10 Best Gold Stocks to Buy According to Reddit and Robinhood

4. Agnico Eagle Mines Limited (NYSE:AEM)       

Overall Score: 3.5

Reddit Score: 2

Robinhood Score: 5

Number of Hedge Fund Holders: 46

The next stock on our list, Agnico Eagle Mines Limited (NYSE:AEM), is one of the stocks owned by the billionaire, John Paulson; a $47 million stake is owned in the stock by Paulson & Co. Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company, with its operations based in several regions including Canada, Australia, Finland, and Mexico.

With a dividend yield of 2.3%, an annual dividend of $1.6, and a quarterly dividend payout frequency, the stock is one of the best gold dividend stocks to buy in 2024, giving investors that chill of dividend, in addition to a cool upside of 15.6%. The revenue of the stock for Q1 2024 also soared to over $1.8 billion, climbing 21% over the first quarter of 2023, on the back of solid production from Canadian Malartic, Macassa, and Nunavut operations – as a result of that, along with high gold prices, the free cash flows of the company increased by 50% to $396 million for the quarter, which is itself a record in the company’s history. Furthermore, margins soared at $1 billion, attributed to two of their largest mines, Detour Lake and Canadian Malartic.

However, investors must keep an eye out on the company’s all-in sustaining costs in the coming three quarters, as the company expects them to increase from $1,191 per ounce in Q1 2024 to somewhere between $1,200 to $1,250; thus, it’s worthy to see what impact this increase would bring to the growth of company’s profitability and cashflows, if any.

Furthermore, the company has increased its stake in Maple Gold Mines from 12% to 19.9% in June 2024, showcasing its commitment to drive its growth. Furthermore, the company is making positive developments in its pipeline projects like Odyssey mine at the Canadian Malartic complex (500,000 ounces of production expected by 2030). As such, the stock has rose 17.9% in the last one month, and the stock has also experienced growing popularity amongst hedge fund investors, whose number has increased from 43 to 46 on the QoQ basis, increasing the invested value to $877.7 million. First Eagle Investment Management and Millennium Management are the biggest investors of the stock with investments of $411 million and $174 million, respectively.