11 Best Gold Stocks for Inflation

3. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 43

Dividend Yield: 2.33%

Barrick Gold Corporation (NYSE:GOLD) is a leading gold company with assets spread across the Americas, Africa, and the Middle East. The company’s major operations include the Nevada Gold Mines joint venture, Pueblo Viejo in the Dominican Republic, Kibali in the Democratic Republic of the Congo, and Lumwana in Zambia.

During the third quarter ended September 30, 2024, the company demonstrated improved performance, as operating cash flow increased to $1.18 billion, while free cash flow rose by 31% YoY to $444 million. EBITDA also climbed to $1,292 million, up 20.63% from Q3 2023. The strong cash flow and EBITDA values reflect the company’s operational efficiency, along with higher gold prices.

Barrick Gold Corporation (NYSE:GOLD) has been making waves all over the world, making economic impacts and creating jobs. Recently, it has been making moves in Pakistan where a new copper-gold project by the name of Reko Diq is expected to start production by 2028. This project is expected to generate an impressive free cash flow of $74 billion over its 37-year lifespan, according to Business Recorder. The Reko Diq project is expected to be a game changer for the company and its long-term growth as it resulted in an addition of 13 million ounces of gold to the company’s reserves on an attributable basis.

Thus, Barrick Gold Corporation (NYSE:GOLD) appears well-positioned to capitalize on rising gold prices in the near future, providing investors with a strong hedge against ongoing inflation.