11 Best Gold Stocks for Inflation

7. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 25

Dividend Yield: 0.94%

Wheaton Precious Metals Corp. (NYSE:WPM) is a key player in the mining industry and its operations are spread across North America, South America, and Europe. It is involved in the funding of miners in exchange for the right to buy gold, silver, and other metals at a lower price.

During the first nine months of the year 2024, Wheaton Precious Metals Corp. (NYSE:WPM) produced a whopping 450,000 gold equivalent ounces. The third quarter ended September 30, 2024, marked a strong performance, with operating cash flows amounting to $254 million. Revenue also reached $308 million which showed a year-over-year increase of 38%, while net earnings increased by $38 million to $155 million. This exceptional performance of the company was aided by high metal prices and increased streaming volume.

The company is also adding new streaming agreements to its expanding portfolio. In late October 2024, Wheaton Precious Metals Corp. (NYSE:WPM) secured a gold stream worth $625 million on Montage’s Kona project in Côte d’Ivoire. At the same time last year, it also invested $100 million in Rio2’s Phoenix project. Along with these investments, Wheaton finalized a $175 million deal for Allied Gold’s Kurmuk project in Ethiopia in December 2024. This project is expected to produce 240,000 ounces of gold annually for the first five years. Wheaton will receive 6.7% of the payable gold from the stream, which will be reduced to 4.8% once 220,000 ounces of gold are delivered.

Wheaton Precious Metals Corp. (NYSE:WPM) currently holds $694 million in cash and a $2 billion undrawn credit facility which ensures its sustained growth. It also has projected its production to increase by 40%, exceeding 800,000 GEOs annually, by the year 2028. The company has multiple projects in the pipeline that are set to begin production in 2025. Some of these are Blackwater, Goose, Platreef, and Mineral Park. Thus, the company is well on track to gain from the positive momentum of gold and is included in our list of the 11 best gold stocks for inflation.