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

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.

8. Franco-Nevada Corporation (NYSE:FNV)

Short % of Shares Outstanding: 1.55%

Franco-Nevada Corporation (NYSE:FNV) stated on May 13 that it remains on track to achieve its 2026 gold equivalent ounce sales guidance of 510,000 to 570,000 ounces, excluding potential contributions from the Cobre Panama project. Management noted that while recent approval for processing stockpiled ore at Cobre Panama is expected to provide some benefit this year, the majority of associated deliveries are anticipated in 2027. The company also highlighted the resilience of its royalty and streaming model, emphasizing that revenues are largely insulated from mining cost inflation and operational risks. In addition, management stated that sustained increases in oil prices could provide incremental upside to the company’s energy revenue segment, with a $10 increase in oil prices potentially boosting oil-related revenue by roughly 12%.

Earlier, on April 29, Canaccord analyst Carey MacRury upgraded Franco-Nevada Corporation (NYSE:FNV) to Buy from Hold and raised the firm’s price target to C$415 from C$380. The upgrade reflected growing confidence in the company’s diversified royalty portfolio, stable cash-generating profile, and long-term exposure to precious metals and energy markets without the direct operational risks associated with mine ownership.

Franco-Nevada Corporation (NYSE:FNV) is a gold-focused royalty and streaming company that provides financing to mining operators in exchange for future production royalties and stream agreements. Founded in 1983 and headquartered in Toronto, the company maintains a diversified portfolio spanning precious metals, energy, and other natural resource assets. Unlike traditional mining operators, Franco-Nevada benefits from commodity price exposure while avoiding many direct mining and capital cost pressures.

The company’s diversified royalty structure and strong exposure to precious metals prices may continue supporting resilient cash flow generation even during periods of operational volatility across the mining sector.

7. Collective Mining Ltd. (NYSEAMERICAN:CNL)

Short % of Shares Outstanding: 1.48%

Collective Mining Ltd. (NYSEAMERICAN:CNL) received a bullish analyst revision on April 22 when Scotiabank raised its price target on the company to C$35 from C$28 while maintaining an Outperform rating on the shares. The revised valuation reflects continued optimism surrounding the company’s exploration progress and the potential scale of its precious and base metals discoveries. Analysts continue to view Collective Mining as an emerging exploration company with significant upside tied to ongoing drilling success and resource expansion efforts.

Earlier, on March 30, Canaccord analyst Peter Bell raised the firm’s price target on Collective Mining Ltd. (NYSEAMERICAN:CNL) to C$29.25 from C$20 while reiterating a Speculative Buy rating. The firm cited growing confidence in the company’s exploration portfolio and the increasing strategic value of its gold, silver, copper, and tungsten assets as drilling programs continue to deliver encouraging results.

Collective Mining Ltd. (NYSEAMERICAN:CNL) is a Canadian-based mineral exploration company focused on identifying and developing large-scale deposits containing gold, silver, copper, and tungsten. Founded in 2018 and headquartered in Miami, the company concentrates on high-grade exploration opportunities aimed at expanding future resource potential. Its strategy centers on aggressive exploration activity and the advancement of mineral projects capable of attracting long-term development interest, ranking it among the best gold mining stocks to buy.

The combination of rising analyst price targets and continued exploration momentum could enhance investor interest as demand for strategic metals and precious metals remains strong.

6. Kinross Gold Corporation (NYSE:KGC)

Short % of Shares Outstanding: 1.41%

Kinross Gold Corporation (NYSE:KGC) reported first-quarter revenue of $2.41 billion on April 30, slightly below analyst estimates of $2.46 billion. The company produced 492,563 gold equivalent ounces during the quarter, representing a planned 4% decline from the prior year as stronger production from Paracatu offset lower output from several other mining operations. CEO J. Paul Rollinson highlighted record quarterly free cash flow of approximately $840 million, marking the fourth consecutive quarterly record for the company. Management also emphasized disciplined cost management, strong operating margins, and continued shareholder returns, including approximately $350 million returned through dividends and share repurchases during 2026. Kinross additionally noted progress across several major development projects, including Great Bear, Lobo-Marte, and multiple U.S.-based growth initiatives.

Earlier, on April 11, Kinross Gold Corporation (NYSE:KGC) disclosed that TRC Capital had launched an unsolicited mini-tender offer to purchase approximately 2.5 million common shares at C$41.75 per share. The company strongly recommended that shareholders reject the offer, noting that the proposed purchase price represented a discount to the company’s prevailing market price and emphasizing that Kinross had no affiliation with the bidder.

Kinross Gold Corporation (NYSE:KGC) is a senior gold mining company engaged in the acquisition, exploration, development, and operation of gold-producing properties across the Americas and West Africa. Founded in 1993 and headquartered in Toronto, the company also produces silver and maintains a portfolio of long-life mining assets and development-stage projects. Kinross focuses on disciplined capital allocation, operational efficiency, and long-term reserve expansion across its global mining portfolio.

Strong free cash flow generation and ongoing project development progress may continue supporting shareholder returns and future production growth even amid broader market uncertainty. With short interest at 1.41% of shares outstanding, KGC remains positioned as a large-scale gold producer benefiting from elevated precious metals prices and disciplined operational execution.

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