This article presents an overview of the 5 Best Precious Metals Stocks to Invest in Now. For a detailed overview of such stocks read our article, 12 Best Precious Metals Stocks to Invest in Now.
5. Alamos Gold Inc (NYSE:AGI)
Number of Hedge Fund Investors: 33
Alamos Gold Inc (NYSE:AGI) shares have gained about 14% over the past one year. Earlier this month, Bank of America upgraded the stock to Neutral and increased its price target to $20 from $15.75.
Alamos Gold Inc (NYSE:AGI) is one of the most popular gold stocks among the elite hedge funds tracked by Insider Monkey. First Eagle Investment Management owns a $119 million stake in Alamos Gold Inc (NYSE:AGI).
4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Investors: 36
Gold and silver mining company Kinross Gold Corporation (NYSE:KGC) in February posted strong Q4 results. Adjusted EPS in the quarter came in at $0.11, surpassing estimates by $0.01. Revenue in the quarter jumped 3.7% year over year to $1.12 billion, beating estimates by $50 million.
3. Barrick Gold Corp (NYSE:GOLD)
Number of Hedge Fund Investors: 43
Jean-Marie Eveillard’s First Eagle Investment Management owns an $808 million stake in Barrick Gold Corp (NYSE:GOLD) as of the end of 2023, but since the fund is the biggest stakeholder in almost all of the precious metals stocks in our article, we’d see some other big stakeholders of Barrick Gold Corp (NYSE:GOLD). The second largest stake in Barrick Gold Corp (NYSE:GOLD) belongs to William B. Gray’s Orbis Investment Management ($70 million), while GLG Partners of Noam Gottesman owns a $54 million stake in Barrick Gold Corp (NYSE:GOLD).
2. Agnico Eagle Mines Ltd (Ontario) (NYSE:AEM)
Number of Hedge Fund Investors: 43
Agnico Eagle Mines Ltd (Ontario) (NYSE:AEM) is one of the best precious metals stocks to buy according to smart money investors. Out of the 933 hedge funds in Insider Monkey’s database, 43 funds reported having stakes in Agnico Eagle Mines Ltd (Ontario) (NYSE:AEM). The biggest hedge fund stakeholder in Agnico Eagle Mines Ltd (Ontario) (NYSE:AEM) is Jean-Marie Eveillard’s First Eagle Investment Management ($340 million stake).
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Investors: 53
Goldman Sachs recently published a list of stocks with high operating leverage. Denver, Colorado-based miner Newmont Corporation (NYSE:NEM) was part of the list. Goldman said these high operating leverage companies can generate more sales without increasing their costs, which results in margin expansion and earnings growth.
A total of 53 hedge funds tracked by Insider Monkey had stakes in Newmont Corporation (NYSE:NEM) as of the end of the fourth quarter.
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