In this article, we discuss 13 Best Gold Dividend Stocks To Buy According To Analysts.
Gold had a standout year in 2024, arguably its best run in over a decade. The surge was mainly driven by big investors and central banks buying up gold, even as everyday consumer demand slows down. Investors in Asia have been steadily adding to their gold holdings, and in the West, falling interest rates and a weaker US dollar have also made gold more attractive. But the real reason behind its strong performance? Rising market uncertainty and geopolitical tensions have made gold a go-to safe haven.
Adrian Ash, research director at BullionVault, joined CNBC on January 6, 2025 and discussed gold’s importance as a safe-haven asset during uncertain times:
“Investors are optimistic about gold and silver for 2025 because they are so pessimistic on geopolitics and government debt,”
JPMorgan analysts believe gold prices could rise further, especially if American policies become more unpredictable with higher tariffs, trade disputes, and economic instability. Both BullionVault and JPMorgan expect gold to hit $3,000 per ounce in 2025. Silver may also see gains due to robust demand in solar panels, electronics, and AI technology, though its growth depends on global industrial demand. Meanwhile, copper prices may cool after recent highs, and iron ore could face declines due to oversupply linked to Chinese policies and geopolitics.
On February 18, 2025, Goldman Sachs raised its gold price prediction for the end of 2025 to $3,100 per ounce, up from $2,890, mainly because central banks are consistently buying more gold. They believe this strong demand, combined with more investment in gold ETFs as interest rates decline, will push prices higher. If global trade tensions continue, gold could soar even higher, possibly reaching $3,300 per ounce as investors seek safety. However, if the Federal Reserve keeps interest rates steady instead of slashing them, gold might settle at around $3,060 per ounce. Despite this, Goldman is sticking with its “Go for Gold” strategy, saying gold is still a smart investment to protect against risks like economic slowdowns, trade disputes, and rising US debt concerns.
Drills extracting gold from a gold mine, revealing the company’s gold mining operation.
Our Methodology
For this article, we used the Finviz stock screener to filter out dividend paying gold stocks. We then checked the price target. Next, we manually searched for the average upside potential of each stock and selected 13 stocks with the highest values. The list below is ranked in ascending order of the upside potential as of February 25. We have also mentioned the hedge fund sentiment as of Q4 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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
13. Franco-Nevada Corporation (NYSE:FNV)
Dividend Yield as of February 25: 1.09%
Number of Hedge Fund Holders: 38
Average Upside Potential: 10.19%
Founded in 1986, Franco-Nevada Corporation (NYSE:FNV) is headquartered in Toronto, Canada. The company specializes in gold royalties and streaming, focusing on precious metals like gold, silver, and platinum group metals. FNV also deals with the distribution of crude oil, natural gas, and natural gas liquids. On January 27, the company announced that it is financing Discovery Silver’s acquisition of the Porcupine Complex from Newmont Corporation with a $300 million royalty, a $100 million loan, and a $49 million equity investment as part of Discovery’s larger fundraising. Once the deal concludes, Franco-Nevada will own 9.9% of Discovery’s shares and has agreed to a two-year lock-up on the shares acquired in the offering.
On January 29, 2025, Franco-Nevada Corporation (NYSE:FNV) raised its quarterly dividend to $0.38 per share, a 5.56% increase from the previous $0.36. This is its 18th straight year of dividend hikes. The dividend will be paid on March 27, to shareholders on record as of March 13, 2025. Moreover, those enrolled in the dividend reinvestment plan (DRIP) can reinvest their dividends to buy more shares with a 1% discount on treasury-issued shares. FNV is one of the best dividend stocks to buy.
Among the hedge funds tracked by Insider Monkey, 38 funds were bullish on Franco-Nevada Corporation (NYSE:FNV) at the end of Q4 2024, compared to 32 funds in the previous quarter. Jean-Marie Eveillard’s First Eagle Investment Management was the largest stakeholder of the company, with 3.36 million shares worth over $395 million.
12. Wheaton Precious Metals Corp. (NYSE:WPM)
Dividend Yield as of February 25: 0.90%
Number of Hedge Fund Holders: 36
Average Upside Potential: 12.08%
Wheaton Precious Metals Corp. (NYSE:WPM) is a Vancouver-based company that buys and sells precious metals including gold, silver, palladium, and cobalt. It is one of the best dividend stocks to look out for.
Wheaton Precious Metals Corp. (NYSE:WPM) recently reported that 2024 production exceeded 633,000 gold equivalent ounces (GEOs), outperforming its forecasted range. For 2025, production is expected to be between 600,000 and 670,000 GEOs, with a 40% growth projection to 870,000 GEOs by 2029. Strong performance, especially from Salobo, contributed to record production, and investments in four new assets support future growth. CEO Randy Smallwood highlighted Wheaton’s industry-leading position in streaming, emphasizing its strong balance sheet and long-term growth potential.
On November 7, Wheaton Precious Metals (NYSE:WPM) declared a quarterly dividend of $0.155 per share. The dividend was distributed to shareholders on December 6.
Among the hedge funds tracked by Insider Monkey in the fourth quarter, 36 funds were bullish on Wheaton Precious Metals Corp. (NYSE:WPM), compared to 23 funds in the prior quarter. Murray Stahl’s Horizon Asset Management was a prominent stakeholder of the company, with 2.93 million shares worth $164.85 million.
11. Newmont Corporation (NYSE:NEM)
Dividend Yield as of February 25: 2.27%
Number of Hedge Fund Holders: 69
Average Upside Potential: 12.15%
Newmont Corporation (NYSE:NEM) ranks 11th on our list of the best dividend stocks for exposure to gold. It is a Colorado-based global mining company focused on gold production and exploration, while also mining copper, silver, zinc, and lead. Newmont and its subsidiary, Newcrest Finance, have paid off $927.75 million in debt by redeeming their 5.30% Notes that were due in 2026. With this move, the company has paid off around $1.4 billion in debt over the past year. The Notes were officially redeemed on February 7, 2025.
In 2024, Newmont Corporation (NYSE:NEM) raked in $2.9 billion in free cash flow, with a record $1.6 billion in Q4, driven by strong gold prices, higher sales, and solid cash flow management. The company returned $2.3 billion to shareholders through dividends and stock buybacks in 2024, kept the balance sheet strong with $3.6 billion in cash, and paid off $1.4 billion in debt, bringing its total debt below $8 billion.
On February 20, Newmont Corporation (NYSE:NEM) declared a quarterly dividend of $0.25 per share. The dividend is distributable on March 27, to shareholders on record as of March 4. NEM offers a dividend yield of 2.27% as of February 25.
Among the hedge funds in Insider Monkey’s Q4 database, Newmont Corporation (NYSE:NEM) was part of 69 public stock portfolios, up from 63 in the prior quarter. William B. Gray’s Orbis Investment Management is a prominent stakeholder of the company, with 5.58 million shares worth $207.7 million.
10. Royal Gold, Inc. (NASDAQ:RGLD)
Dividend Yield as of February 25: 1.19%
Number of Hedge Fund Holders: 42
Average Upside Potential: 12.50%
Royal Gold, Inc. (NASDAQ:RGLD) buys and manages precious metal streams and royalties. The company finances mining projects at different stages in exchange for a share of the gold, silver, copper, nickel, zinc, lead, and other metals they produce. On January 7, Jefferies Financial Group upgraded Royal Gold from Hold to Buy and increased the price target on the shares from $154 to $178.
Royal Gold, Inc. (NASDAQ:RGLD) had impressive financial results in 2024, reporting $332 million in net income, $719.4 million in revenue, and $529.5 million in operating cash flow. The company hit the high end of its gold sales guidance and outperformed expectations for copper and other metals. Silver sales were slightly below target but aligned with earlier forecasts. Royal Gold, Inc. (NASDAQ:RGLD) paid $1.60 per share in dividends for 2024 and raised the 2025 dividend by 12.5% to $1.80 per share. This commemorates 24 consecutive years of dividend increases. In 2024 alone, over $105 million was paid in dividends, with $1 billion given back to shareholders since 2000.
Among the hedge funds tracked by Insider Monkey, 42 funds were bullish on Royal Gold, Inc. (NASDAQ:RGLD) in Q4, compared to 30 funds in the last quarter. Cliff Asness’ AQR Capital Management is a prominent stakeholder of the company, with 997,054 shares worth $131.4 million.
9. Pan American Silver Corp. (NYSE:PAAS)
Dividend Yield as of February 25: 1.62%
Number of Hedge Fund Holders: 35
Average Upside Potential: 14.74%
Pan American Silver Corp. (NYSE:PAAS) is a Canadian company that specializes in exploring, developing, and extracting silver, gold, zinc, lead, and copper mines. On December 3, 2024, the company sold its La Arena gold mine and La Arena II project in Peru to Zijin Mining Group for $245 million in cash. As part of the deal, Pan American also secured a 1.5% net smelter return royalty on the La Arena II project and could receive an additional $50 million once the project starts commercial production.
Pan American Silver Corp. (NYSE:PAAS) recorded $196.2 million in free cash flow in Q4 and $445.1 million for 2024, supported by strong metal prices, higher margins, and record gold production. The company is in a solid financial position with a liquidity of $1.6 billion. PAAS also announced a $0.10 per share dividend, set to be paid on March 14, 2025. Moreover, the company has repurchased 1.72 million shares in 2024 for $24.3 million, as well as another 909,012 shares in January 2025 for $20 million. It is one of the best dividend stocks for an income portfolio.
According to Insider Monkey’s Q4 data, 35 hedge funds were bullish on Pan American Silver Corp. (NYSE:PAAS), compared to 29 funds in the last quarter. Slate Path Capital is the leading stakeholder of the company, with 4.7 million shares worth $95.3 million.
8. Alamos Gold Inc. (NYSE:AGI)
Dividend Yield as of February 25: 0.43%
Number of Hedge Fund Holders: 37
Average Upside Potential: 18.90%
Alamos Gold Inc. (NYSE:AGI) ranks 8th on our list of the best dividend stocks to invest in. It is a Toronto-based mining company focused on acquiring, exploring, and extracting gold in Canada, Mexico, and the United States. Alamos Gold’s new study on the Burnt Timber and Linkwood deposits near Lynn Lake could extend the mine’s life to 27 years, strengthening production and returns. The deposits now provide additional mill feed to the Lynn Lake project, delaying lower-grade stockpile processing and improving overall economics.
Alamos Gold Inc. (NYSE:AGI) had remarkable financials in 2024, producing 567,000 ounces of gold, a 7% increase from the previous year. Higher production and rising gold prices helped push free cash flow to $272 million while still financing significant growth projects like the Phase 3+ Expansion at Island Gold. The company also increased its mineral reserves by 31% to 14 million ounces, with big gains at Island Gold, where an expansion study is expected later this year. Annual cash flow reached $661 million, up 40% from 2023, and $41 million was distributed in dividends.
According to Insider Monkey’s fourth quarter database, 37 hedge funds were bullish on Alamos Gold Inc. (NYSE:AGI), compared to 30 funds in the prior quarter.
7. Kinross Gold Corporation (NYSE:KGC)
Dividend Yield as of February 25: 1.09%
Number of Hedge Fund Holders: 39
Average Upside Potential: 20.97%
Kinross Gold Corporation (NYSE:KGC) is a Toronto-based company that explores, develops, and operates gold mines. It also processes gold ore, reclaims mining sites, and produces silver. In 2024, the Kinross’ Tasiast gold mine hit record highs in throughput, production, and cash flow, making it the company’s most profitable operation. The Paracatu gold mine maintained its strong performance as well, producing over 500,000 ounces of gold for the seventh year in a row, and Fort Knox also saw solid annual production. Overall, Kinross Gold Corporation (NYSE:KGC) posted $275.6 million in net earnings for Q4 and $948.8 million for the full year. It is one of the best dividend stocks to monitor.
By the end of 2024, Kinross had $611.5 million in cash and $2.3 billion in total liquidity. Staying focused on debt reduction, the company paid off the remaining balance on its term loan on February 10, 2025. To reward shareholders, the company declared a quarterly dividend of $0.03 per share, set to be paid on March 20, 2025, to shareholders on record as of March 5.
According to Insider Monkey’s fourth quarter database, 39 hedge funds were bullish on Kinross Gold Corporation (NYSE:KGC), compared to 41 funds in the prior quarter. Jim Simons’ Renaissance Technologies was the leading stakeholder of the company, with 32.8 million shares worth $304.6 million.
6. Barrick Gold Corporation (NYSE:GOLD)
Dividend Yield as of February 25: 2.19%
Number of Hedge Fund Holders: 44
Average Upside Potential: 22.82%
Barrick Gold Corporation (NYSE:GOLD) is the 6th best gold dividend stock on our list. It is a Canadian gold and copper mining company engaged in exploration, development, and production. Barrick Gold had a great year, boosting its gold reserves by 23% and adding 17.4 million ounces, with the total reserves amounting to 89 million ounces. A big part of this growth came from the Reko Diq copper-gold project, which officially moved into the reserves category. Copper reserves also surged by 224%, reaching 18 million tonnes, given major feasibility studies at Lumwana and Reko Diq, confirming them as top-tier copper projects. Since 2019, Barrick has replaced more than 180% of its depleted gold reserves.
On February 12, Barrick Gold Corporation (NYSE:GOLD) announced a $0.10 per share dividend, payable on March 17 to shareholders on record as of February 28, 2025. Barrick’s Board also approved a new $1 billion share repurchase program for the next 12 months on February 12, 2025, replacing the previous program from February 2024, under which the company bought back $498 million in shares.
Among the hedge funds tracked by Insider Monkey, 44 funds were bullish on Barrick Gold Corporation (NYSE:GOLD), compared to 42 funds in the prior quarter.
5. Osisko Gold Royalties Ltd (NYSE:OR)
Dividend Yield as of February 25: 0.99%
Number of Hedge Fund Holders: 17
Average Upside Potential: 26.33%
Osisko Gold Royalties Ltd (NYSE:OR) acquires and manages precious metal royalties, streams, and financing interests in Canada and internationally. The company explores and develops mining properties, focusing on gold, silver, and diamonds. Osisko expects to earn 80,000-88,000 gold equivalent ounces (GEOs) in 2025 with a strong 97% cash margin. This includes contributions from silver, copper, and cash royalties, assuming steady production at prominent mines like Capstone Copper’s Mantos Blancos and new payments from Cardinal Namdini’s Namdini mine later in the year. The company projects 110,000-125,000 GEOs by 2029, supported by new projects like Gold Fields’ Windfall and South32’s Hermosa/Taylor, as well as expansion at Alamos Gold’s Island Gold District.
Osisko Gold Royalties Ltd (NYSE:OR) had a strong year, generating record operating cash flow of $159.9 million, up from $138.4 million in 2023. By the end of 2024, the company had $59.1 million in cash and $93.9 million in outstanding debt. On February 19, 2025, the Board approved a quarterly dividend of C$0.065 per share, which will be distributed on April 15, to shareholders on record as of March 31, 2025.
According to Insider Monkey’s fourth quarter database, Osisko Gold Royalties Ltd (NYSE:OR) was part of 17 hedge fund portfolios, the same as the prior quarter.
4. B2Gold Corp. (NYSE:BTG)
Dividend Yield as of February 25: 2.81%
Number of Hedge Fund Holders: 19
Average Upside Potential: 28.42%
B2Gold Corp. (NYSE:BTG), a Vancouver-based gold producer, operates mines in Mali, Namibia, and the Philippines. The company is also building the Goose Project in northern Canada and exploring new opportunities in Mali, Colombia, and Finland. It is one of the best dividend stocks to watch out for. B2Gold Corp. (NYSE:BTG) produced 186,001 ounces of gold in Q4 2024. Strong performance from the Masbate and Otjikoto mines helped offset lower than anticipated output from Fekola, where delays in accessing higher-grade ore affected production.
B2Gold Corp. (NYSE:BTG) concluded 2024 with $145 million in operating cash flow for Q4, bringing the full-year total to $660 million. By the end of the year, the company had $337 million in cash and $321 million in working capital. On February 19, 2025, the Board announced a $0.02 per share dividend for Q1, which will be paid on March 20, to shareholders on record as of March 7, 2025. It is one of the best dividend stocks to buy.
According to Insider Monkey’s Q4 data, 19 hedge funds were long B2Gold Corp. (NYSE:BTG), up from 15 funds in the last quarter. Pale Fire Capital is the largest stakeholder of the company, with 52.4 million shares worth nearly $128 million.
3. Centerra Gold Inc. (NYSE:CGAU)
Dividend Yield as of February 25: 3.21%
Number of Hedge Fund Holders: 16
Average Upside Potential: 30.23%
Centerra Gold Inc. (NYSE:CGAU) is a mining company headquartered in Toronto, specializing in gold and copper production. The company finished last year with steady gold and copper production, ending near the lower end of its production guidance. The company had $625 million in cash and cash equivalents at year-end, even after returning $90 million to shareholders and investing in the Thompson Creek restart. For 2025, production is projected to normalize at Öksüt mine and the company plans to optimize operations at Mount Milligan. Centerra expects strong free cash flow to fund Thompson Creek’s restart while maintaining shareholder returns.
On February 20, Centerra Gold Inc. (NYSE:CGAU) declared a C$0.07 per share dividend, payable on March 27, to shareholders on record as of March 13, 2025. The total amount of dividends paid will equal roughly C$14.7 million. It is one of the best dividend stocks to monitor.
Among the hedge funds tracked by Insider Monkey in Q4 2024, 16 funds reported owning stakes in Centerra Gold Inc. (NYSE:CGAU), the same as the prior quarter. Arrowstreet Capital is the biggest stakeholder of the company, with 5.80 million shares valued at $33 million.
2. Caledonia Mining Corporation Plc (NYSE:CMCL)
Dividend Yield as of February 25: 5.36%
Number of Hedge Fund Holders: 7
Average Upside Potential: 33.97%
Caledonia Mining Corporation Plc (NYSE:CMCL) is a gold mining company that was founded in 1992 and headquartered in Saint Helier, Jersey. Caledonia Mining’s CEO, Mark Learmonth, bought 2,047 shares at £8.30 each on December 6, 2024. With this purchase, he owns a total of 187,031 shares, giving him a 0.97% stake in the company. Caledonia Mining Corporation Plc (NYSE:CMCL) is one of the best dividend stocks to invest in.
Caledonia Mining had a good year at its Blanket Mine, producing 76,656 ounces of gold in 2024, slightly surpassing last year’s numbers and staying within the forecasted range. Q4 production came in at 19,841 ounces, given strong mine activity, with a record 797,000 tonnes milled over the year. For the year, 76,271 ounces were sold, including 17,734 ounces in Q4. On November 11, Caledonia Mining Corporation Plc (NYSE:CMCL) declared a quarterly dividend of $0.14 per share. The dividend was paid on December 6, 2024. The company has consistently paid quarterly dividends since 2012, making it a reliable dividend payer.
According to Insider Monkey’s Q4 data, 7 hedge funds were bullish on Caledonia Mining Corporation Plc (NYSE:CMCL), compared to 9 funds in the earlier quarter. William B. Gray’s Orbis Investment Management is the biggest stakeholder of the company, with 782,501 shares worth $7.3 million.
1. DRDGOLD Limited (NYSE:DRD)
Dividend Yield as of February 25: 1.91%
Number of Hedge Fund Holders: 5
Average Upside Potential: 41.92%
DRDGOLD Limited (NYSE:DRD) is a South African gold mining company that focuses on extracting gold from surface mine tailings. The company also sells gold and silver bullion. It ranks 1st on our list of the best gold dividend stocks according to analysts.
DRDGOLD Limited (NYSE:DRD) delivered a solid performance in the past six months, making steady progress toward its Vision 2028 goals. Gold production slightly increased to 2,564 kg, even as its subsidiary Ergo shifted to processing higher-volume, lower-grade sites. The company took full advantage of a 26% surge in gold prices, pushing operating profit up 74% to R1.58 billion. Headline earnings increased 65% to R970.1 million, and cash reserves grew to R661.2 million, with no bank debt.
Supported by this resilient performance, DRDGOLD Limited (NYSE:DRD) declared an interim dividend of 30 SA cents per share for the first half of FY2025 on February 18, 50% higher from last year’s dividend of 20 SA cents. This continues the company’s 18-year streak of paying dividends.
According to Insider Monkey’s Q4 data, DRDGOLD Limited (NYSE:DRD) was part of 5 hedge fund portfolios, compared to 4 in the prior quarter. Jim Simons’ Renaissance Technologies, Israel Englander’s Millennium Management, and Ken Griffin’s Citadel Investment Group were prominent investors in the company.
Overall, DRDGOLD Limited (NYSE:DRD) ranks first on our list of the best gold dividend stocks to buy according to analysts. While we acknowledge the potential of DRD to grow, our conviction lies in the belief that certain 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 DRD 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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