Tumultuous 2024: 3 Gold Stocks to Buy for Safe Haven Seekers


  • These are gold stocks for investors seeking strong returns.
  • Harmony Gold Mining (HMY): The company has nearly doubled its share price within the last year, partly due to record-high gold prices.
  • Agnico Eagle Mines (AEM): Strong revenue growth and gold production have increased its stock price.
  • B2Gold (BTG): BTG offers investors a favorable valuation and strong returns.
Gold Stocks to Buy - Tumultuous 2024: 3 Gold Stocks to Buy for Safe Haven Seekers

Source: aerogondo2 / Shutterstock.com

In any market environment, gold and other precious metals stocks are always a solid addition to any investment portfolio as they allow investors to diversify and gain exposure to a number of financial markets.

During uncertain times in the stock market, it is essential to protect your investment portfolio from the possibility of major losses. Investing in gold and other commodities could help to mitigate the issue.

Gold prices have surged recently and are trading at near all-time highs. Within the last year, gold futures have increased by over 12%. Gold now is trading at $2,200/oz.

Below are a number of companies that operate various gold mining operations and may offer investors solid returns, particularly in the environment of high gold prices.

Harmony Gold Mining (HMY)

Gold bars and Financial concept, studio shots. Costco's gold bars, cost stock
Source: Misunseo / Shutterstock.com

Harmony Gold Mining (NYSE:HMY) is a mining company based in South Africa that explores for primarily gold deposits and other precious metals. HMY mine locations include South Africa, Australia and Papua New Guinea.

Harmony has been one of the best-performing gold mining companies. Gold prices are at an all-time high, and a record interim dividend has sent the stock price higher, which has nearly doubled within the past year.

Feb. 28, Harmony reported earnings for the second half of 2023, stating that total production profit increased by approximately 25% and free cash flow rose more than threefold compared to the previous year.

Harmony Gold Mining initiated an interim dividend payout to investors of 8 cents per share following the overall reduction in operating cost, the improved price of gold and production rates exceeding expectations. One of Harmony’s most profitable gold mines, the Mponeng Mine in South Africa, was approved to operate for another 20 years.

Harmony Gold Mining has benefited heavily from the increase in gold prices. Increased production of precious metals and reduced cost of operations make HMY a solid option for investors looking to diversify their portfolios.

Agnico Eagle Mines (AEM)

A pile of shining gold bars. Gold stocks
Source: Shutterstock

Agnico Eagle Mines (NYSE:AEM) explores and acquires gold mining properties in the U.S., Canada, Mexico and Finland.

Feb. 15, AEM reported earnings for the fourth quarter of 2023, stating that total revenue increased by 27% and gold production rose by 13% year over year.

Over the past year, AEM’s share price increased by approximately 9%. It also offers investors a robust dividend yield of 2.86% on an annual basis. Its most recent quarterly dividend payout was 40 cents per share.

AEM saw impressive growth in its free cash flow in Q4 2022. It was a deficit of $20 million, and in Q4 2023, it shifted to $302 million in free cash flow.

Agnico Eagle Mines is a strong option for investors looking to invest in gold-producing companies that provide a stable rate of returns. It may not be as exciting as other gold stocks, such as the previously mentioned Harmony, which saw a massive spike in its share price, but it is a company focused on consistent growth.

B2Gold (BTG)

gold stock
Source: Shutterstock

B2Gold (NYSEMKT:BTG) is a gold production company that has operations in North America, Europe, Asia, Africa and South America.

BTG offers investors a hefty dividend yield of approximately 6.27% on an annual basis, in which its latest quarterly dividend payment was 4 cents per share.

Feb. 21, B2Gold reported earnings for the fourth quarter of 2023, stating that total revenue decreased by 14% and its gold production dipped by 24% year-over-year. The drop in total gold production was due to BTG’s mine located in Mali, which saw its gold production nearly cut in half from the year before, while other mines saw an increase in gold production.

Over the past year, its share price has fallen fairly dramatically by 35%, which would make it a possible option for investors looking for a great valuation. With the company expecting to see its gold production rates increase to record levels in 2025, as well as a strong dividend yield, BTG could be a steal.

As of this writing, Noah Bolton 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 InvestorPlace.com Publishing Guidelines.

Noah has about a year of freelance writing experience. He’s worked with Investopedia dealing with topics such as the stock market and financial news.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/tumultuous-2024-3-gold-stocks-to-buy-for-safe-haven-seekers/.

©2024 InvestorPlace Media, LLC