10 Best Gold Stocks to Invest in for Portfolio Diversification

3. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 42

Barrick Gold Corporation (NYSE:GOLD) is one of the best gold stocks to invest in as it engages in the exploration and development of properties in Canada and internationally. The company operates tier-one mining assets that can produce more than 500,000 ounces of gold annually, backed by low-cost operations and 10-year tenure.

Barrick Gold Corporation (NYSE:GOLD) can continue to produce gold at a comparatively steady rate of increase for the foreseeable future by concentrating on running big mines with substantial reserves left. By 2030, the company anticipates producing an average of about 7 million ounces of gold equivalent, a 30% increase over 2023 levels.

The company delivered solid third-quarter results, with gold production in line with the previous quarter. Net earnings per share rose 33% as operating cash flow totaled $1.18 billion and free cash flow $444 million. With the help of the Lumwana Super Pit expansion project and the Reko Diq copper-gold project, the company intends to significantly increase its mineral reserves net of depletion by 2024.

Barrick Gold Corporation (NYSE:GOLD) is currently expanding production operations at its Donlin Gold, Fourmile, Lumwana Super Pit, Reko Diq, Goldrush, and the Pueblo Viejo mines. The project should strengthen the company’s gold reserves, positioning it to benefit from soaring prices.

By 2028, the Goldrush mine could produce 400,000 gold ounces annually. The 100% Barrick-owned Fourmile mine, which borders Goldrush, is producing grades twice as high as Goldrush and is expected to develop into another Tier One mine. In its second stage of development, the Reko Diq copper-gold project in Pakistan is expected to yield 500,000 ounces of gold and 400,000 tons of copper per year.