Gilded Gains: 3 Gold Stocks to Shine in Your Portfolio


  • As the price of gold continues to rise, these three gold stocks will shine in your portfolio.
  • Barrick Gold (GOLD): The company just announced a new $1 billion stock buyback program.
  • Newmont Corp. (NEM): The acquisition of Australia’s Newcrest Mining should lead to big synergies at the company. 
  • Kinross Gold (KGC): The gold miner has swung to a profit from a previous loss.
gold stocks - Gilded Gains: 3 Gold Stocks to Shine in Your Portfolio

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In recent days, the price of gold has risen above $2,300 per ounce for the first time, hitting an all-time high in the process. Spot gold is currently trading at a record high of $2,356.50 an ounce, so it makes sense that precious metals investors are turning their attention to gold stocks. Gold’s price is marching higher on prospects for lower interest rates and as central banks around the world increase their stores of bullion. On April 3, U.S. Federal Reserve Chair Jerome Powell said that stubborn inflation had not altered the overall picture for monetary policy moving forward, sending the price of gold jumping.

Gold benefits when interest rates fall as it reduces the opportunity cost of holding bullion. At the same time, central banks have been increasing their holdings of gold, which is viewed as a safe haven asset in times of geopolitical turmoil. Central banks have been buying more gold with military conflicts raging in the Middle East and Ukraine. Some analysts estimate that central bank buying has driven up the price of gold by as much as 25%. Investors looking for gold stocks to shine in their portfolios should check out these three with gilded gains.

Barrick Gold (GOLD)

How to Play Barrick Gold Stock Ahead of Today's Earnings
Source: Piotr Swat /

There are a few reasons to like Barrick Gold (NYSE:GOLD) right now. In February, the company announced a new $1 billion stock buyback program, which is positive for shareholders. News of the buyback came along with financial results that, while mixed, showed improvement at the company. The global mining firm reported earnings per share (EPS) of 27 cents for the final quarter of 2023. That beat Wall Street forecasts of 21 cents. Revenue came in at $3.06 billion, below expectations of $3.08 billion.

Barrick reported that its total gold production in 2023 rose 1.4% to 1.05 million ounces, while the average realized price per ounce increased 3% to $1,986 in Q4 of last year. In terms of forward guidance, Barrick Gold said that it anticipates higher gold production this year as prices for the precious metal reach record highs. Management said that they expect gold production to range between 3.9 million ounces and 4.3 million ounces this year, compared with 4.05 million ounces in 2023. Record prices should boost profits too.

GOLD stock is down 6% over the last 12 months. However, the stunted trading might not last much longer, especially if the company’s earnings continue to show improvement.

Newmont Corp. (NEM)

Newmont logo on a mobile phone screen
Source: Piotr Swat/Shutterstock

Newmont Corp. (NYSE:NEM) is the world’s largest gold miner. In business since 1921, the company today has operations stretching from its home base of Denver, Colo., all the way to Australia and many points in-between. NEM stock is a good one to own with the price of gold at an all-time high. Currently, there is a buy-the-dip opportunity with the company’s share price down 1.3% so far in 2024. Shareholders also benefit from a quarterly dividend payment of 25 cents a share, giving the stock a yield of 2.54%.

NEM stock has slumped since the American gold miner closed its $16.9 billion takeover of former Australian rival Newcrest Mining. While the deal cements Newmont’s status as the the world’s biggest gold company, some analysts questioned the timing of the acquisition and the purchase price, balking at Newmont’s offer $21.37 per share, which represented a more than 30% premium to Newcrest’s share price before the takeover was announced. Still, the purchase of Newcrest is expected to generate $500 million in synergies within the next two years.

Kinross Gold (KGC)

Cellphone with business logo of Canadian mining company Kinross Gold Corp. on screen in front of webpage.
Source: T. Schneider /

The stock of Kinross Gold (NYSE:KGC) has been performing very well with spot gold prices at record highs. This year, KGC stock is up 9.6%. Over the past 12 months the share price has increased 30%. And over five years it has risen 87%. One of the 10 largest gold producers in the world, KGC stock has been on an upswing as the company ramps up its production levels and as its earnings show strength. This continued growth makes it one of the best gold stocks on the list.

Owing to high gold prices, Kinross reported a fourth quarter 2023 profit from continuing operations of $65.4 million or six cents per share. That was a dramatic turnaround from a loss of $106 million or 8 cents a share a year earlier. Revenues rose 3.7% year-over-year (YOY) to $1.12 billion, topping Wall Street forecasts of $902.2 million. The company produced 546,513 ounces of gold in the final quarter of last year, also beating estimates.

Kinross expects its gold production to be approximately 2.1 million ounces this year, though it is aiming to increase production even more as it strives to make hay while the sun shines.

On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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