In this article, we will discuss the 11 Best Gold Stocks for Inflation.
History has shown that gold has always been one of the most secure stores of value, especially during times of economic uncertainty and downturns. This is also apparent from the sheer size of the global gold market, which Fortune Business Insights has forecasted to increase from $291.68 billion in 2024 to $457.91 billion by 2032. With looming concerns of trade wars and inflation, the surge in gold demand led gold prices to an all-time high of $2,830.49 per ounce on February 3, 2025, as reported by Reuters.
Gold posted a one-year return of 43.83%, surpassing the broader market’s 20.89% return for the same period, as reported on Yahoo Finance. In 2024, gold ETFs marked their best performance since 2010 as they surged 26%. Gold futures jumped over 1% to $2,670 per ounce. The Gold ETF holds a rating of 79 and trades above its 50-day moving average. Over the past six months, gold prices rose from $2,500 per ounce on August 5, 2024, to $2,830.49 per ounce on February 3, 2025. This 17.09% increase stemmed from concerns about rising inflation and tariffs imposed by President Donald Trump, including a 25% on Canadian and Mexican imports and a 10% levy on Chinese goods. All these factors, along with market volatility, have further pushed the demand for gold upwards.
Furthermore, according to Reuters, trade obstructions around the globe have also increased inflationary pressures. Tariffs imposed by China-including 15% on U.S. coal and LNG and 10% on crude oil and machinery-are projected to increase global trade costs by $50 billion in retaliation. This rise in production costs and inflationary pressures, coupled with supply chain disruptions, will further set the stage for gold to remain one of the best sources of hedging in the face of economic instability.
Given this surge in demand and importance, gold prices are forecast to remain between $2,905 and $4,042 in 2025. Analysts at JPMorgan expect gold to reach $3,000 per ounce in 2025 due to economic instability and strong central bank demand.
Inflationary pressures in the United States are also expected to persist. A U.S. inflation indicator, the Personal Consumption Expenditures (PCE) Price Index, increased to 0.3% in December 2024, marking its highest monthly gain since April 2024. During the last quarter of 2024, consumer spending increased by 0.7%, while labor costs surged by 0.9%.
On the other hand, supply and demand are key drivers of the gold market. Due to higher premiums offered in U.S. gold futures markets, gold is unexpectedly flowing from Dubai and Hong Kong to the United States. Hence, according to Reuters, U.S. Comex gold inventories have been experiencing a prominent increase. A report discussed in an Insider Monkey article has also projected increased demand by the central bank in 2025, exceeding the long-term average of 500 tons, further supporting gold prices.
As evident from the discussion above, gold has established itself as one of the most important assets for preserving value against inflation and continues to hold that title. With that in mind, let’s explore the 11 Best Gold Stocks for Inflation.
A golden nugget illuminated under direct lighting, hinting at the value of precious metals.
Methodology
To create our list of the 11 Best Gold Stocks for Inflation, we identified the most valuable gold stocks with a market cap greater than $500 million. We then shortlisted stocks that reported a dividend yield of at least 1% as of the time of writing. This ensured that these companies provided a good hedge against inflation. From these, we selected the top 11 stocks and arranged them in ascending order based on hedge fund sentiment, according to Insider Monkey’s database of Q3 2024.
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).
11. AngloGold Ashanti plc (NYSE:AU)
Number of Hedge Fund Holders: 17
Dividend Yield: 1.28%
AngloGold Ashanti plc (NYSE:AU) operates in Africa, Australia, and the Americas and is a major player in the gold mining industry. The company engages in the production and exploration of gold and its by-products, including silver and sulfuric acid.
The Sukari mine in Egypt is among the lowest-cost gold mines globally. In November 2024, AngloGold Ashanti plc (NYSE:AU) added the Sukari mine to its portfolio by acquiring Centamin for $2.5 billion. This mine reportedly produced 450,000 ounces of gold in 2023 and is expected to increase AngloGold’s annual gold production by 500,000 ounces. Along with enhanced production, the mine is projected to improve efficiency and make AngloGold one of the best gold stocks for inflation.
With the start of 2025, the Sukari mine will provide steady cash flow and improve AngloGold Ashanti plc (NYSE:AU)’s overall cost structure. This positions the company at an advantage to benefit from rising gold prices while offering investors a solid hedge against inflation, as it has done over the past year. Its stock price has increased by over 76% in the past 12 months.
10. Centerra Gold Inc. (NYSE:CGAU)
Number of Hedge Fund Holders: 17
Dividend Yield: 3.02%
Centerra Gold Inc. (NYSE:CGAU) is a gold and copper producer based in Canada and operates mainly in North America and Turkey. The company’s major assets include the Mount Milligan mine in Canada (copper and gold), the Öksüt mine in Turkey (gold), and the Thompson Creek mine (molybdenum) in the U.S.
The company produced 93,000 ounces of gold at an average price of $2,206 per ounce during the third quarter ended September 30, 2024. As a result of strong production and elevated gold prices, Centerra Gold’s free cash flow amounted to $37 million during the quarter, while it held $604 million in cash. This brought the total liquidity of the company to a whopping $1 billion. This allowed Centerra Gold Inc. (NYSE:CGAU) to return $65 million to shareholders in the form of share buybacks ($32 million) and dividends ($33 million) during the quarter alone.
Also, in early 2024, the company signed a deal with Royal Gold, a Denver-based precious metal streaming and royalty company, to enhance the operational efficiency of Mount Milligan. Looking ahead, the management has expressed optimism for Q4 2024, expecting all-in-sustaining costs (AISC), or simply ‘total costs,’ to remain low due to reduced CAPEX and increased operational efficiency at Mount Milligan.
The company’s top line is also expected to expand significantly in the coming years as the Thompson Creek mine, which is currently operating at 30% capacity, is expected to reach 100% in 2028. Thus, with strong cash flow, a diversified asset base, and growing demand for gold and critical metals, Centerra is well-positioned to capitalize on high commodity prices in 2025 and beyond.
9. Gold Fields Limited (NYSE:GFI)
Number of Hedge Fund Holders: 20
Dividend Yield: 2.15%
Gold Fields Limited (NYSE:GFI), with mines operating in South Africa, Australia, Ghana, Peru, Chile, and Canada, is one of the top gold producers. The company boasts more than 20 years of gold reserves, demonstrating its long-term stability, which is crucial during times of economic uncertainty. Thus, as inflation remains high, Gold Fields Limited holds a favorable position to benefit from the increasing gold prices and demand.
The company appears to be a promising investment due to its future stability, as evidenced by its efficient debt management. The company was able to decrease its net debt by $30 million in the quarter ended September 30, 2024, bringing its net debt-to-EBITDA to 0.47x from 0.53x in the prior quarter. Along with debt reduction, Gold Fields Limited (NYSE:GFI) also managed to pay out $152 million in interim dividends in the third quarter while boasting a dividend yield of 2.15% on an annual basis.
As for the stock price, Gold Fields Limited (NYSE:GFI) has experienced a massive surge due to favorable market conditions. The year-to-date increase, as of writing this article, has reportedly been over 28%, while over the past month, the stock has jumped 31.73%. The stock’s return surpassed both the basic materials industry and the broader market’s YTD returns, which were 6.69% and 2.02%, respectively.
Looking ahead, analysts are projecting full-year earnings of $1.25 per share (+36% YoY) and revenue of $5.2 billion (15.6% YoY), indicating positive momentum for the company’s stock amid a favorable gold market. With gold demand staying strong and prices on the rise, the company’s production and cost optimization strategies make it a solid choice for investors looking for long-term value and one of the best gold stocks for inflation.
8. B2Gold Corp. (NYSE:BTG)
Number of Hedge Fund Holders: 22
Dividend Yield: 6.28%
B2Gold Corp. (NYSE:BTG) is a gold producer based in Vancouver and operates three major gold mines. These include Fekola in Mali, Masbate in the Philippines, and Otjikoto in Namibia. It also has a 100% stake in the Gramalote project in Colombia, along with investments in Calibre Mining and BeMetals. The company has also been focusing on exploration in Mali and Finland, which would increase its global presence.
During the year ended December 31, 2024, B2Gold Corp. (NYSE:BTG) only managed to achieve the lower end of its guidance as it produced 804,778 ounces of gold. During the fourth quarter of 2024, the company reported gold production of 186,001 ounces. These numbers were due to the strong performance of the Masbate and Otjikoto mines, while Fekola fell behind due to delays in high-grade ore extraction. With these production values, B2Gold Corp. (NYSE:BTG) reported revenue of $1.90 billion for the full year, while reporting $448.23 million for the quarter ending December 31, 2024. The company also had $419 million in working capital and $500 million in available credit from its $700 million facility, demonstrating the company’s strong financial health.
For 2025, B2Gold Corp. (NYSE:BTG) has forecasted promising production output between 970,000 to 1,075,000 ounces. This increase in production will be supported by higher-grade ore processing at Fekola Phase 7 and Fekola underground. Along with this, the Goose Project is set to start its gold production in Q2 2025 and produce an output of up to 120,000–150,000 ounces in its first year. From the investors’ point of view, what’s even more uplifting is the management’s claim that the Goose Project is going to produce 310,000 ounces of gold per year from 2025 onwards.
With this expansion in its production base, along with successful translation into healthy profits and cash position, B2Gold Corp. is set for yet another impressive financial year. Therefore, it looks to be an ideal investment choice for investors who wish to hedge against inflation and economic downturns.
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.
6. Franco-Nevada Corporation (NYSE:FNV)
Number of Hedge Fund Holders: 29
Dividend Yield: 1.09%
Franco-Nevada Corporation (NYSE:FNV) is a royalty and streaming company focused mainly on gold. However, the company also deals in silver, platinum group metals, and energy resources like oil and natural gas. Franco-Nevada has strategically positioned itself to avoid operational risks while maintaining strong margins. This is achieved by providing capital to mining operators in exchange for a share of their future production.
For Q3 ended September 30, 2024, Franco-Nevada Corporation (NYSE:FNV) reported revenue of $275.7 million, an increase of 14% from $242.2 million in Q3 2023. The company was also able to achieve a strong margin of $2,200 per ounce with $2.3 billion in available capital and no debt, solidifying its financial standing. As a result, $61.1 million in dividends was paid during the quarter, while a quarterly dividend of $0.36 per share was declared, representing an annual increase of 5.88%. This dividend was paid to shareholders on December 19, 2024.
To capitalize on the favorable gold market, Franco-Nevada Corporation (NYSE:FNV) reported that it had entered into a $300 million royalty deal with Discovery Silver Corporation on 27 January, 2025. The deal consisted of a $100 million senior secured loan and $49 million in equity participation. This has enabled the company to secure a 4.25% net smelter return royalty on the Porcupine Complex in Ontario, which is one of the biggest mining regions in Canada. The complex holds almost 3.9 million ounces of gold and has strong long-term potential.
Amidst this development and the predicted upside of gold, the company’s stock has jumped 20.80% on a YTD basis. Thus, with this deal, Franco-Nevada Corporation (NYSE:FNV) has earned itself a promising revenue stream for the future and also earned itself a spot on our list of the 11 best gold stocks for inflation.
5. Royal Gold, Inc. (NASDAQ:RGLD)
Number of Hedge Fund Holders: 35
Dividend Yield: 1.24%
Focused primarily on gold, Royal Gold, Inc. (NASDAQ:RGLD) is a Denver-based precious metal streaming and royalty company. The company does not operate directly in mining; rather, it earns revenue through royalties and streaming.
In the third quarter ended September 30, 2024, the free cash flow of Royal Gold, Inc. (NASDAQ:RGLD) increased year-over-year by 35.78%, strengthening the company’s ability to generate high returns without taking on debt. Royal Gold also paid out a quarterly dividend of $0.40 per share, which is 7% higher on an annual basis. The impressive 1.24% dividend yield, along with bright prospects for gold, is a testament to its high ranking among the best gold stocks. What strengthens the company’s case even further is its debt-free status, as it paid the final $50 million due on its revolving credit facility and now has $1.1 billion in available liquidity.
Looking ahead, Royal Gold, Inc. (NASDAQ:RGLD) has projected its revenue to grow on the back of increased production from major assets, namely, Cote Gold, and also the new projects that will be initiated during the year. The company eyes gold production to remain somewhere around the midpoint of the 215,000-230,000 ounces guidance range. The increased revenue, coupled with strong liquidity, has made Royal Gold an attractive investment option to capitalize on rising gold prices and inflationary pressure.
4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 37
Dividend Yield: 1.01%
Kinross Gold Corporation (NYSE:KGC), operates in North and South America, as well as West Africa, and is engaged in the mining of gold and silver. Major assets under the company’s belt are the Tasiast, Fort Knox, and Round Mountain mines, along with the growing White Gold project in Canada.
During the third quarter ended September 30, 2024, Kinross Gold Corporation (NYSE:KGC) produced 564,106 gold equivalent ounces at a cost of $976 per ounce. This was accompanied by an impressive free cash flow of $415 million, which was a threefold increase from Q3 2023. The margin per ounce also increased by 47% YoY due to strong cost efficiency and operational execution. The company’s revenue growth remained solid at 30% YoY due to higher realized gold prices.
The company’s financial health also appears favorable to investors, as it reduced its net debt by $1.8 billion over the last 18 months. As a result, its net debt to EBITDA fell from 1.7x to 0.5x times as of Q3 2024. In addition to improving its leverage, the company was successfully able to pay $36.9 million in dividends during the quarter. The company also declared a quarterly dividend of $0.03 per share, which was paid in December 2024.
Therefore, with increasing margins, a strong cash position, a healthy asset pipeline, and a promising growth outlook, Kinross Gold Corporation (NYSE:KGC) stands out as one of the Best Gold Stocks For Inflation, as its stock price has already appreciated by over 29% on a YTD basis.
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.
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 50
Dividend Yield: 1.62%
Known for its high-margin, low-cost production, Agnico Eagle Mines Limited (NYSE:AEM) is a major global gold mining company. Its operations are spread over Canada, Mexico, and Finland.
In the third quarter ended September 30, 2024, Agnico reported gold production of 863,445 ounces of gold, which was up from 850,420 ounces in Q3 2023. Additionally, gold sales increased by 1.52% YoY, driven by higher gold prices, which rose by 29% YoY. As a result, the company’s EBITDA rose by 64%, while free cash flow rose sevenfold from Q3 2023. The company’s stock has increased by over 26% year-to-date, driven by rising gold prices, cost optimizations, and strategic acquisitions.
In early 2025, Agnico Eagle Mines Limited (NYSE:AEM) acquired O3 Mining with a 94.1% share of the company. This acquisition was completed at a 58% premium, totaling $184 million, as reported by the company. Through this acquisition, Agnico plans to integrate O3 Mining’s assets into its portfolio and strengthen its footprint in Canadian and Latin American exploration.
Having already completed 76% of the midpoint of its full-year production guidance range, the company is well on track to meet its planned production. With a strong balance sheet, rising production, and smart acquisitions, Agnico Eagle is an attractive choice for those looking to hedge against inflation with gold. Hence, it deservingly earns its position in our list of the best gold stocks for inflation.
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 61
Dividend Yield: 2.23%
Newmont Corporation (NYSE:NEM) is one of the two largest gold mining companies in the world, as you can see here. It owns large reserves and diversified assets that make it one of the key players in the global market. The company’s operations span the globe, including North America, South America, Australia, and Africa.
During the third quarter ended September 30, 2024, Newmont Corporation (NYSE:NEM) reportedly produced 1.7 million ounces of gold and 430,000 gold-equivalent ounces from copper, silver, lead, and zinc. With these impressive production figures, the company generated $1.6 billion in operating cash flow and $760 million in free cash flow, signaling robust financial health.
Similarly, the company’s adjusted EBITDA reached $2 billion, while its adjusted net income stood at $0.81 per diluted share. To further improve its financial health, Newmont Corporation (NYSE:NEM) retired $233 million in debt and ended Q3 with $7.1 billion in total liquidity. The company was able to perform well overall due to favorable prices of gold (up by $171 per ounce over the previous quarter) and increased production at the Cerro Negro mine. As a result, the company declared a dividend of $0.25 per share while returning a total of $786 million to shareholders through share repurchases and dividend payments.
In line with its past performance, the company expects an even more promising future, with projected gold production reaching 1.8 million ounces in Q4 2024 and realized gold prices at $2,500 per ounce. However, all-in sustaining costs are expected to be $1,475 per ounce due to rising labor inflation and capital spending, especially in Cadia. To counter these issues, Newmont aims to grow its margin instead of volume, aided by low-cost production expected from Tanami and Ahafo North. The company also has plans to earn up to $1.5 billion from selling non-core assets. This will further boost the company’s financial flexibility, making it an excellent choice for the best gold stocks for inflation.
Overall Newmont Corporation (NYSE:NEM) ranks first on our list of the best gold stocks for inflation. While we acknowledge the potential of NEM, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. 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.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
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