5 Best Gold and Silver Stocks to Buy Amid Rising Inflation

3. Newmont Corporation (NYSE: NEM)

Number of Hedge Fund Holders: 43

Newmont Corporation (NYSE: NEM) is a mining company working mainly in the production and exploration of gold. The company also explores copper, silver, zinc, and lead. It has operations and assets in the US, Canada, Mexico, Peru, and a range of other countries and ranks 3rd on our lists of the best gold and silver stocks to buy amid rising inflation.

This April, Bank of America published its highest conviction picks for the second quarter of 2021, among which, Newmont Corporation (NYSE: NEM) was included as a high-conviction Buy. Newmont Corporation (NYSE: NEM) acquired the remaining 85% of GT Gold Corp this May, through a $325 million deal. For the first quarter of 2021, the company’s EPS was valued at $0.74 versus estimates of $0.78, representing an 80% increase in annual EPS. Revenue for the quarter was valued at $2.87 billion, a rise of 12.07% year over year attributed to higher metal prices.

By the end of the first quarter of 2021, 43 hedge funds out of the 866 tracked by Insider Monkey held stakes in Newmont Corporation (NYSE: NEM). The total value of their stakes was roughly $994 million. This is compared to 50 hedge funds out of 887 in the previous quarter holding stakes valued at about $1.21 billion.