12 Cheap Gold Stocks to Buy Now

2. Newmont Corporation (NYSE:NEM)

Forward Price-to-Earnings Multiple: 13.16

Number of Hedge Fund Holders: 74

With a low forward price-to-earnings multiple and significant hedge fund interest, Newmont Corporation (NYSE:NEM) secures a spot on our list of the 12 cheap gold stocks to buy now.

Newmont Corporation (NYSE:NEM), one of the world’s two largest gold producers, alongside Barrick, reached its all-time high of $102.13 on December 12, 2025, before closing at $98.14. This year has been a strong one for the miner, with its shares surging nearly 164% in 2025 alone and over 76% in the past six months.

Amid strong share price momentum, Newmont Corporation (NYSE:NEM) has attracted analyst attention, with roughly 80% of analysts bullish on the stock as of December 12, 2025, projecting a one-year upside of 14.12%. In particular, UBS analyst Levi Spry revisited Newmont Corporation CHESS (Australian listing) on December 12, setting a price target of A$190.00 with a “Buy” rating, according to The Fly.

On December 1, 2025, UBS analyst Daniel Major, who covers the NYSE-listed stock Newmont Corporation (NYSE:NEM), raised the price target from $105.50 to $125.00 while reiterating a “Buy” rating. The update reflects the analyst’s gold outlook, which expects the safe-haven asset to enter 2026 on the bullish note it maintained through 2025. Major attributes this outlook to broad-based demand from the private and official sectors. Acknowledging the overexcitement shown by investors earlier in the year, he stated that their analysis for the next six- to twelve-month period does not indicate  a bear-market setup in 2026.

Newmont Corporation (NYSE:NEM), a global gold producer, has diversified mining and exploration operations across the Americas, Australia, and the Asia-Pacific region, with a growing exposure to copper and other metals.