In this article, we will look at the 10 Cheap Gold Stocks to Invest In Right Now.
The Insatiable Demand for Gold Across the Globe
The World Gold Council said in its annual report that the global demand for gold hit a record high in 2024, fueled by investment demand growth and robust central bank purchases. Total gold transactions reached 4,974 tons in 2024, up from 4,899 tons in 2023, including over-the-counter (OTC) investments. Central banks are exhibiting an “insatiable” appetite for gold. The Council said they have attained a significant milestone, maintaining a continuously solid pace of gold purchases. The buying exceeded 1,000 tons for the third consecutive year in 2024.
The National Bank of Poland took the lead as the largest net central bank gold purchaser, adding 90 tons to its reserves. The Central Bank of Turkey added 75 tons, making it the second-largest net purchaser of gold among the world’s central banks. The Reserve Bank of India took the third spot with consistent gold purchases every month, except December. Gold demand in India rose after the government slashed gold import duties, bringing them down to 6% from 15%. In addition, gold investment demand increased across all ASEAN markets in 2024, with Malaysia, Indonesia, Singapore, and Thailand reflecting double-digit year-over-year increases.
CNBC reported that Shaokai Fan, global head of central banks at the World Gold Council, said the following about the situation:
“In 2024, global gold demand surged to a new quarterly high and a record annual total bolstered by heightened geopolitical and economic uncertainties.”
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Are Overall Investments in Gold Increasing?
The annual overall investments in gold are experiencing an increase, rising to 25% and hitting a four-year high of 1,180 tons. This growth was primarily attributed to gold exchange-traded funds. CNBC reported that the demand for gold coins and bars remained firm, boosted by growing demand from India and China. The World Gold Council report said that Chinese investors “faced a dearth of alternative assets in which to invest.” Therefore, the significant factors that supported investors’ inclination toward gold included persistent equity market volatility, domestic economic uncertainty, and record-low government bond yields.
In addition to regional increases in gold investments, OTC investments also remained stable in 2024. OTC transactions occur between two parties directly instead of trading managed by an exchange. The Council said that the demand reflects attempts by individuals with high net worth to hedge economic and geopolitical risks.
The Gold Jewelry Sector and the 2025 Gold Outlook
In contrast to the demand for gold, the jewelry sector showed an opposite scenario in terms of demand. Consumption in the jewelry sector fell 11% year-over-year, primarily pressured by higher prices. The report showed and CNBC reported that this sector was the only outlier, as other sectors gained. According to the Council’s analysts, with consumer spending power pressured by soft economic growth and rising prices, demand for gold jewelry is anticipated to stay weak in 2025. CNBC reported that Louise Street, World Gold Council senior markets analyst, gave the following 2025 outlook for the sector:
“In 2025, we expect central banks to remain in the driving seat and gold ETF investors to join the fray, especially if we see lower, albeit volatile interest rates.”
The report also said that overall investment demand is expected to remain healthy in 2025, with anticipated lower interest rates to slash the opportunity costs of holding gold. With these trends in view, let’s look at the 10 cheap gold stocks to invest in right now.
Drills extracting gold from a gold mine, revealing the company’s gold mining operation.
Our Methodology
We sifted through stock screeners, online rankings, and ETFs to compile a list of gold stocks with forward P/E less than 15. We then selected the top 10 with the highest number of hedge fund holders as of Q4 2024. We sourced the hedge fund sentiment data from Insider Monkey’s database. The list is sorted in ascending order of hedge fund sentiment.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10 Cheap Gold Stocks to Invest In Right Now
10. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Forward P/E: 7.39
Number of Hedge Fund Holders: 20
Equinox Gold Corp. (NYSEAMERICAN:EQX) is a Canadian mining company operating in the Americas through eight gold mines. Its operating mines include the Aurizona Gold Mine, Fazenda Gold Mine, Santa Luz Gold Mine, RDM Gold Mine, Los Filos Gold Mine, Castle Mountain Gold Mine, Mesquite Gold Mine, and Greenstone Gold Mine. The company’s development projects include the Greenstone Project, Los Filos Expansion, Castle Mountain Expansion, and Aurizona Expansion.
2024 was a strong year for Equinox Gold Corp. (NYSEAMERICAN:EQX), with fiscal Q4 2024 production of approximately 214,000 ounces and sales of approximately 218,000 ounces. This marks the highest quarterly gold production in the company’s history. Cash cost per ounce sold in fiscal Q4 was $1,458 per ounce, its lowest quarterly cash cost in the year.
Equinox Gold Corp. (NYSEAMERICAN:EQX) also finished 2024 with record annual gold production of approximately 622,000 ounces and sales of 623,000 ounces at a cash cost of $1,598 per ounce. These trends reflect the company’s strong operations, giving it the 10th spot on our list of the 10 cheap gold stocks to invest in right now.
9. SSR Mining Inc. (NASDAQ:SSRM)
Forward P/E: 7.59
Number of Hedge Fund Holders: 21
SSR Mining Inc. (NASDAQ:SSRM) operates, develops, explores, and acquires metal resource properties in the Americas and Turkiye. It operates through the Copler, Marigold, Seabee, Puna, and the Exploration, Evaluation, and Development Properties business segments. Sites. The Copler, Marigold, Seabee, and Puna segment encompasses its four operating mine sites. SSR Mining Inc. (NASDAQ:SSRM) produces gold doré, along with silver, lead, copper, and zinc concentrates.
The company reported solid operating results for the fiscal year 2024, experiencing year-over-year growth in its consolidated reserves and a significant strategic announcement with the acquisition of Cripple Creek and Victor Mine from Newmont. Its consolidated reserves totaled 8 million gold equivalent ounces at the end of 2024, a 3% growth over 2023 after mine depletion, reflecting the success of the company’s resource development drilling.
In fiscal Q4 2024, SSR Mining Inc. (NASDAQ:SSRM) reported net income attributable to shareholders of $5.6 million, while adjusted net income attributable to SSR Mining was $21.3 million. As of December 31, 2024, the company has a cash and cash equivalent balance of $387.9 million and total liquidity of $887.5 million.
8. IAMGOLD Corporation (NYSE:IAG)
Forward P/E: 10.25
Number of Hedge Fund Holders: 23
Based in Canada, IAMGOLD Corporation (NYSE:IAG) is an intermediate gold developer and producer that operates gold mining properties in West Africa and North America. Its projects include Essakane, Westwood, and Cote Gold.
IAMGOLD Corporation (NYSE:IAG) exhibited strong growth in 2024, finishing the year with a total attributable gold production of 667,000 ounces, a 43% increase from the previous year. The growth was attributed to the successful startup of Cote Gold and strong performances at Essakane and Westwood. It also took significant steps to improve its financial position and capitalize on the strong operating results and robust gold market.
The company generated around $781 million in adjusted EBITDA for the year and strengthened its financial position by completing a repurchase agreement to regain a 70% interest in Cote Gold and fulfilling half of a legacy gold prepayment arrangement. IAMGOLD Corporation (NYSE:IAG) also strengthened its balance sheet and financial flexibility, ending the year with total liquidity of approximately $767 million and the expectation of increasing free cash flow this year. It ranks eighth on our list of the 10 cheap gold stocks to invest in right now.
7. Gold Fields Limited (NYSE:GFI)
Forward P/E: 13.64
Number of Hedge Fund Holders: 24
Gold Fields Limited (NYSE:GFI) is a globally diversified gold producer with nine operating mines in South Africa, Australia, Chile, Ghana, Peru, and Canada. It engages in underground and surface gold and copper mining. The company is also involved in the exploration, extraction, smelting, and processing of silver. According to CNBC, Gold Fields Limited (NYSE:GFI) has a total attributable annual gold-equivalent production of over 2.30 million ounces (Moz), gold mineral reserves of 44.6 Moz, and gold mineral resources of 30.3 Moz, excluding mineral resources.
Fiscal Q4 2024 was a strong quarter for the company, with attributable equivalent gold production reaching 644koz and reflecting a 26% quarter-over-quarter increase. This strong performance has continued into 2025, with all assets tracking well against their operating plans in January 2025. Strong financial performance and improved operational delivery in H2 2024 allowed Gold Fields Limited (NYSE:GFI) to declare a final dividend of 700 SA cents per share, 67% higher than last year.
On December 2, Gold Fields Limited (NYSE:GFI) entered into a final Implementation Agreement with Torq Resources Inc. for the Santa Cecilia Project. As per the agreement, GFI will invest $48 million to acquire up to 75% of the project’s indirect stake. In a report released on March 3, Josh Wolfson from RBC Capital maintained a Buy rating on the company with a price target of $22.00.
6. New Gold Inc. (NYSE:NGD)
Forward P/E: 8.77
Number of Hedge Fund Holders: 26
New Gold Inc. (NYSE:NGD) is a Canada-based intermediate gold mining company that acquires, explores, and develops natural resources properties, including gold. It operates two core-producing assets in the country: the Rainy River gold mine and the New Afton copper-gold mine. New Gold Inc. (NYSE:NGD) also holds other Canadian-focused investments.
In fiscal year 2024, the company produced 298,303 ounces of gold and 54 million pounds of copper. The all-in-sustaining costs for gold were $1,239 per ounce, below the company’s guidance range of $1,240 to $1,340 per ounce. The increased gold and copper prices also benefited New Gold Inc. (NYSE:NGD), resulting in a free cash flow generation of $85 million in 2024.
Fiscal Q4 2024 was the company’s strongest quarter in terms of production, with 80,438 ounces of gold and 14.5 million pounds of copper reflecting increases of 2% and 20%, respectively, over the prior-year period. These trends highlight the company’s strong production capabilities. New Gold Inc. (NYSE:NGD) also generated $85 million in free cash flow in 2024 while continuing to invest in growth projects. It ranks sixth on our list of the 10 cheap gold stocks to invest in.
Heartland Value Fund stated the following regarding New Gold Inc. (AMEX:NGD) in its Q3 2024 investor letter:
“For example, our research indicated the outlook for New Gold Inc. (AMEX:NGD), a pure Canadian gold and copper producer, was steadily improving. NGD has met guidance for eight consecutive quarters, as both of its mines are hitting their production stride. The company is forecast to tap approximately 600,000 ounces of gold equivalent in FY2026, up 42% compared with last year’s output. Excellent drilling results coupled with better efficiencies have reduced New Gold’s all-in sustaining costs (AISC) to $1,381 per ounce of gold, down from a recent high of $1,657. The company is on track to slash AISC’s more than 50% by 2026.
Under new management headed by CEO Patrick Godin, who joined in 2022, NGD is enjoying financial flexibility that allows for exploration to grow reserves and extend the life of mines. The team continues to execute significantly increasing production, cutting costs, and posting exceptionally strong free cash flows. Our research process was validated by strong insider buying in the company. Yet despite doubling in value, NGD was priced at 8x our estimated 2025 earnings, less than 6.5x free cash flow, and scored 8/10 on our research grid. We added to the position.”
5. AngloGold Ashanti plc (NYSE:AU)
Forward P/E: 9.52
Number of Hedge Fund Holders: 31
Based in the UK, AngloGold Ashanti plc (NYSE:AU) is an independent global gold mining company with a diverse portfolio of exploration activities, projects, and operations across nine countries on four continents. The company’s portfolio spans the Americas, Africa, and Australia. It also produces sulphuric acid and silver as by-products.
AngloGold Ashanti plc (NYSE:AU) has a diversified asset base, and its strategic presence in geopolitically stable regions is a strong positive in the mining industry. The company’s free cash flow rose to $942 million in 2024, up from $109 million in 2023. Its Adjusted EBITDA also reflected significant growth, growing 93% to $2.747 billion compared to $1.420 billion in 2023. This exponential growth was attributed to the company’s continued operational and efficiency improvements, allowing it to benefit from a healthy gold price. With its business receiving appropriate investment and a balance sheet at its strongest position in over a decade, AngloGold Ashanti plc (NYSE:AU) is in a position to pass these benefits to shareholders.
In September 2024, AngloGold Ashanti plc (NYSE:AU) announced plans to acquire Centamin, an Egyptian gold mining company, for $2.5 billion. This move aligns with the company’s strategy to expand its footprint in high-potential regions and optimize its asset base. On March 3, Josh Wolfson from RBC Capital maintained a Buy rating on the company with a price target of $35.00.
4. Coeur Mining, Inc. (NYSE:CDE)
Forward P/E: 10.28
Number of Hedge Fund Holders: 37
Coeur Mining, Inc. (NYSE:CDE) explores and develops gold and silver mines and mining properties in the US, Canada, and Mexico. It operates through the Palmarejo, Rochester, Kensington, Wharf, and Other segments. The Palmarejo segment manages a gold-silver complex, while the Rochester segment operates a silver-gold mine in northwestern Nevada. Similarly, the Kensington and Wharf segments operate an underground gold mine and an open-pit heap leach gold mine, respectively.
2024 was one of the most consequential years in Coeur Mining, Inc.’s (NYSE:CDE) nearly one-hundred-year history, as it is in the middle of an inflection point. The company has made significant investments to reposition itself as a larger-scale, lower-cost silver and gold producer with a more conservative balance sheet. The inflection point began in the second half of last year, with $85 million of free cash flow, $80 million of debt reduction, nearly $90 million of earnings, and the successful ramp-up of its Rochester expansion. Its full-year 2024 adjusted EBITDA more than doubled to $339 million compared to the prior year.
Coeur Mining, Inc. (NYSE:CDE) is well-positioned to deliver record results in 2025 and expects production levels from its five North American operations to reach over 400,000 ounces of gold and over 18 million ounces of silver this year, 20% and 62% higher than last year’s levels.
3. Kinross Gold Corporation (NYSE:KGC)
Forward P/E: 13.23
Number of Hedge Fund Holders: 39
Based in Canada, Kinross Gold Corporation (NYSE:KGC) is a global senior gold mining company that operates in the US, Brazil, Mauritania, Chile, and Canada. Its projects include Fort Knox, Round Mountain, Bald Mountain, Manh Choh, Paracatu, La Coipa, Lobo-Marte, Tasiast, and Great Bear projects.
In fiscal Q4 2024, Kinross Gold Corporation (NYSE:KGC) successfully repaid $800 million in debt and attained a record free cash flow of more than $1.3 billion. It generated 2.13 million gold equivalent ounces during the year and achieved a net profitability of $948.8 million.
In addition, the company reported 37% growth in its operating margins compared to a 23% increase in the realized gold price, maximizing the benefit of the gold price for its operations. Kinross Gold Corporation (NYSE:KGC) produced over 500,000 ounces in fiscal Q4 2024, marking a strong quarter. It also attained its market commitments for 2024, delivering over 2.1 million ounces. The company takes the third spot on our list.
2. Barrick Gold Corporation (NYSE:GOLD)
Forward P/E: 12.46
Number of Hedge Fund Holders: 44
Barrick Gold Corporation (NYSE:GOLD) is a Canada-based gold and copper producer and seller. The company also engages in related activities, such as exploration and mine development. It has ownership interests in producing gold mines in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania, and the United States.
2024 was a positive year for Barrick Gold Corporation (NYSE:GOLD), with adjusted net earnings per share rising 50% to $1.26. It saw an EBITDA increase of 30%, and EBITDA margins grew quarterly and for the year. The company maintained its quarterly dividend at $0.10 per share and repurchased nearly $500 million of its shares in fiscal Q4 2024, taking the total for the year to almost $500 million.
It also added major new gold and copper reserves, bringing total replacements to the equivalent of 73 million ounces of gold. Gold production climbed 15% from the previous quarter while costs went down. Copper output also hit a new high. 44 hedge funds hold stakes in Barrick Gold Corporation (NYSE:GOLD) as of fiscal Q4 2024. Jean-Marie Eveillard’s First Eagle Investment Management is the company’s largest shareholder with 46.5 million shares worth $721.8 million.
1. Newmont Corporation (NYSE:NEM)
Forward P/E: 13.44
Number of Hedge Fund Holders: 69
Newmont Corporation (NYSE:NEM) is a global producer in Canada, Mexico, the US, and several other countries. Its operations include Brucejack, Red Chris, Penasquito, Merian, Cerro Negro, Yanacocha, Boddington, Tanami, Cadia, Lihir, Ahafo, and NGM.
The company attained $3.4 billion in net profits in fiscal year 2024, primarily due to strong production levels and rising gold prices. It reached a total attributable production of 6.8 million gold ounces and 1.9 million gold-equivalent ounces (GEOs) from base metals. Newmont Corporation’s (NYSE:NEM) adjusted EBITDA also rose to $8.7 billion. It reduced $1.4 billion from its debt and had $3.6 billion in cash at the end of the year, reflecting significant improvement in its financial health.
The company is continually refining its holdings and has plans to sell six non-core assets in 2025 with a maximum anticipated profit of $4.3 billion. This is expected to include $2.5 billion in cash by the middle of the year. Newmont Corporation (NYSE:NEM) is also rewarding its shareholders, repurchasing $1.2 billion worth of shares and paying out $1.1 billion in dividends.
Overall, NEM ranks first among the 10 cheap gold stocks to invest in right now. While we acknowledge the potential of gold stocks, our conviction lies in the belief that 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 NEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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