5 Best Gold Stocks Under $50

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

Number of Hedge Fund Holders: 29

Share Price as of July 24: $44.19

Wheaton Precious Metals Corp. (NYSE:WPM) is involved in the sale of precious metals in North America, Europe, and South America. The company’s production includes gold, silver, palladium, and cobalt deposits. Wheaton Precious Metals Corp. (NYSE:WPM) is one of the best gold stocks to buy. 

On May 17, Wheaton Precious Metals Corp. (NYSE:WPM) signed a gold stream agreement with Lumina Gold for $300 million to gain access to the Cangrejos gold-copper mine in Ecuador. The mine is expected to be a high-margin operation with a 26-year life span, producing 24,000 ounces of gold annually for the first 10 years and more than 4,500 ounces per year throughout its life. 

According to Insider Monkey’s first quarter database, 29 hedge funds were bullish on Wheaton Precious Metals Corp. (NYSE:WPM), compared to 28 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with 20.30 million shares worth $977.6 million. 

White Falcon Capital Management made the following comment about Wheaton Precious Metals Corp. (NYSE:WPM) in its second quarter 2023 investor letter:

“Precious Metals Royalty basket (Wheaton Precious Metals Corp. (NYSE:WPM), SSL, TFPM): In the current macroeconomic environment, there are many ways to ‘win’ with gold. It is remarkable that even with record positive real yields, gold is flirting with all time highs. Why? Western central banks are increasing interest rates which means that they will have to pay more interest on the record levels of debt that their government’s owe. Where will the money come from to pay the higher interest expense? The answer is simple – more debt and more money printing! We believe the gold knows this! We believe that precious metals will protect real purchasing power and act as a hedge to the portfolio when macroeconomic uncertainty arises. Owning royalty companies at reasonable valuations gives us a high quality exposure to precious metals without project or cost inflation risks inherent in a mining company.”