In this article, we will discuss 10 Best Gold Mining Stocks to Buy as Central Banks Buy Bullion.

Gold mining stocks are once again attracting intense attention from billionaire investors and hedge fund managers as rising geopolitical tensions, inflation fears, and record central-bank gold purchases fuel one of the strongest precious-metals rallies in decades.

Few billionaire investors are more closely associated with gold than John Paulson, who famously profited from the 2008 housing crash and later made massive bets on gold and gold mining companies. Paulson recently expanded his investment in the Donlin Gold project in Alaska, a mine estimated to contain roughly 39 million ounces of gold. Meanwhile, Ray Dalio has repeatedly argued that gold remains one of the safest hedges against currency debasement and financial instability. Dalio recently warned that rising global debt and “capital wars” could continue driving demand for gold as investors seek protection from weakening fiat currencies.

Recent studies and industry research also strongly support the bullish case for gold mining stocks. According to research from BlackRock, gold surged roughly 60% in 2025, while gold mining equities advanced an astonishing 164% as measured by the FTSE Gold Mines Index. Moreover, 95% of central banks surveyed expect global gold reserves to rise further in 2026, compared with just 52% in 2021. Research from VanEck found that many gold miners are generating record free cash flow with production costs below $2,000 per ounce, allowing profitability to remain strong even if gold prices stabilize. Meanwhile, a survey highlighted by Goldman Sachs found that nearly 70% of institutional investors expect gold prices to continue rising through 2026.

The appeal of gold mining stocks lies in their unique leverage to gold prices. When bullion rises, mining companies experience disproportionately larger gains in revenue, earnings, and cash flow. Investors are also drawn to the sector because of central-bank buying, inflation hedging, geopolitical uncertainty, weakening currencies, and growing concerns about global debt levels. Overall, gold mining stocks are no longer viewed as merely defensive investments; they are seen as high-upside plays tied to one of the strongest macroeconomic trends in global markets.

With this context in mind, here are the best gold mining stocks to buy while central banks are focused on buying bullion.

Our Methodology

We used stock screeners to identify a list of gold mining stocks and picked out the ones with the lowest short percentage of outstanding shares. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds. To make the list easier to navigate, we ranked the stocks in descending order of their short percentage of shares outstanding as of April 30, 2026.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

10 Best Gold Mining Stocks to Buy as Central Banks Buy Bullion

10. Alamos Gold Inc. (NYSE:AGI)

Short % of Shares Outstanding: 1.90%

Alamos Gold Inc. (NYSE:AGI) reported on April 30 that it expects 2026 gold production to range between 570,000 and 650,000 ounces while forecasting capital expenditures of approximately $910 million to $1 billion. The same day, the company posted first-quarter revenue of $596.7 million, exceeding analyst consensus estimates of $588.53 million, while producing 123,900 ounces of gold during the quarter. CEO John McCluskey stated that production results were aligned with guidance and highlighted record underground mining rates at Island Gold alongside significantly improved milling rates at Magino following operational enhancements. Management expects all three core operations to contribute to a 20% increase in second-quarter production, with further production growth and lower costs anticipated during the second half of the year as mining ramp-ups continue across key assets.

Earlier, on April 8, Canaccord raised its price target on Alamos Gold Inc. (NYSE:AGI) to C$80 from C$72 while maintaining a Buy rating on the shares. The firm updated its valuation model following fourth-quarter results and pointed to the company’s record EBITDA, strong all-in sustaining cost margins, and record free cash flow generation, which were supported by elevated gold prices and improving operational performance across its mining portfolio.

Alamos Gold Inc. (NYSE:AGI) is a Canadian-based mid-tier gold producer focused on the exploration, development, and mining of gold assets across North America. Founded in 2003 and headquartered in Toronto, the company operates several low-cost mining assets, including the Island Gold and Young-Davidson mines in Canada and the Mulatos district in Mexico. Its strategy emphasizes operational efficiency, disciplined capital allocation, and long-life reserve development.

The company’s rising production outlook and expectations for declining operating costs could strengthen profitability as gold prices remain supportive. With short interest at 1.90% of shares outstanding, AGI appears well-positioned among mid-tier miners, benefiting from operational growth and strong precious metals pricing.

9. Newmont Corporation (NYSE:NEM)

Short % of Shares Outstanding: 1.77%

Newmont Corporation (NYSE:NEM) received a higher analyst target on April 24 when BMO Capital raised its price objective to $145 from $140 while maintaining an Outperform rating on the shares. The firm updated its model following what it described as a strong first quarter, noting that while second-quarter production may soften modestly, the company remains on track to meet annual guidance while managing costs and targeting stronger production growth in the second half of the year. Analysts also emphasized Newmont’s operational consistency and scale advantages within the global gold mining industry.

The same day, Newmont Corporation (NYSE:NEM) reported first-quarter revenue of $7.31 billion, significantly above consensus estimates of $6.44 billion. The company produced approximately 1.3 million attributable gold ounces, in addition to 9 million ounces of silver and 30 thousand tons of copper from its managed operations. CEO Natascha Viljoen stated that Newmont generated a record $3.1 billion in quarterly free cash flow while remaining firmly on track to achieve its 2026 guidance targets. Management also announced a substantial expansion of its share repurchase program through an additional $6 billion authorization following the completion of its prior buyback initiative.

Newmont Corporation (NYSE:NEM) is among the best gold mining stocks to buy and a major producer of copper, silver, zinc, and lead. Founded in 1921 and headquartered in Denver, the company operates a diversified portfolio of long-life mining assets across multiple continents. Newmont focuses on responsible mining practices, operational sustainability, and disciplined capital allocation while maintaining exposure to global precious metals demand.

Record free cash flow generation and aggressive shareholder return initiatives may reinforce investor confidence as gold prices remain elevated in a volatile macroeconomic environment.