In this article, we explore the 11 Best Canadian Gold Stocks to Buy According to Hedge Funds.
In February this year, a Goldman Sachs analyst posed an interesting question on ‘The Markets’ podcast: “Gold is making fresh, all-time highs. Are more gains ahead?” At the time, gold prices had grown by 10% since the beginning of the year. The analysts forecasted that, at the very least, an ounce of gold would fetch $3,500 by the end of the year.
We are now in August, and although the $3,500 target base rate hasn’t been surpassed yet, it’s getting close. As of August 6, the yellow metal was trading at $3,368.19 per ounce, according to Trading Economics. However, the bullish tailwinds that Goldman Sachs highlighted earlier are still in play, one of them being central bank accumulation. According to a Reuters analysis, central bank gold demand has increased sharply over the past three years, even as prices reached a record $3,500.05 an ounce in April—a 95% rise since Russia invaded Ukraine in February 2022.
And one country, Canada, is reaping the dividends of ascendant gold prices. The country ranks fourth among gold-producing countries, and it accounts for 6.7% of global mine production. Canada is also home to some of the world’s largest gold mining firms.
BMO Private Wealth analysts Richard Belley and Russ Visch, in their Investment Strategy insights from July 9, 2025, flagged increased conviction in gold and natural gas equities in Canada, noting these were high-quality areas holding firm despite broader uncertainty. Separately, broader market analysis confirms that gold mining equities are trading at deep discounts relative to their fundamentals.
Hedge funds have caught this signal. In the Q1 2025 13F filings, several top funds increased their stakes in Canadian gold miners. These hedge funds are betting on continued strength in gold prices and improved operational performance. As such, the following analysis identifies hedge fund-favored Canadian gold stocks that stand to benefit from the ongoing rally.
Our Methodology
To identify the 11 Best Canadian Gold Stocks to Buy According to Hedge Funds, we began by screening for the largest publicly traded Canadian companies engaged in the production, extraction, processing, or sale of gold. For this, we used the Finviz stock screener and filtered for firms with positive year-to-date (YTD) returns as of August 6, 2025. Next, we assessed hedge fund interest in these companies by consulting Insider Monkey’s hedge fund holdings database. We ranked the stocks based on the number of hedge funds that reported a position in each stock in their Q1 2025 13F filings. From this ranked list, we selected the 11 stocks with the highest hedge fund ownership. The final list is presented in ascending order based on the number of hedge funds holding each stock.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Best Canadian Gold Stocks to Buy According to Hedge Funds
11. Collective Mining Ltd. (NYSE:CNL)
Number of Hedge Fund Holders: 5
Year-To-Date Returns: 126.44%
Collective Mining Ltd. (NYSE:CNL) is one of the best Canadian gold stocks to buy according to hedge funds. On July 21, the company announced results from its drilling program at the Apollo system within the Guayabales Project, located in Caldas, Colombia. The highlight is a drill intercept of 442.35 meters at 2.16 grams per ton (g/t) gold equivalent starting from surface, including 68.05 meters at 4.55 g/t gold equivalent. The hole (APC-125) bottomed while still in strong mineralization.
According to the company, gold-equivalent grades are composed of a combination of gold, silver, copper, and tungsten. For the 442.35 meters, the breakdown is 1.18 g/t gold, 43 g/t silver, 0.21% copper, and 0.05% WO₃. Another hole (APC-126) recorded 325.10 meters at 2.03 g/t gold equivalent (0.98 g/t gold, 27 g/t silver, 0.47% copper, and 0.03% WO₃), starting 8 meters below the surface.
Apollo is the most advanced discovery within the Collective Mining’s multi-target Guayabales Project. The company said it is conducting a fully funded 70,000-metre drill program for 2025, operating ten drill rigs: eight at Guayabales, two at San Antonio.
Collective Mining Ltd. (NYSE:CNL) is a Canadian mineral exploration company focused on developing high-grade gold deposits in Colombia. Its flagship asset is the Guayabales Project, where the company has reported multiple high-grade drill results, including intercepts exceeding 9 g/t gold equivalent.
10. Osisko Development Corp. (NYSE:ODV)
Number of Hedge Fund Holders: 10
Year-To-Date Returns: 42.94%
Osisko Development Corp. (NYSE:ODV) is one of the best Canadian gold stocks to buy according to hedge funds. On July 21, the company announced that it had secured a $450 million project loan facility from Appian Capital Advisory. The funds will be used to facilitate the development and construction of the Cariboo Gold Project in central British Columbia, Canada.
The financing facility is structured in two parts. $100 million was drawn on the day of the announcement, and subsequent draws will be done in four tranches, totaling $350 million. The initial sum will be used for a 13,000-meter infill drilling campaign to improve mine planning, pre-construction and construction activities for Cariboo, repayment of an existing $25 million term loan with National Bank of Canada (maturing in October 2025), and as general working capital for the project. The subsequent draws will be available over the next 36 months, contingent on the achievement of project milestones and meeting customary conditions.
Cariboo Gold is a permitted project, with required environmental and mining permits in place as of late 2024. Osisko owns 100% rights to the project.
Osisko Development Corp. (NYSE:ODV) is a Canadian gold development company. It explores, develops, and operates high-grade gold projects, with its flagship Cariboo Gold Project located in British Columbia. The Cariboo site spans a historic district and is designed for underground mining and ore sorting, targeting sustainable and scalable production. Osisko’s main product is gold bullion, derived from ongoing drilling and feasibility-stage development activities.
9. Gold Royalty Corp. (NYSE:GROY)
Number of Hedge Fund Holders: 12
Year-To-Date Returns: 137.19%
Gold Royalty Corp. (NYSE:GROY) is one of the best Canadian gold stocks to buy according to hedge funds. On July 24, the company announced Q2 2025 earnings, in which it reported record revenue. The total revenue, land agreement proceeds and interest in the quarter increased by approximately 100% year-over-year, reaching $4.4 million. Direct revenues from royalties totaled $3.8 million.
Also during the quarter, the gold equivalent ounces (GEOs) totaled 1,346 GEOs. For the first six months of 2025, total revenue climbed 25% year-over-year to a record $8.0 million (revenue of $6.9 million), corresponding to 2,595 GEOs.
The company credits the increase in revenue to continued strong commodity prices and production growth from its key royalty interests at several operations, including Canadian Malartic, Borborema, and Borden (Porcupine).
Gold Royalty reaffirmed its full-year 2025 production forecast of 5,700 to 7,000 GEOs. The company noted that production is expected to be concentrated more heavily in the second half of the year as newly started mining operations, including Côté, Vareš, and Borborema, ramp up toward full-scale production.
Gold Royalty Corp. (NYSE:GROY) is a Vancouver-based precious metals-focused royalty company. It provides financing to gold mining firms by acquiring royalties, streams, and similar interests across various stages of mine development. The company’s operations are sustained by gold-linked royalty income, generated from agreements with active and near-production mines throughout North America.
