11 Cheap Gold Stocks to Buy According to Hedge Funds

1. Newmont Corporation (NYSE:NEM)

Forward P/E: 13.39

Number of Hedge Fund Holders: 65

Newmont Corporation (NYSE:NEM) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on June 9, Josh Wolfson from RBC Capital maintained a Hold rating on Newmont Corporation (NYSE:NEM) with a price target of $66.00.

In other news, the company announced a definitive agreement on June 13, detailing that Inflection Resources is set to acquire a 100% interest in a portfolio of Australian copper-gold exploration projects in New South Wales and the Northern Territory from subsidiaries of Newmont Corporation (NYSE:NEM).

Newmont Corporation (NYSE:NEM) explores and acquires gold properties containing silver, copper, lead, zinc, or other metals. Its operations are divided into the following geographical segments: Canada, Mexico, Suriname, Argentina, Peru, Australia, Papua New Guinea, Ghana, and US.

While we acknowledge the potential of NEM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NEM and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.

Disclosure: None.