5 Best Gold Mining Stocks to Buy Now

1. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 56

Newmont Corporation (NYSE:NEM) is one of the best gold mining stocks to buy according to elite hedge funds. It is a Colorado-based company engaged in the production and exploration of gold, copper, silver, zinc, and lead. The company has operations and assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. 

On September 30, Citi analyst Alexander Hacking updated gold models ahead of the Q3 results to reflect updated price forecasts from Citi’s commodity team. Gold stocks have been impacted significantly by the selloff, creating a buying opportunity for investors to accumulate, the analyst told investors. He said Citi is mid-term bullish on gold, seeing prices recovering to $1,900 per ounce in the second half of 2023. He maintained a Buy rating on Newmont Corporation (NYSE:NEM). 

Among the hedge funds tracked by Insider Monkey, 56 funds reported owning stakes in Newmont Corporation (NYSE:NEM) at the end of Q2 2022, compared to 53 funds in the last quarter. Rajiv Jain’s GQG Partners is the biggest stakeholder of the company, with approximately 35 million shares worth over $2 billion. 

Here is what First Eagle Investments Global Fund has to say about Newmont Corporation (NYSE:NEM) in its Q2 2022 investor letter:

“Shares of Colorado-based Newmont, the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”

You can also take a look at 6 Best Geothermal Stocks To Buy and 15 Best Short Squeeze Stocks To Buy. 

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