10 Best Gold Stocks to Invest in for Portfolio Diversification

4. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders: 41

Kinross Gold Corporation (NYSE:KGC) acquires, explores, and develops gold properties in the United States, Brazil, Chile, Canada, and Mauritania. It was one of the best-performing gold stocks in 2024 rallying by 132%. The upward momentum shows no signs of slowing down, with the gold stock up by 22%, keeping up with gold prices powering through $2,900 an ounce.

In 2022, in reaction to the invasion of Ukraine, Kinross Gold Corporation (NYSE:KGC) sold its low-cost Russian operations and concentrated on mines in the Americas and West Africa. Additionally, it purchased the Great Bear project in Canada, which, if developed, could yield more than 500,000 ounces of gold per year for at least ten years. The restructuring drive and acquisition have strengthened the company’s gold reserves and positioned it in the gold mining industry.

Solid financial results amid high goods prices have catalyzed Kinross Gold Corporation’s (NYSE:KGC) higher edging. For starters, the company posted a 29% increase in revenue in Q3, with its gross profit more than doubling after a 103% gain to $645 million. Additionally, the company’s earnings grew 142% to $547.70 million, setting the stage to return significant shareholder value. Kinross Gold stock currently yields 0.99% on dividends, providing another avenue to generate passive income.