13 Best Gold Stocks To Buy For Recession

Published on December 7, 2022 at 9:30 am by Usman Kabir in Hedge Funds, News

In this article, we discuss the 13 best gold stocks to buy for recession. If you want to read about some more gold stocks, go directly to 5 Best Gold Stocks To Buy For Recession.

According to a report by S&P Global, the sentiments for gold investment have risen over the past few months due to higher inflation and increasing geopolitical risks surrounding the Russian invasion of Ukraine. Since early March 2022, gold price has hit a 19-month high of around $2,039/oz and has stabilized around $1,900/oz. In most major economies, inflation has reached multi-decade highs and central banks are struggling to set it to the target range of 2%-3%, further fueling the demand for the precious commodity.

In October, as inflation appeared to be peaking and the market started growth numbers again, the price of gold fell 2% to US$1,639/oz due to the rising dollar strength. Latest research shows that the global gold mining market will grow from $214.1 billion in 2021 to $249.6 billion by 2026, at a compound annual growth rate of 3.1% for the period of 2021-2026. Some of the top stocks in the gold market that elite investors are using to profit off this gold boom include Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Franco-Nevada Corporation (NYSE:FNV).

Our Methodology

The companies that operate in the gold sector and are best positioned to offer investors some solidity amid rising recession fears were selected for the list. The business fundamentals and analyst ratings for these firms are also discussed to provide readers with some additional context for their investment choices. An extensive database of around 900 elite hedge funds tracked by Insider Monkey in the third quarter of 2022 was used to quantify the hedge fund sentiment around each stock.

Many of these gold stocks pay dividends and provide reliable investment opportunities for investors who are looking for safer options to park their cash amid recession risks.

Best Gold Stocks To Buy For Recession

13. AngloGold Ashanti Limited (NYSE:AU)

Number of Hedge Fund Holders: 13

AngloGold Ashanti Limited (NYSE:AU) operates as a gold mining company in Africa, the Americas, and Australia. AngloGold Ashanti revealed that it is targeting a 30% reduction to its scope 1 and 2 greenhouse gas emissions by 2030. The company is committed to achieving net zero emissions by 2050 through a combination of renewable energy projects, fleet electrification and lower-emission power sources.

On November 23, Deutsche Bank analyst Abhi Agarwal maintained a Buy rating on AngloGold Ashanti Limited (NYSE:AU) stock and raised the price target to $20 from $16, noting that production growth has ground to a halt over the past three years and when global demand turns back up, the market will again be faced with low inventories, inelastic supply and incentive level prices.

At the end of the third quarter of 2022, 13 hedge funds in the database of Insider Monkey held stakes worth $206.7 million in AngloGold Ashanti Limited (NYSE:AU), compared to 12 in the preceding quarter worth $232.4 million.

Just like Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Franco-Nevada Corporation (NYSE:FNV), AngloGold Ashanti Limited (NYSE:AU) is one of the best gold stocks to buy for recession according to elite investors.

12. SSR Mining Inc. (NASDAQ:SSRM)

Number of Hedge Fund Holders: 16

SSR Mining Inc. (NASDAQ:SSRM) engages in the acquisition, exploration, development, and operation of precious metal resource properties in Turkey and the Americas. On October 24, SSR Mining announced that it has agreed to acquire an additional 30% ownership in the Kartaltepe Mining venture at the Ҫӧpler District in Turkey from partner Lidya Mining for $150 million in cash, which will raise its ownership stake in the Ҫӧpler District to 80%.

On November 10, investment advisory Deutsche Bank maintained a Sector Perform rating on SSR Mining Inc. (NASDAQ:SSRM) stock and lowered the price target to C$23 from C$23.50. Analyst Mike Parkin issued the ratings update.

At the end of the third quarter of 2022, 16 hedge funds in the database of Insider Monkey held stakes worth $233 million in SSR Mining Inc. (NASDAQ:SSRM), compared to 15 in the preceding quarter worth $206.2 million.

In its Q3 2022 investor letter, Palm Valley Capital Management, an asset management firm, highlighted a few stocks and SSR Mining Inc. (NASDAQ:SSRM) was one of them. Here is what the fund said:

“We also purchased SSR Mining (NASDAQ:SSRM) during the quarter. SSR Mining is a precious metals mining company that we previously sold in November 2021 after it reached our valuation. SSR Mining’s stock has fallen significantly this year due to lower precious metal prices and the temporary closure of its Copler mine. We repurchased its shares in late September after the Copler mine restarted on schedule since the stock remained depressed. SSR Mining should generate significant free cash flow at current gold and silver prices and has a very strong balance sheet with over $600 million in net cash and $4.1 billion in stockholders’ equity. While we expect the stock to remain volatile, we believe the company is selling at an attractive price relative to its asset-heavy balance sheet and our net asset valuation.”

11. B2Gold Corp. (NYSE:BTG)

Number of Hedge Fund Holders: 16

B2Gold Corp. (NYSE:BTG) operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. On November 2, B2Gold Corp and AngloGold Ashanti, a limited global gold mining company, said that they will put their $925 million Gramalote gold project in Colombia up for sale before the end of the year.

On November 23, Stifel analyst Ingrid Rico maintained a Buy rating on B2Gold Corp. (NYSE:BTG) stock and lowered the price target to C$7 from C$7.25, highlighting the third-quarter results and maintaining the near-term and longer-term gold and silver price estimates.

At the end of the third quarter of 2022, 16 hedge funds in the database of Insider Monkey held stakes worth $187.5 million in B2Gold Corp. (NYSE:BTG), compared to 15 in the preceding quarter worth $220.2 million.

10. Hecla Mining Company (NYSE:HL)

Number of Hedge Fund Holders: 17

Hecla Mining Company (NYSE:HL) discovers, acquires, develops, and produces precious and base metal properties in the United States and internationally. On November 9, Hecla Mining declared a quarterly dividend of $0.00375 per share, in-line with the previous. The forward yield was 0.34%. Last quarter, the company declared a $0.0063 per share quarterly dividend, in line with the previous, consisting of $0.00375 per share for the minimum dividend component and $0.0025 per share for the silver-linked component.

On October 25, B. Riley analyst Lucas Pipes maintained a Buy rating on Hecla Mining Company (NYSE:HL) stock and lowered the price target to $6 from $9, noting that dollar strength and rising rates continue to serve as near to medium-term headwinds for precious metals.

At the end of the third quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $55.9 million in Hecla Mining Company (NYSE:HL), compared to 16 in the previous quarter worth $57.5 million.

9. Sibanye Stillwater Limited (NYSE:SBSW)

Number of Hedge Fund Holders: 18

Sibanye Stillwater Limited (NYSE:SBSW) operates as a precious metals mining company in South Africa, the United States, Zimbabwe, Canada, and Argentina. On November 28, Sibanye Stillwater Limited revealed that it will proceed with the construction of the $616 million Keliber Lithium project in Finland, as it seeks a foothold in the European battery metals market.

On October 5, Deutsche Bank analyst Abhi Agarwal maintained a Buy rating on Sibanye Stillwater Limited (NYSE:SBSW) stock and lowered the price target to $12.50 from $13, noting that the company is expected to see downside risks in the near term and a lot of bad news has already been thrown at markets with metals equities.

Among the hedge funds being tracked by Insider Monkey, Dallas-based investment firm Condire Investment is a leading shareholder in Sibanye Stillwater Limited (NYSE:SBSW) with 6 million shares worth more than $56.3 million.

In its Q2 2022 investor letter, Desert Lion Capital, an asset management firm, highlighted a few stocks and Sibanye Stillwater Limited (NYSE:SBSW) was one of them. Here is what the fund said:

“Sibanye Stillwater Limited (NYSE:SBSW) is one of the largest PGM (platinum group metal) producers in the world with major operations in South Africa and the U.S. On top of its additional gold mining operations in SA, the business has significant upside optionality in its growing lithium and nickel operations which are not yet contributing to earnings and remain unrecognized by the market in SSW’s price.

PGM and gold prices are lower than a year ago and Sibanye Stillwater’s earnings followed suit. Gold operations made a loss during the period due to a wage negotiation labor strike (see chart on next page). Notwithstanding all these headwinds, the company reported H1 2022 earnings per share of R4.23 which was in line with the six months ended December 2021 EPS…read more

8. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders: 24

Kinross Gold Corporation (NYSE:KGC) engages in the acquisition, exploration, and development of gold properties principally in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. On September 30, Kinross Gold Corporation announced that it has received TSX approval to amend its normal course issuer bid as part of its enhanced share buyback program. The amendment increases the maximum number of common shares that may be repurchased from 65,002,277 to 114,047,070 of its common shares, representing 10% of the company’s public float.

On November 23, Stifel analyst Ingrid Rico maintained a Buy rating on Kinross Gold Corporation (NYSE:KGC) stock and lowered the price target to C$9 from C$10, highlighting the third quarter results and maintaining the company’s near-term and longer-term gold and silver price estimates.

At the end of the third quarter of 2022, 24 hedge funds in the database of Insider Monkey held stakes worth $267 million in Kinross Gold Corporation (NYSE:KGC), compared to 21 in the previous quarter worth $273.7 million.

7. Royal Gold, Inc. (NASDAQ:RGLD)

Number of Hedge Fund Holders: 24

Royal Gold, Inc. (NASDAQ:RGLD) acquires and manages precious metal streams, royalties, and related interests. On November 15, Royal Gold declared a quarterly dividend of $0.375 per share, up 7.1% from the prior dividend of $0.350. The forward yield was 1.42%.

On October 17, Barclays analyst Matthew Murphy maintained an Equal Weight rating on Royal Gold, Inc. (NASDAQ:RGLD) stock and lowered the price target to $108 from $110, noting that the gold equities are preferred over base metal equities as global growth slows.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in Royal Gold, Inc. (NASDAQ:RGLD) with 3.3 million shares worth more than $312.9 million.

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

Number of Hedge Fund Holders: 25

Wheaton Precious Metals Corp. (NYSE:WPM) is a metal streaming company that primarily sells precious metals in Canada and internationally. On November 4, Wheaton Precious Metals stock rose 11% after the firm posted its earnings report for the third quarter of 2022. Reports were largely in-line with expectations. On August 18, Wheaton Precious Metals revealed that it has entered into a definitive agreement with certain subsidiaries of Glencore plc to terminate its silver stream on the Yauliyacu Mine in Peru for a cash payment of $150 million.

On October 19, investment advisory Stifel maintained a Buy rating on Wheaton Precious Metals Corp. (NYSE: WPM) stock and lowered the price target to C$64 from C$66.50. Analyst Ingrid Rico issued the ratings update.

At the end of the third quarter of 2022, 25 hedge funds in the database of Insider Monkey held stakes worth $564.4 million in Wheaton Precious Metals Corp. (NYSE:WPM), compared to 27 in the previous quarter worth $360.9 million.

In addition to Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Franco-Nevada Corporation (NYSE:FNV), Wheaton Precious Metals Corp. (NYSE:WPM) is one of the best gold stocks to buy for recession according to elite investors.

Click to continue reading and see 5 Best Gold Stocks To Buy For Recession.

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Published on December 13, 2024 at by Inan Dogan, PhD

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Published on November 16, 2024 at by Insider Monkey Staff

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Click to continue reading…

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