11 Cheap Gold Stocks to Buy According to Hedge Funds

7. New Gold Inc. (NYSE:NGD)

Forward P/E: 11.82

Number of Hedge Fund Holders: 28

New Gold Inc. (NYSE:NGD) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on June 15, BofA analyst Lawson Winder raised the firm’s price target on New Gold Inc. (NYSE:NGD) to $5.45 from $4.55, keeping a Buy rating on the shares. The firm pointed toward key takeaways from an investor trip to Panama.

It also cited the continued strength in gold purchases from China’s central bank in May, stating that the gold price rose considerably and is up 31% year-to-date, while highlighting several price objectives among gold miners.

New Gold Inc. (NYSE:NGD) is a Canada-based intermediate gold mining company that acquires, explores, and develops natural resources properties, including gold. It operates two core-producing assets in the country: the Rainy River gold mine and the New Afton copper-gold mine. New Gold Inc. (NYSE:NGD) also holds other Canadian-focused investments.