In this article we discuss the 5 best precious metals stocks to buy now. If you want to read our detailed analysis of the best performing metal stocks, go directly to 10 Best Precious Metals Stocks To Buy Now.
5. B2Gold Corp. (NYSE: BTG)
No. of Hedge Fund Holders: 22
B2Gold Corporation ranks 5th in our list of 10 best precious metals stocks to buy now. The company has mining operations in the Philippines, Mali and Namibia. In full-year 2020, the company said its consolidated output from three operating mines jumped 17%, driven by output from its mines in Mali. In the fourth quarter, the company’s adjusted EPS came in at $0.14, beating the Street’s forecasts by $0.01. Revenue in the quarter jumped over 50%.
A total of 22 hedge funds tracked by Insider Monkey were bullish BTG at the end of the December quarter, up from 17 funds a quarter earlier.
4. Wheaton Precious Metals Corp. (NYSE: WPM)
No. of Hedge Fund Holders: 34
Canada-based Wheaton Precious Metals is one of the best precious metals stocks to buy now, with operations dealing in molybdenum, gold, silver and palladium. The company has 19 operating mines and 9 development stage projects. The company recently said it expects about 2% increase in its fiscal 2021 gold production, while a 1.5% growth is expected in silver production. The stock is up about 40% since the start of the year.
First Eagle Investment Management is one of the 34 hedge funds tracked by Insider Monkey having stakes in WPM at the end of the fourth quarter. The fund owns over 16.2 million shares of the company.
3.Kinross Gold Corporation (NYSE: KGC)
No. of Hedge Fund Holders: 36
Ranking 3rd on our list of 10 best precious metals stocks to buy now is Canada-based Kinross, which mines silver and gold. The company has about 8 active gold mines in the U.S., Brazil, Ghana, Mauritania and Russia. The company’s performance in the fourth quarter was stronger than expected, amid rising gold prices. Revenue in the quarter jumped 20% to $1.2 billion. The company expects production to stay flat in 2021. The stock is up 16% year to date.
As of the end of the fourth quarter of 2020, 36 hedge funds tracked by Insider Monkey were long 36, up from 29 funds a quarter earlier.
2. Newmont Corporation (NYSE: NEM)
No. of Hedge Fund Holders: 50
Colorado-based Newmont is one of the biggest gold mining companies in the world, with operations in Mexico, Canada, Australia, Ghana, Peru and Argentina. In addition to gold, the company also mines several other precious and essential metals like silver, zinc, lead and copper. In the fourth quarter, the company’s adjusted EPS more than doubled and crushed analysts’ forecasts, thanks to higher prices in the period. Adjusted profit in the period jumped to $856 million, from $410 million in the same quarter a year ago. The stock is up about 10% since the start of the year.
As of the end of the fourth quarter, 50 hedge funds tracked by Insider Monkey held stakes in the company.
In one of their 2020 investor letters, First Eagle Investment Management highlighted a few stocks and Newmont Corp (NYSE:NEM) is one of them. Here is what First Eagle said:
“Given what we view as a high-quality management team and robust balance sheet, Colorado’s Newmont is a prime example of a miner that was prepared to meet the challenges of Covid19. With rigorous protocols already in place, the company has been proactive in managing its mines to protect local communities and infrastructure while at the same time mitigating the pandemic’s impact on its business. In contrast with broad market trends that have companies cutting or suspending dividend payments, Newmont recently increased its quarterly dividend by 79%.”
1. Barrick Gold Corporation (NYSE: GOLD)
No. of Hedge Fund Holders: 53
Canada-based Barrick Gold has mining operations in several countries, including Argentina, Congo, Dominican Republic, United States, Saudi Arabia, , Mali, Papua New Guinea and Tanzania. In 2020, the company’s gold production came in at 4.8 million ounces, while copper production totaled 457 million pounds. The company’s CEO Mark Bristow recently said that Barrick Gold’s possible combination with Arizona-based miner Freeport would “had a lot of logic to it.” The stock recently rallied after the company beat analysts’ estimates for the fourth quarter of 2020. Revenue in the period jumped 14% to $3.3 billion.
As of the end of the fourth quarter, 53 hedge funds in Insider Monkey’s database of 887 funds held stakes in Barrick Gold Corporation, compared to 52 funds in the third quarter. First Eagle Investment Management is the biggest stakeholder in the company, with 26.8 million shares, worth $610.8 million.
In one of their 2020 investor letters, First Eagle Investment Management highlighted a few stocks and Barrick Gold Corp (NYSE:GOLD) is one of them. Here is what First Eagle stated:
“Barrick Gold has continued to execute through the challenges posed by the pandemic, with strong production results and low costs driving improved free cash flow reported for first quarter 2020. Barrick has drawn on previous management experience with Ebola outbreaks in Africa to formulate a plan to promote the safety of its employees and communities in the face of Covid19. The company has maintained its annual production guidance for 2020 with only a slight downward adjustment, due to a lease dispute with the government of Papua New Guinea. We believe the company’s prudent management team and strong and diversified asset base position it well to manage through the current trying environment.”
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