In this article, we discuss 5 best gold stocks under $50. If you want to read our detailed discussion on the gold industry, head over to 10 Best Gold Stocks Under $50.
5. Alamos Gold Inc. (NYSE:AGI)
Number of Hedge Fund Holders: 25
Share Price as of July 24: $12.42
Alamos Gold Inc. (NYSE:AGI) is engaged in acquiring, exploring, developing, and mining precious metals in Canada and Mexico. The company’s main focus is on exploring for gold and silver deposits. Alamos Gold Inc. (NYSE:AGI) is headquartered in Toronto, Canada. It is one of the best gold stocks to watch. On April 26, Alamos Gold Inc. (NYSE:AGI) reported a Q1 non-GAAP EPS of $0.12 and a revenue of $251.5 million, outperforming Wall Street estimates by $0.03 and $19.95 million, respectively. The company achieved a gold production of 128,400 ounces, surpassing the projected quarterly target and indicating a 30% increase compared to the first quarter of 2022. Additionally, Alamos Gold Inc. (NYSE:AGI) sold 132,668 ounces of gold at an average realized price of $1,896 per ounce.
According to Insider Monkey’s first quarter database, 25 hedge funds were bullish on Alamos Gold Inc. (NYSE:AGI), compared to 28 funds in the earlier quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the leading stakeholder of the company, with 10.6 million shares worth nearly $130 million.
Palm Valley Capital made the following comment about Alamos Gold Inc. (NYSE:AGI) in its Q4 2022 investor letter:
“For the full calendar year, the Fund’s top performers were Coterra Energy (ticker: CTRA), Amdocs, and Alamos Gold Inc. (NYSE:AGI). Coterra’s stock rose sharply along with energy prices at the beginning of 2022. Amdocs delivered record operating results during the year and demonstrated the strength of its market position serving the world’s leading communication service providers. All the Fund’s precious metals holdings, led by Alamos, contributed positively to performance in 2022, with a 1% collective contribution from gold and silver equities. We think this was a good outcome relative to gold and silver prices that ended the year essentially flat, after a summer swoon. Additionally, precious metals miners were down, on average, in 2022.”
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4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 26
Share Price as of July 24: $5.03
Kinross Gold Corporation (NYSE:KGC) specializes in acquiring, exploring, and developing gold properties primarily in the United States, Brazil, Chile, Canada, and Mauritania. It is one of the best gold stocks to monitor. On July 12, Kinross Gold Corporation (NYSE:KGC) announced its decision to redeem $500 million worth of outstanding 5.95% senior notes that are due on March 15, 2024. The redemption will take place on August 10, 2023. After the redemption, Kinross Gold Corporation (NYSE:KGC) will have $1.25 billion of senior notes remaining, and the next maturity date for senior notes is on July 15, 2027, for an aggregate principal amount of $500 million. To facilitate the redemption of the 5.95% senior notes, the company raised $500 million through the issuance of 6.250% senior unsecured notes, which will be due in 2033.
According to Insider Monkey’s first quarter database, Kinross Gold Corporation (NYSE:KGC) was part of 26 hedge fund portfolios, compared to 24 in the prior quarter. Ali Motamed’s Invenomic Capital Management is the biggest stakeholder of the company, with 5.3 million shares worth $25.3 million.
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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.”
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Follow Wheaton Precious Metals Corp. (NYSE:WPM)
2. Barrick Gold Corporation (NYSE:GOLD)
Number of Hedge Fund Holders: 41
Share Price as of July 24: $17.40
Barrick Gold Corporation (NYSE:GOLD) is involved in exploring, developing, producing, and selling gold and copper properties. The company owns and operates gold mines in multiple countries, including Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States. Barrick Gold Corporation (NYSE:GOLD) is one of the best gold stocks to invest in.
On July 13, Barrick Gold Corporation (NYSE:GOLD) announced its preliminary Q2 production figures, comprising 1.01 million ounces of gold and 107 million pounds of copper. These numbers represent an increase compared to the previous quarter’s production of 952,000 ounces of gold and 88 million pounds of copper. Barrick Gold Corporation (NYSE:GOLD) expressed confidence in achieving its full-year gold and copper production targets. Furthermore, the company anticipates that production will continue to rise throughout the year, with the second half of the year exceeding the levels achieved in the first half.
According to Insider Monkey’s first quarter database, 41 hedge funds were bullish on Barrick Gold Corporation (NYSE:GOLD), compared to 40 funds in the last quarter. Ken Griffin’s Citadel Investment Group is a prominent stakeholder of the company, with 8.4 million shares worth $157 million.
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1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 52
Share Price as of July 24: $43.21
Newmont Corporation (NYSE:NEM) is involved in the production and exploration of gold. The company also conducts exploration activities for copper, silver, zinc, and lead. Its operations and assets are spread across the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. Newmont Corporation (NYSE:NEM) is one of the best gold stocks to invest in.
On July 20, Newmont Corporation (NYSE:NEM) declared a $0.40 per share quarterly dividend, in line with previous. The dividend is payable on September 21, to shareholders of record on September 7.
According to Insider Monkey’s first quarter database, 52 hedge funds were bullish on Newmont Corporation (NYSE:NEM), compared to 50 funds in the earlier quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with 18.4 million shares worth $903.4 million.
In its Q2 2022 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Newmont Corporation (NYSE:NEM) was one of them. Here is what the fund said:
“Shares of Colorado-based Newmont Corporation (NYSE:NEM), 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.”
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