In this article, we will discuss: 10 Best Gold Stocks Under $30.
Gold mining is a global industry that operates on every continent except Antarctica, and gold is produced from mines of vastly varied forms and scales.
Gold has traditionally been used as a hedge against inflation and unstable economies. As per Joseph Cavatoni, senior market strategist of the World Gold Council, “Gold does well in moments of risk. If you look at market drawdowns or systemic events in the market, that’s when gold really shines.” Cavatoni suggested new investors choose between investments like gold-backed ETFs and real gold, which requires concerns like purity and storage. While real gold requires close attention to pricing and liquidity, exchange-traded funds (ETFs) provide accessibility and are frequently commission-free.
Gold prices have risen by more than 30% in October 2024, reaching a record-breaking high, boosted by the Federal Reserve’s recent half-point rate drop, geopolitical tensions, and economic uncertainties surrounding the US presidential election. China, India, and Turkey’s central banks have supported the price rise by lowering their reliance on the US currency, while the renowned retail giant Costco’s launch of 1-ounce gold bars has raised gold’s accessibility for individual investors.
According to David Meger, director of metals trading at High Ridge Futures, the heightened tensions between Russia and Ukraine are likely the most significant geopolitical factor influencing the gold market during the past several days.
Investors have witnessed financial gains as the global gold mining industry of the broader market has grown by 18.29% since the beginning of the year and by 31.29% in the past year. Meanwhile, the World Gold Council reports that record prices and strong investment flows helped drive a 5% year-over-year (y/y) growth in gold demand to 1,313 tonnes (t) in Q3 2024. The average LBMA gold price increased 28% yearly to a record $2,474 per ounce.
For the seventh straight quarter, OTC investment nearly quadrupled to 137 tonnes. Demand for technology-related gold increased 7% year over year to 83 tonnes, propelled by AI breakthroughs. While recycled gold volumes rose 11% year over year, mine production jumped 6% year over year to a record 990 tonnes, and no widespread distress selling was seen.
Demand was significantly increased by the recovery in ETF inflows, which reached 95 tonnes. Key drivers included portfolio diversification, geopolitical uncertainties, and declining interest rates. Despite a 9% year-over-year reduction brought on by market-specific variables, bar and coin investment stayed strong at 269 tonnes.
The projection for 2024, as per the World Gold Council, calls for healthy professional flows and consistent bar and coin investment to offset slowing central bank buying and declining consumer demand.
On the other hand, as per Bloomberg, on November 21, 2024, Samantha Dart, co-head of Global Commodities Research at Goldman Sachs, stated central bank purchases are raising the price of gold. She forecasts that the price of gold will reach $3,000 per ounce by the end of 2025.
With that said, here are the 10 Best Gold Stocks Under $30.
A closeup view of a large gold mine, illustrating the company’s gold properties.
Methodology:
For this article, we first used a Finviz stock screener to list down all the gold stocks trading under $30 (as of the writing of this article) with over 40% institutional ownership. From the resultant dataset, we chose the 10 best gold stocks with the highest upside potential. The stocks are ranked in ascending order of their upside potential as of November 18.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here)
10. Osisko Gold Royalties Ltd (NYSE:OR)
Upside potential as of November 18: 15.67%
Share Price as of November 18: $19.02
Osisko Gold Royalties Ltd (NYSE:OR) acquires and manages high-quality royalties, streams, and other interests. The company’s portfolio includes royalties, streams, offtakes, options on royalties and stream financings, and the sole right to take part in royalties and stream financings on a variety of projects in the future. The company’s portfolio includes 20 producing assets, led by the Canadian Malartic Complex, one of Canada’s largest gold mines.
Osisko Gold Royalties Ltd (NYSE:OR) operates in two segments, i.e., acquiring and managing precious metals and other royalties, streams, and other interests, and the second one is the exploration, evaluation, and development of mining projects. The majority of its revenue comes from North America, although it also receives some portions of sales from South America, Australia, Africa, and Europe.
In Q3 2024, Osisko Gold Royalties Ltd (NYSE:OR) reported operating cash flows of $47.2 million, an 8.60% increase over Q3 2023. Adjusted earnings of $28.8 million and net earnings of $18.3 million, which marked a substantial increase over the net loss in Q3 2023, were important figures. Despite varying revenues, the company achieved strong profitability by maintaining a solid cash margin.
The balance sheet was strengthened by Osisko Gold Royalties Ltd (NYSE:OR)’s repayment of $27.3 million under its revolving credit facility. The company strategically positioned itself for long-term asset expansion by securing a royalty deal on the Dalgaranga Gold Project and a gold stream agreement with SolGold.
The management expressed optimism about future output improvements, especially from the Namdini gold project and the Mantos Blancos mine, which should increase delivery of gold equivalent ounces starting in 2025. This is in line with Osisko Gold Royalties Ltd (NYSE:OR)’s plan to increase productivity and maintain expansion.
9. Fortuna Mining Corp. (NYSE:FSM)
Upside potential as of November 18: 18.52%
Share Price as of November 18: $4.835
Fortuna Mining Corp. (NYSE:FSM) is a Canadian precious metals mining company with operations in Latin America and West Africa that produces gold and silver. It operates mines in Mexico, Peru, Cote d’Ivoire, Argentina, and Burkina Faso. FSM has surged by over 34% since the start of 2024, coming through as one of the best gold stocks on our list.
For the third quarter of 2024, Fortuna Mining Corp. (NYSE:FSM) posted exceptional financial results. In Q3 2024, revenue increased by 13% to $274.9 million due to higher realized prices for silver and gold. In contrast, all-in-sustaining costs (AISC) per ounce of gold equivalent sold grew to $1,696 and consolidated cash expenses per gold equivalent ounce increased to $1,059 from $814 and $1,313 in Q3 2023. These cost increases have been attributed to higher mining costs at Yaramoko and San Jose, currency impacts in Argentina, and additional sustaining capital at Lindero.
Fortuna Mining Corp. (NYSE:FSM)’s attributable net income increased by 84% year over year to $50.5 million. Free cash flow from continuing operations was $56.6 million, and operating cash flow before working capital adjustments increased to $119.3 million from $93.0 million in Q2 2024.
The output of 110,820 ounces of gold equivalent was one of the operational highlights. The business was able to maintain a $180.6 million cash position and a $8.0 million net positive cash balance. Notably, Séguéla’s production was 35% more than its planned capacity.
Fortuna’s strong financial forecast is supported by its strategic focus on cost management and optimization projects, such as process improvements at Séguéla and cost-cutting measures at Lindero, which line with annual production guidance and position the company for future growth.
8. Coeur Mining, Inc. (NYSE:CDE)
Upside potential as of November 18: 19.33%
Share Price as of November 18: $6.51
One of the Best Gold Stocks Under $30, Coeur Mining, Inc. (NYSE:CDE) is a metals producer that mines precious materials in the Americas. It is responsible for the majority of the revenue made from the sale of gold and silver and is involved in its discovery and mining. The company’s operational mines are Kensington, Wharf, Rochester, and Palmarejo. Its projects can be found in North America, Canada, Mexico, and the United States.
According to Coeur Mining, Inc. (NYSE:CDE), it exceeded consensus financial projections on all parameters and produced a very solid Q3 2024. The revenue grew by 61.10% YoY to $313.48 million in this quarter. The beat was fueled by extremely cheap unit costs and very strong quarters at Palmarejo and Wharf, which resulted in gold production that was far higher than anticipated. Sales of gold and silver accounted for 71% and 29% of quarterly revenue, respectively, up from 69% and 31% during the previous quarter. About 65% of the company’s revenue in the third quarter came from its U.S. operations, up from 63% in the second quarter of 2024.
In the third quarter of 2024, gold production increased by 21% YoY to 94,993 ounces, mostly due to increased output from all operations. Production is anticipated to reach 5.9 to 6.7 million ounces of silver and 95,000 to 103,000 ounces of gold in 2024, as per Coeur Mining, Inc. (NYSE:CDE)
On November 8, 2024, Canaccord maintained its Buy rating on Coeur Mining, Inc. (NYSE:CDE) shares while increasing the price objective from $9 to $9.50.
7. Alamos Gold Inc. (NYSE:AGI)
Upside potential as of November 18: 22.32%
Share Price as of November 18: $18.24
Alamos Gold Inc. (NYSE:AGI) acquires, explores, and produces gold and other precious metals in two major geographic areas: Canada and Mexico. The company’s three operational mines are located in Sonora, Mexico; the Young-Davidson and Island Gold mines are located in Canada and the Mulatos. The Mulatos mines provide the company with the greatest amount of revenue.
In Q3 2024, record sales and production were achieved while funding growth with the assistance of solid, ongoing free cash flow. A record quarterly revenue of $360.9 million was generated by Alamos Gold Inc. (NYSE:AGI)’s sale of 145,204 ounces of gold at an average realized price of $2,458 per ounce. This was a 41% YoY growth and the third straight consecutive record of revenue. The net income grew by 114.47% YoY.
In Q3 2024, Alamos Gold Inc. (NYSE:AGI) produced a record 152,000 ounces of gold, a 9% sequential increase, due to the Magino acquisition and solid results at Island Gold and Mulatos. The Phase 3+ Expansion at Island Gold was one of the growth initiatives funded by the $87.5 million in free cash flow. Operating cash flow increased by 47.11% YoY.
Production jumped by 20% as a result of the addition of the Magino mine, and further growth and cost reductions are anticipated from expansion projects like the Island Gold extension and Mulatos District developments.
Looking forward, the extended Mulatos mine life until 2035 for gold production and the Puerto Del Aire project, which has an after-tax IRR of 46%, support long-term growth.
6. Eldorado Gold Corporation (NYSE:EGO)
Upside potential as of November 18: 27.85%
Share Price as of November 18: $15.96
Eldorado Gold Corporation (NYSE:EGO) is a producer of base metals and gold that operates exploration, development, and mining projects in Greece, Canada, Romania, and Turkey. It has a portfolio of high-quality assets and long-lasting connections with nearby communities. Among its initiatives are the Certej, Perama Hill, Skouries, Efemcukuru, and Kisladag projects.
In the past year, it has been among the top producers of gold, and the stock price has risen by more than 46% due to increased production, which makes it one of the best gold stocks on our list.
Eldorado Gold Corporation (NYSE:EGO) reported a 36% YoY growth in Q3 2024 revenue, mainly due to higher gold prices and sales volumes. Despite a revised full-year forecast due to higher production costs, the business produced 125,195 ounces of gold, a 3% increase from the previous year with a 4% growth in sales to 123,828 ounces. This was mainly driven by increased output at Kisladag and Olympias. The company now forecasts that labor and royalties will drive up total cash costs to between $910 and $940 per ounce.
During the quarter, a significant $82.7 million growth capital investment was made in its Skouries project. The Skouries project is moving along well, and the first production is expected to start in 2025’s third quarter.
Eldorado Gold Corporation (NYSE:EGO) continues to be committed to meeting its 2024 production and cost goals to create long-term profitability through its operations. The company’s goal is to continue developing its high-potential projects, such as Skouries, to assure future growth and value creation while taking advantage of the current high gold prices to maintain significant cash flow generation.
5. AngloGold Ashanti plc (NYSE:AU)
Upside potential as of November 18: 35.52%
Share Price as of November 18: $24.82
AngloGold Ashanti plc (NYSE:AU) is one of the gold miners. As by-products, the firm also makes sulfuric acid and silver. It has three operating divisions: Africa, Australia, and the Americas. The company’s operations at the Kibali, Iduapriem, Obuasi, Siguiri, and Geita mines in Africa provide for the majority of its revenue. AU is up by over 38% since the start of 2024, which places it on our list of the best gold stocks.
AngloGold Ashanti plc (NYSE:AU) had a strong third quarter in 2024, with its managed operations producing the largest quantity of gold in 2024 and a noteworthy 339% rise in adjusted EBITDA over the prior year. Revenue increased 31% year over year, mostly as a result of increased production from managed operations, efficient cost control, and higher gold prices, which rose 28% year over year to $2,449/oz. About 1.56% more gold was produced by managed operations YoY.
In Q3 2024, AngloGold Ashanti plc (NYSE:AU)’s free cash flow increased 17-fold as the average gold price rose. The Sukari mine, which was recently approved for AngloGold Ashanti plc (NYSE:AU) acquisition, will expand its portfolio and offer additional financial and operational benefits.
JPMorgan raised its price target for AngloGold Ashanti plc (NYSE:AU) from $32 to $37 on October 10, 2024. The company stated that industrial metal prices, which rose by 10% over the past two weeks, “have been quick to react” to China’s economic policy initiatives. The analyst suggested lowering exposure at these levels, claiming that metals do not appear to assign significant risk incentives to trade-related outcomes, particularly higher tariffs.
4. Barrick Gold Corporation (NYSE:GOLD)
Upside potential as of November 18: 37.86%
Share Price as of November 18: $17.02
Based in Toronto, Barrick Gold Corporation (NYSE:GOLD) is one of the world’s leading gold producers, making it one of the best gold stocks under $30. The company produced over 420 million pounds of copper and nearly 4.1 million attributable ounces of gold in 2023. By the end of 2023, Barrick had substantial copper reserves and around 20 years’ worth of gold reserves. It now has mines in 19 countries across the Americas, Africa, the Middle East, and Asia after purchasing Randgold in 2019 and merging its Nevada operations into a joint venture with rival Newmont later that year.
Barrick Gold Corporation (NYSE:GOLD) has a proven track record of exploration success and a clear runway, as evidenced by the 10-year business plans or even 15- and 20-year plans for several of its mines. Barrick has maintained the highest gold reserve grade among its peers by achieving unmatched reserve base growth. Furthermore, since year-end 2019, the company has replaced approximately 140% of mined gold reserves organically, adding nearly 29 million ounces of attributable, established, and probable reserves.
As of right now, the company is expected to have a successful year-end. The revenue increased 18% year over year in Q3. While copper production increased by 12% from quarter to quarter, gold production remained consistent with the prior quarter. Compared to the previous year, net earnings per share increased by 33%. Barrick Gold Corporation (NYSE:GOLD) anticipates a successful Q4 due to higher grades at Kibali, higher production at Nevada Gold Mines, and the acceleration of the Pueblo Viejo plant project.
Jefferies maintained a Buy rating on Barrick Gold Corporation (NYSE:GOLD) shares and increased their price target from $24 to $28 on October 5, 2024. The firm, which believes gold can continue to rise in the near future, observed that rather than falling down, gold has been trading with greater torque to falling real rates. The company has raised its goals for the metals and mining stocks it covers by an average of 13% and revised its view for commodity prices.
3. IAMGOLD Corporation (NYSE:IAG)
Upside potential as of November 18: 40.02%
Share Price as of November 18: $5.29
IAMGOLD Corporation (NYSE:IAG) is a gold mining firm that operates in the mid-tier. The firm that runs gold mines is separated into geographical divisions, such as Canada’s Doyon division, which includes the Westwood mine, and Burkina Faso’s Essakane mine. The company’s non-gold mine segments are the Cote Gold project, Exploration, Evaluation, and Development, and Corporate, which includes royalty interests. The Burkina Faso segment is where the company makes the majority of its revenue. It ranks third on our list of the best gold stocks.
IAMGOLD Corporation (NYSE:IAG) announced an outstanding third quarter in 2024, with a 96% YoY rise in revenue growth mainly due to year-to-date gold production of 490,000 ounces, bolstered by impressive performances at Westwood and Essakane. Thus, putting the firm on track to fulfill its yearly targets. Significant operational improvements and commercial production were attained by the Côté Gold Mine, which improved the outlook for cash flow.
Repurchasing a 9.7% stake in Côté Gold from Sumitomo is one of IAMGOLD Corporation’s (NYSE:IAG) strategic measures aimed at increasing its financial flexibility and production capability.
On November 21, 2024, Scotiabank maintained its Sector Perform rating on IAMGOLD Corporation (NYSE:IAG) and increased its price target from $6.25 to $6.75. The analyst informs investors that the firm has modified its gold estimates for 2025, 2026, and 2027 to reflect SC Economics/Strategy forecasts for interest rates, inflation, and USD expectations. Scotiabank modified its net asset values and target prices for equities covered in its Gold & Precious Minerals sector, but it did not alter its long-term gold price estimate.
2. B2Gold Corp. (NYSE:BTG)
Upside potential as of November 18: 48.74%
Share Price as of November 18: $2.770
One of the best gold stocks under $30, B2Gold Corp. (NYSE:BTG) is a senior, low-cost global gold mining company. It now operates three open-pit gold mines in Mali, Namibia, and the Philippines, as well as several exploration projects on four continents. The gold projects in Kiaka and Gramalote are further noteworthy assets.
Since a major part of the company’s revenue is generated by the production of gold, it concentrates on acquiring and growing assets in mineral properties, with a special focus on gold deposits. The fact that the gold is traded into a global market eliminates any reliance on a specific buyer.
B2Gold Corp. (NYSE:BTG)’s development projects and mining operations, including the Goose Project, Masbate, Otjikoto, Fekola, and other mineral properties, as well as corporate and other, are included in its reportable operating segments.
B2Gold Corp. (NYSE:BTG) revealed its Q3 2024 report, showing that, despite challenges at the Fekola Mine, 180,553 ounces of gold were produced overall. In this quarter, the cash grew by 39.26% YoY to $431.11 million, highlighting a strong financial position.
The Goose Project’s first gold pour is scheduled for the second quarter of 2025, with a ramp-up to commercial production to follow in the third quarter of the same year. All planned construction for 2024 has been completed thus far, and project development and construction are proceeding according to plan.
The outlook for 2025 is bullish, with Goose and Fekola projects likely to boost production, potentially resulting in a profitable year if gold prices remain high.
1. Centerra Gold Inc. (NYSE:CGAU)
Upside potential as of November 18: 85.31%
Share Price as of November 18: $5.93
Centerra Gold Inc. (NYSE:CGAU) tops our list of the best gold stocks under $30. It operates, explores, develops, and purchases gold properties in Asia, North America, and other markets globally.
The company uses a combination of product and geographic location to manage its reportable operational segments. The Kumtor Gold Project’s activities are included in the Kyrgyz Republic category. The OksUt Project’s development is represented by the Turkish segment. The North American Gold-Copper sector includes the Mount Milligan Mine’s operations. The North America Molybdenum segment includes the Langeloth processing facility, as well as the Endako and Thompson Creek Mines’ care and maintenance activities.
Centerra Gold Inc. (NYSE:CGAU) announced an impressive third quarter of 2024, highlighted by steady operational performance and robust cash flow, even after making large investments to restart production at the Thompson Creek mine. The company continued to distribute capital to shareholders through dividends and share buybacks, raising its cash reserves to $604 million. In Q3 2024, cash and cash equivalents increased 22.88% year over year.
Centerra Gold Inc. (NYSE:CGAU) is moving forward with its strategic ambitions by increasing production at its Molybdenum Business Unit and prolonging the operational lifespan of the mine at Mount Milligan.
While we acknowledge the potential of Centerra Gold Inc. (NYSE:CGAU), our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CGAU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
Disclosure: None. 10 Best Gold Stocks Under $30 is originally published on Insider Monkey. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
