In this article, we will look at the 11 Cheap Gold Stocks to Buy According to Hedge Funds.
Is Gold the New Safe Haven for Investors?
On June 17, CNBC reported that gold prices rose around 30% so far in 2025, outpacing the Swiss franc, the Japanese yen, and the US Treasurys. Market experts at the annual Asia Pacific Precious Metals Conference in Singapore stated that the primary reason behind the increase in gold’s appeal to investors is its freedom from government.
With gold outpacing the gains of traditional safe havens, investors are rethinking the idea of true safety in a market facing geopolitical tensions and fiscal sustainability concerns. CNBC further reported that Nikos Kavalis, managing director at Metals Focus, opined:
“Gold’s key advantage is that it is no one else’s liability. When an investor owns Treasurys, other sovereign bonds, and even currencies, they are ultimately buying into the respective economy.”
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World Gold Council’s global head of central banks, Shaokai Fan, also reasoned that the future of the US dollar and US Treasury market is increasingly uncertain, and there is “a growing sense” of confusion about what the future might look like. That has resulted in considerable interest in “alternative safe havens like gold.”
CNBC further reported that Nicholas Frappell, global head of institutional markets at ABC Refinery, expressed similar sentiments about the situation, saying:
“Gold as an asset is not affected by the high debt-to-GDP ratios that impact other currencies.”
With these positive trends for this new safe haven in view, let’s look at the best cheap gold stocks to buy according to hedge funds.
Drills extracting gold from a gold mine, revealing the company’s gold mining operation.
Our Methodology
We used the Finviz stock screener to compile a list of gold stocks with forward P/E below 15 and chose the top 11 with the highest number of hedge fund holders as of Q1 2025. We sourced the data from Insider Monkey’s database. The list is arranged in ascending order of hedge fund sentiment.
Note: All data was sourced on June 18.
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).
11 Cheap Gold Stocks to Buy According to Hedge Funds
11. B2Gold Corp. (NYSE:BTG)
Forward P/E: 7.63
Number of Hedge Fund Holders: 23
B2Gold Corp. (NYSE:BTG) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on June 4, Michael Siperco from RBC Capital maintained a Hold rating on B2Gold Corp. (NYSE:BTG) with a price target of $4.50.
The analyst maintained the rating despite the company’s fiscal Q1 2025 results, which showed higher-than-expected gold production, reaching 192,752 ounces. B2Gold Corp.’s (NYSE:BTG) operations surpassed production budgets in the quarter, and management is optimistic that it is on track to meet its consolidated annual production guidance range. All three of its operations are continuing to either meet or exceed gold production expectations at the beginning of fiscal Q2 2025.
B2Gold Corp. (NYSE:BTG) is an exploration company that acquires and develops mineral properties. Its operations are divided into the following segments: Fekola Mine, Fekola Regional, Masbate Mine, Otjikoto Mine, Goose Project, Other Mineral Properties, and Corporate and Other.
10. SSR Mining Inc. (NASDAQ:SSRM)
Forward P/E: 11.17
Number of Hedge Fund Holders: 24
SSR Mining Inc. (NASDAQ:SSRM) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on June 4, Michael Siperco from RBC Capital maintained a Hold rating on SSR Mining Inc. (NASDAQ:SSRM) with a price target of $13.00. The same day, the company announced that it had suspended operations at Seabee due to temporary power interruptions that were caused by forest fires that erupted north of the mine.
SSR Mining Inc. (NASDAQ:SSRM) provided an update on June 13, stating that the operations had resumed at the site with the power supply fully restored. Management announced that the fires had caused no damage to the site.
SSR Mining Inc. (NASDAQ:SSRM) operates, develops, explores, and acquires metal resource properties in the Americas and Turkiye. It operates through the Copler, Marigold, Seabee, Puna, and the Exploration, Evaluation, and Development Properties business segments. Sites. The Copler, Marigold, Seabee, and Puna segment encompasses its four operating mine sites. SSR Mining Inc. (NASDAQ:SSRM) produces gold doré, along with silver, lead, copper, and zinc concentrates.
9. Harmony Gold Mining Company Limited (NYSE:HMY)
Forward P/E: 13.07
Number of Hedge Fund Holders: 24
Harmony Gold Mining Company Limited (NYSE:HMY) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on May 28, Jason Fairclough from Bank of America Securities reiterated a Hold rating on Harmony Gold Mining Company Limited (NYSE:HMY) with a price target of R$290.00.
The rating followed the company’s announcement on May 27 that it plans to acquire MAC Copper in a transaction valued at $1.03 billion, marking its strategic entry into the copper market.
The all-cash acquisition would provide Harmony Gold Mining Company Limited (NYSE:HMY) complete ownership of a key Australian asset: MAC’s only CSA copper mine in central western New South Wales. The mine ranks among the country’s oldest and highest-grade copper mines and is also one of the deepest underground operations at 1.9km.
Harmony Gold Mining Company Limited (NYSE:HMY) mines and explores gold and is involved in sales and financial management, building mines, open-pit operations, land rehabilitation, and mine closure. The company’s operations are divided into the following segments: Tshepong Operations, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, Unisel, Mponeng, Mine Waste Solutions, and Hidden Valley.
8. IAMGOLD Corporation (NYSE:IAG)
Forward P/E: 10.17
Number of Hedge Fund Holders: 27
IAMGOLD Corporation (NYSE:IAG) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. Bank of America Securities analyst Lawson Winder reiterated a Buy rating on IAMGOLD Corporation (NYSE:IAG) on June 15 and set a price target of $9.25.
The company’s positive fiscal Q1 2025 results support the rating, as its attributable production for the quarter totaled 161,000 ounces from its three mines. Management anticipates that the first quarter will be the lightest production quarter of the year, primarily due to maintenance activities and ramp-up taking place at Côté. It also expects a rise in the grade profile at Essakane.
IAMGOLD Corporation (NYSE:IAG) reported that while production at Westwood dropped compared to the previous quarter, it is expected to recover its track record of solid perforation with continuing improvements in mine flexibility with stope development. Management is optimistic in its production guidance estimates of 735,000 to 820,000 ounces for the year.
Based in Canada, IAMGOLD Corporation (NYSE:IAG) is an intermediate gold developer and producer that operates gold mining properties in West Africa and North America. Its projects include Essakane, Westwood, and Cote Gold.
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.
6. AngloGold Ashanti plc (NYSE:AU)
Forward P/E: 10.45
Number of Hedge Fund Holders: 28
AngloGold Ashanti plc (NYSE:AU) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. Roth Capital analyst Joe Reagor initiated coverage of AngloGold Ashanti plc (NYSE:AU) with a Buy rating on June 12, setting a $52 price target. The firm reasoned that the company has a “strong plan for growth,” with its management focused on organic development and acquisitions.
The analyst also reasoned in a research note that AngloGold Ashanti plc (NYSE:AU) is an attractive investment for generalist investors because of its new dividend policy and strong gold price leverage.
Based in the UK, AngloGold Ashanti plc (NYSE: AU) is an independent global gold mining company with a diverse portfolio of exploration activities, projects, and operations spanning nine countries across four continents. The company’s portfolio spans the Americas, Africa, and Australia. It also produces sulphuric acid and silver as by-products.
5. Gold Fields Limited (NYSE:GFI)
Forward P/E: 10.17
Number of Hedge Fund Holders: 30
Gold Fields Limited (NYSE:GFI) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. Reinhardt van der Walt, an analyst from Bank of America Securities, reiterated a Buy rating on Gold Fields Limited (NYSE:GFI) on May 30 with an associated price target of $26.00. The analyst based the rating on the company’s growth potential and strengths, stating that it exhibits considerable leverage to high gold prices. He considers this a beneficial factor given the bullish outlook for gold to reach $4,000 by H2 2025.
Reinhardt also projects Gold Fields Limited (NYSE:GFI) to attain industry-leading production growth with an estimated compound annual growth rate of 9% between fiscal year 2024 and fiscal year 2027. This rate exceeds both its own consensus and that of its peers across the globe.
The analyst further supported the Buy rating with Gold Fields Limited’s (NYSE:GFI) strong exploration and reserve replacement track record. This holds especially true in Australia, where the company is continually outperforming its peers.
Gold Fields Limited (NYSE:GFI) is a globally diversified gold producer with nine operating mines in South Africa, Australia, Chile, Ghana, Peru, and Canada. It engages in underground and surface gold and copper mining. The company is also involved in the exploration, extraction, smelting, and processing of silver.
4. Equinox Gold Corp. (NYSE:EQX)
Forward P/E: 12.43
Number of Hedge Fund Holders: 33
Equinox Gold Corp. (NYSE:EQX) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. On June 18, BMO Capital analyst Kevin O’Halloran resumed coverage of Equinox Gold Corp. (NYSE:EQX) with an Outperform rating, bringing the price target down to C$11 from C$11.50.
The analyst told investors in a research note that Equinox Gold Corp. (NYSE:EQX) has closed the acquisition of Calibre Mining, resulting in the formation of a key diversified gold producer with operations across the Americas, supported by the Canadian Valentine and Greenstone mines, two major sites in the country.
The firm also stated that the acquisition bolstered Equinox Gold Corp.’s (NYSE: EQX) position as the second-largest gold producer in Canada, offering a strong platform with long-term value creation and heightened production, supported by a strong leadership team. BMO expects an improving balance sheet and “substantial” free cash flow for Equinox Gold Corp. (NYSE:EQX), stating that its shares remain discounted when compared to its peers.
Equinox Gold Corp. (NYSE:EQX) is a Canadian mining company operating in the Americas through eight gold mines. Its operating mines include the Aurizona Gold Mine, Fazenda Gold Mine, Santa Luz Gold Mine, RDM Gold Mine, Los Filos Gold Mine, Castle Mountain Gold Mine, Mesquite Gold Mine, and Greenstone Gold Mine. The company’s development projects include the Greenstone Project, Los Filos Expansion, Castle Mountain Expansion, and Aurizona Expansion.
3. Coeur Mining, Inc. (NYSE:CDE)
Forward P/E: 13.98
Number of Hedge Fund Holders: 38
Coeur Mining, Inc. (NYSE:CDE) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. On June 13, National Bank transferred its coverage of Coeur Mining, Inc. (NYSE:CDE) to analyst Alex Terentiew, who gave the stock an Outperform rating with a $12 price target.
The firm released a positive research note on Metals & Mining on the price of silver, stating that the mining companies focused on silver are experiencing notable positive transformations at present due to improvements in balance sheets.
The analyst further stated in a research note that Coeur Mining, Inc. (NYSE:CDE) has a diversified portfolio of assets expected to deliver increasingly stable and high-margin cash flow. This could further bolster its already strong balance sheet, positioning the company to consider increased shareholder returns.
Coeur Mining, Inc. (NYSE:CDE) explores and develops gold and silver mines and mining properties in the US, Canada, and Mexico. It operates through the Palmarejo, Rochester, Kensington, Wharf, and Other segments. The Palmarejo segment manages a gold-silver complex, while the Rochester segment operates a silver-gold mine in northwestern Nevada. Similarly, the Kensington and Wharf segments operate an underground gold mine and an open-pit heap leach gold mine, respectively.
2. Kinross Gold Corporation (NYSE:KGC)
Forward P/E: 13.4
Number of Hedge Fund Holders: 39
Kinross Gold Corporation (NYSE:KGC) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on June 3, Josh Wolfson from RBC Capital maintained a Hold rating on Kinross Gold Corporation (NYSE:KGC) with a price target of $19.00. The company’s fiscal Q1 2025 results showed the production of 512,088 gold equivalent ounces (Au eq. oz.) along with a strengthening balance sheet with improving debt metrics.
Kinross Gold Corporation (NYSE:KGC) repaid the remaining $200 million of its term loan, further supporting its balance sheet. Cash and cash equivalents for the quarter increased to $694.6 million, and the company had total liquidity of approximately $2.3 billion as of March 31, 2025.
Based in Canada, Kinross Gold Corporation (NYSE: KGC) is a global senior gold mining company operating in the US, Brazil, Mauritania, Chile, and Canada. Its projects include Fort Knox, Round Mountain, Bald Mountain, Manh Choh, Paracatu, La Coipa, Lobo-Marte, Tasiast, and Great Bear projects.
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.
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Disclosure: None.
