Look at the Top Gold Stocks to Buy

There are plenty of advantages in investing in the best gold mining stocks, rather than pure physical gold. You can buy stocks directly from your broker and there’s no need to find safe storage, as you would with physical gold. The entry price to invest in gold stocks is often lower than scraping up $2,000 or more for an ounce of gold.

Gold mining stocks tend to be more diverse than just buying gold itself as they vary, from mining companies to gold streaming and royalty companies to gold-focused exchange traded funds (ETFs). Either way, all three types of gold stocks benefit from the rise in gold prices. Also, many of the stocks on this list offer a dividend.

Here’s a closer examination on investing in the above gold stocks. Read on to find the best gold stocks in 2024.

1. Gold Fields Limited: Best Gold Mining Stock for Growth

The company has consistently delivered for shareholders. Beginning in September 2018, the company delivered a total return of 668%, a compound annual growth rate (CAGR) of more than 50% each year.

Gold Fields is coming off a difficult third quarter, but it is maintaining full-year guidance. It reported revenue of $1.924 billion, up 13.2%, year over year, but the company’s all-in cost (AIC) for the quarter rose 27%, year over year due to lower gold sold and increased costs across all operations, in addition to pre-production expenses associated with the company’s Windfall Project in Quebec, Canada, which it is partnering with Osisko Mining on.

Gold Fields price chartOn the positive side, Gold Fields’ Salares Norte mine in Chile is 97% complete and expected to start producing in December.

One thing to watch will be the impact of a new CEO, industry veteran Mike Fraser, who takes over for Martin Preece in January. Fraser was most recently the CEO of Chaarat Gold Holdings. Preece will stay on as part of the executive management team.

The company has increased its annual dividend output for the past four years and the dividend’s current yield is an above-average 3.4%.


2. Calibre Mining: Best Gold Stock for Revenue Growth

Calibre Mining operates mines in Nicaragua, the U.S., and soon will have a mine in Canada. Over the past five years, the company’s shares have risen 193% and its annual revenue has climbed 597%. Despite the excitement about the rise in gold prices, the stock doesn’t seem to be overpriced as it is trading at around five times earnings.

Calibre has had four consecutive quarters of record gold production, including 73,485 ounces in the third quarter or 208,011 ounces through nine months, up 30% over the same period last year.

Calibre Mining price chartThird-quarter revenue was reported as $143.8 million, up 66%, year over year. The company also posted net income of $23.4 million, up 126% over the same period last year and nine-month net income of $73 million, up 153%, year over year. The company is seeing strong growth in its mines in Nicaragua, where it produced 177,145 ounces of gold through nine months, up 35.6% over the same period last year.

Calibre’s $250 million purchase in November of Marathon should enable the company to produce roughly 500 koz of gold in 2025 and 2026, the company said, likely more than double what it is predicting to do this year (between 250 koz and 275 koz).

CXBMF Revenue (Quarterly) Chart

CXBMF Revenue (Quarterly) data by YCharts

3. DRDGold: Best Gold Stock for an Above-Average Dividend

DRDGold is an outlier among gold mining companies as its method of mining, retrieving gold from reprocessed tailings, is helpful toward restoring land that has been scarred by previous mining.

The company has delivered a total return of 456% over the past five years, while increasing annual revenue by 58.88% in that period. In fiscal 2023, the company produced just under 170,000 ounces of gold in fiscal 2023, and says it expects to produce between 165,000 and 175,000 ounces of gold this year. Revenue rose by 7% to 5.4 billion Rand (roughly $287 million), and net income was up 14%, to $68,000.

drd gold price chartThe company’s strong cash position allowed the yearly dividend to increase 62.5% to 0.60 Rand per share (around $0.35 per share), equaling a yield of nearly 6%. The company pays its dividend in semiannual installments and has paid a dividend for 16 consecutive years.

The company saw gold production rise by 5%, year over year, in the first quarter of fiscal 2024 to 41.3 koz while it reduced all-in costs by 4% over the same period last year to $1,832 per ounce.DRD Total Return Price Chart

DRD Total Return Price data by YCharts

4. Osisko Gold: Intermediate Precious Metal Royalty Company Has Impressive Margins

Osisko is an intermediate precious metal royalty company that has 23 producing assets. As its revenues come from royalties, the company is less susceptible to inflationary concerns than pure-play gold mining stocks. Most of the company’s assets are in North America, but it also has a large presence in South America and Australia, and a small presence in Africa and Europe.

Osisko, earlier this month, brought in Jason Attew as its new president and CEO, replacing interim CEO Paul Martin. Martin had replaced Sandeep Singh, who left the company in July.

Osisko Gold price chartThe company is coming off a record third quarter of CA62.1 million (roughly $45.6 million) in revenue, up 15.6%, year over year, along with a record cash margin of 93%, compared to 91.8% in the same period a year ago. EPS was down, though, with a loss of CAD 0.11 (roughly $0.08) per share, compared to positive EPS of CAD 0.15 (roughly $0.11) per share in the third quarter of 2022. Adjusted EPS was also down by 14.2%, though, year over year, to CAD 0.12 (roughly $0.88).

Two keys for the company will be how two projects go. The company’s Costa Fuego mine in Chile is expected to begin providing revenue by the middle of next year and the Namdini project in Ghana, operated in conjunction with Shandong Gold, is expected to go online late next year with gold production expected to reach an average of 287,000 ounces per year over its first 15 years.

The company has raised its quarterly dividend for three consecutive years, including a bump of 9% this year to CAD $0.06 (roughly $0.04), which represents a yield of around 1.25%.

OR Dividend Chart

OR Dividend data by YCharts


5. Barrick Gold: Top Gold Stock for Long-Term Stability

The company owns six Tier One Gold Assets, the most of any mining company. A Tier One Gold Asset is a mine that has enough to deliver at least for 10 more years at an annual production of at least 500,000 ounces with total cash costs per ounce that are lower than the industry average. That correlates to higher margins for Barrick. The company also mines copper and is benefitting from higher prices for gold and copper.

In the third quarter, Barrick reported revenue of $2.86 billion, up 13%, year over year and 1% sequentially. The company also reported net income of $585 million, up 42.6%, year over year and EPS of $0.21, compared to EPS of $0.14 in the same period a year ago. Net profit grew 53%, year over year to $368 million.

Barrick Gold price chartWith only $514 million in net debt, the company felt strong enough to spend $23.4 million to increase its ownership stake to 15.09% in silver mining company Hercules to 33.56 million shares.

Barrick’s gold production rose 5%, year over year, to 1.04 million ounces, thanks to improved production from its stake in the Cortez and Turquoise Ridge mines in Nevada, and Kibali the mine in Congo. The company’s average realized gold price jumped 12% over the same period last year, to $1.928 per ounce and all-in-sustaining costs dropped 1%, year over year, to $1,255 per ounce in the quarter.

The company’s quarterly dividend this year has been $0.10, which equals a yield of around 2.46% and with its payout ratio only 47.6%, there’s a strong possibility the dividend could rise.

GOLD Total Long Term Debt (Annual) Chart

GOLD Total Long Term Debt (Annual) data by YCharts

6. Wheaton Precious Metals: Standout Benefits from Long-Term Streaming Interests

The company derives its revenue from streaming sales of gold, silver, palladium and cobalt. It has streaming agreements on 18 operating mines and 14 development projects. Its asset portfolio of streaming interests has an estimated life remaining of 30 years or more. The company, which faces no capital costs, for the past three years, has had consistently strong margins between 74% and 76% for its gold and copper mining interests.

In the third quarter, the company saw revenue rise 2%, year over year, to $223 million, due in great part to increased production at the Salobo mine in Brazil, operated by Vale and the Constancia mine in Peru, operated by Hudbay Minerals.

Wheaton Precious Metals price chartNet earnings per share (EPS), though, dropped 40.9%, year over year to $0.257, due in part to suspended operations from a strike at the Peñasquito mine, the second-largest silver mine in Mexico, which is operated by the Newmont Corporation. The strike ended on Oct. 13 and has begun to ramp up operations.

The company has no debt and as of the third quarter, $834 million in cash. Prior to the end of the quarter, it is looking at expansion of its portfolio, entering into an agreement with Waterton Copper to acquire a silver stream on the Mineral Park mine for $115 million. It also obtained a 0.5% net smelter royalty from Liberty Gold on the Black Pine Oxide Gold Project for $3.6 million in cash, plus an equity investment in Liberty of $5 million.

The company’s quarterly dividend is $0.15, which equals a yield of around 1.26%, with a payout ratio of only 48.3%.

WPM Total Long Term Liabilities (Annual) Chart

WPM Total Long Term Liabilities (Annual) data by YCharts

7. Lundin Gold: Pay Down of Debt Gives it Flexibility

Lundin Gold just paid off its senior debt facility and its senior debt facility and its Fruta del Norte gold mine in Ecuador is one of the highest-grade gold mines in the world. The mine is estimated to have a life of 11 remaining years.

In the third quarter, Lundin reported revenue of $211.2 million, up 1%, year over year. EPS per share in the quarter dipped to $0.23, down from $0.27 in the same period a year ago, but through nine months, EPS is $0.71, compared to $0.60 in the first nine months of 2022.

Lundin Gold price chartThe company experienced higher costs than usual, but it continues to be among the more profitable gold mining companies, with cash operating costs and AISC of $704 and $907 per ounce, respectively.

Lundin’s quarterly dividend of $0.10 delivers a yield of around 2.69%, with a payout ratio of only 43.5%.

LUGDF Net Financial Debt (Annual) Chart

LUGDF Net Financial Debt (Annual) data by YCharts

8. Dundee Precious Metals: Underpriced Gem of a Gold Stock

Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia. Dundee is coming off a big third quarter. It reported revenue of $135 million, up 5%, year over year and EPS of $0.15, compared to an EPS loss of $0.30 in the same period last year. Despite those gains, the stock is trading at less than eight times earnings.

Dundee Precious Metals price chartThe big reason for the rise was increased production at the company’s Ada Tepe mine in Bulgaria. The company reported that the mine produced 33,822 ounces of gold in the quarter, up 62%, year over year, due to higher mining grade zones. Through nine months, the mine has produced 98,988 gold ounces, up 50% over the first nine months of 2022. The higher volume of gold also meant greater margins as its all-in sustaining cost per ounce of gold was $508 in the quarter, 32% lower, year over year.

The company’s quarterly dividend of $0.04 equates to a yield of around 2.27% but with a low payout ratio that leaves room for growth.

DPMLF Dividend Yield Chart

DPMLF Dividend Yield data by YCharts

9. Royal Gold: Consistent Dividend Growth, Diversified Royalty Portfolio

Gold mine royalty streaming firms such as Royal Gold finance gold mining operations, so it has benefited from higher interest rates. The company owns interests for 181 properties on five continents, including 39 operating mines and 22 projects in development across North America, South America, Europe, Africa and Australia. Of its revenues, 78% come from gold, 11% from silver and 10% from copper.

Royal Gold price chartRoyal Gold, in the third quarter, reported $138.6 million in revenue, up 5%, year over year. The company also said it had net income of $49.3, up 8% over the same period last year. Operating cash flow was reported as $98.1 million, up 3%, year over year. The company said it also paid down its debt by $75 million to $325 million.

Royal Gold has increased its quarterly dividend every year since 2001, including a recent 7% bump to $0.40 a share, equaling a yield of around 1.37% and a payout ratio of around 50%, leaving room for the company to raise its dividend for the 24th consecutive years.

RGLD Dividend Chart

RGLD Dividend data by YCharts

10. Newmont Corporation: Big Company is Still Growing

Newmont completed its purchase of Australian mining company Newcrest Mining Limited on Nov. 6 for $15 million and now has 17 operations across nine countries, including more than half of the world’s Tier 1 gold mines. Roughly 80% of its operations are in the stable locations of North America and Australia.

Newmont Corp. price chartThe company reported third-quarter revenue of $2.5 billion, down 5%, year over year and net income of $157 million, down 27.8%, over the same period last year The average price the company earned for each ounce of gold fell to $1,920, down from $1,965 in the third quarter of 2022, but its AISC dropped to $1,426 from $1,472 in the same period a year ago. The company blamed the lower revenue and net income numbers to a labor strike that resulted in lower sales volume at its Peñasquito mine, as well as higher reclamation and remediation charges. Over the past five years, though, Newmont has grown annual revenue by 64%.

The company has a quarterly dividend of $0.40, equaling a yield of around 4.26% and a payout ratio of about 50%.

NEM Revenue (Annual) Chart

NEM Revenue (Annual) data by YCharts

Why Invest in Gold Stocks?

There are several reasons why gold stocks can be an excellent investment that can increase profits and reduce risk.

Gold Stocks Are a Way to Hedge Against Inflation

When inflation rises, your dollar buys less. However, gold, as a rare mineral, generally holds its value in inflationary periods. It’s a tangible asset that isn’t influenced by the same economic forces as the dollar. At the cost around $2,000 an ounce, it isn’t easy for many investors to acquire gold. However, the entry point for gold stocks is much lower.

Gold is a Good Way to Diversify Your Assets

Gold is generally not tied to other asset classes, so when, say, medical stocks or consumer staples stocks are down, gold mining stocks can be useful to balance your portfolio to offset your losses.

Gold is a Safe Haven Investment

In times of economic uncertainty, people turn to gold to retain the value of their holdings. That means that the price of gold tends to go up when fears of a recession rise. The price of gold, and the worth of gold stocks, tends to move inversely to that of the rest of the stock market. Investors buy gold, and gold stocks, as a way to preserve their purchasing power over the long term.

How to Pick the Best Gold Stocks to Invest In

Like any other investment, you need to do your research before plunging into purchasing gold and silver stocks. Just because the price of a precious metal may be going up, that doesn’t mean that all precious metal stocks will rise. There are several ways to evaluate and find the best gold stocks to buy.

Look at a Company’s Financial Strength

Gold prices are volatile. The companies that have survived for a longer period tend to outperform others. Gold-mining companies that have lower debt loads can better survive a downturn while paying a dividend. See if a company’s revenues are rising and how much its costs are, relative to the price of gold. The companies with bigger margins are more capable of expanding and taking advantage of opportunities.

Look at a Company’s Production and Potential

Consider a gold company’s capacity and how easily it will be for it to expand operations. Gold mining companies with interests in mines with longer expected lives can more easily take advantage of rising gold prices.

Don’t just look at current production. A key is whether a company is expected to bring one or more mines online in the near future. The best gold mining companies are constantly looking for the next project to develop to take the place of declining mines.

Factor in How Diverse a Company’s Revenue Stream Is

The best gold mining companies have operations in several countries, lessening the risk that political instability may mean the shutdown of its operations. Companies that operate mines in more stable countries generally have better long-term potential and less potential downside.

Gold mining companies that also mine other precious metals are more easily able to withstand short-term price fluctuations.

As an investor, it makes sense to invest in several gold mining stocks to balance out your risk. Another way to do this is by buying into a gold mining ETF.

Where to Get Gold Stock Tips

One way to find good gold stocks is by using AltIndex, a subscription service that uses artificial intelligence (AI) and alternative data. The service’s stock screener can help find gold mining stocks that are trading below their intrinsic value. In some cases, the stocks can be undervalued for a number of short-term reasons, such as market sentiment or temporary setbacks.

AltIndex’s research reports can also be used to find gold mining stocks with growth potential, companies that are poised to benefit from rising gold prices or expanded production.

AltIndex can also be used to minimize risk with updated news and alerts on gold mining stocks. Whenever a company sees a big change in popularity on social media platforms or a growth in webpage traffic or a shift in employee satisfaction levels, investors can be prepared to adjust their portfolios accordingly.

The company’s methodology uses a wide range of different data points, such as website traffic, job postings, customer satisfaction ratings, app downloads, social media followers and other indicators.

AltIndex’s starter plan runs $29 per month and comes with 10 AI stock picks every month. To utilize AltIndex’s more advanced features, the pro plan costs $99 a month and provides 25 AI stock picks every month.

AltIndex pricing chart


Investing in gold mining stocks isn’t for the faint of heart. The volatility of the price of gold means that investors have to be paying attention on a regular basis. However, the potential for big gains and strong dividends can reward those who are willing to do the research to find the best gold mining stocks.

The most important keys to look for in gold mining stocks is whether the company’s production is increasing, how much it costs the company to produce each ounce of gold and what gold mining projects are in the works. Investors who are looking for slightly less risk may want to look at gold mining companies that specialize in gold streaming and royalties as they have less exposure to rising development costs. Investors with a higher level of risk tolerance may want to look at pure-play gold mining companies, particularly those with promising long-term projects.



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Jim Halley

I am an experienced journalist who has also worked as an editor and writer at the Savannah Morning News, Salt Lake Tribune, USA Today, Stars and Stripes, and The Motley Fool. I spent the first half of my career in sports journalism, but in recent years have switched to writing about my other passion, stocks, particularly healthcare, real estate and consumer staples stocks. I've won numerous journalism awards from the Associated Press and state press associations and have been a judge for the Georgia Sportswriters Association. I've written one non-fiction book, Just One More Time, about Georgia Southern football, and…