In this article, we will discuss the 12 Cheap Gold Stocks to Buy Now.
On December 11, 2025, gold prices surged to their highest levels in over a month after the dollar weakened following a 25-basis-point Federal Reserve rate cut the previous day, Reuters reported. Spot gold climbed 1.2% to $4,280.08 per ounce, which is the highest it has hit since October 21. Meanwhile, February U.S. gold futures also rose 2.1% to $4,313.
At the same time, silver outperformed. The precious metal increased by 4%, reaching $64.22 per ounce, which was near its record high of $64.31, which it had touched earlier in the session. While speaking to Reuters, Marex analyst Edward Meir said silver’s momentum is driving gold, platinum, and palladium, alongside a softer dollar and persistent inflation pressures.
Having gained 61.64% over the past year, gold is trading just over $4,300 per ounce as of December 12.
Over the longer term, analysts remain bullish on gold’s outlook. On November 26, 2025, Deutsche Bank raised its 2026 gold price forecast from $4,000 to $4,450 per ounce. The bank’s optimism reflects stabilizing investor flows and sustained central-bank demand. In 2026, it sees gold trading between $3,950 and $4,950 as total demand continues to exceed supply. Stretched further, the bank expects prices to reach $5,150 in 2027. However, while discussing risks, the firm advised investors to keep an eye on macro policy, market correlations, and central-bank demand.
On the other hand, Bank of America raised its 2026 gold price outlook to $5,000 an ounce in October, expecting prices to average around $4,400. With several other firms also bullish on the gold outlook, JPMorgan’s October projection was the most bullish, forecasting prices could cross the $5,055 average by Q4 2026.
Investor sentiment reflects this outlook: Goldman Sachs’ survey found that 36% of institutional investors expect gold prices to exceed $5,000 by the end of 2026, while 33% expect prices to remain between $4,500 and $5,000. The survey was conducted from November 12 to November 14.
With this backdrop in mind, let’s jump to our list of the 12 cheap gold stocks to buy now.
Our Methodology
To curate our list of the 12 cheap gold stocks to buy now, we used the financial media, ETFs, and stock screeners to compile a list of gold stocks with a forward price-to-earnings multiple under 15x as of December 11, 2025. Next, we assessed the hedge fund sentiment surrounding these stocks using Insider Monkey’s hedge fund database, which tracks 978 hedge funds as of Q3 2025. Finally, our list of cheap gold stocks is presented in ascending order based on the number of hedge funds holding a stake in 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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
12. Eldorado Gold Corporation (NYSE:EGO)
Forward Price-to-Earnings Multiple: 8.17
Number of Hedge Fund Holders: 26
With a low forward price-to-earnings multiple and significant hedge fund interest, Eldorado Gold Corporation (NYSE:EGO) secures a spot on our list of the 12 cheap gold stocks to buy now.
Having returned 135% year-to-date (YTD) and 23% over the past month, Eldorado Gold Corporation (NYSE:EGO)’s momentum continues to accelerate, taking the share price to its new 52-week high of $36.00 on December 12, 2025.
In contrast to this momentum, Bank of America revisited Eldorado Gold Corporation (NYSE:EGO) on December 1, 2025. The bank raised its price target from $28 to $29 (below the company’s current share price), while reiterating an “Underperform” rating, according to The Fly. This conflicts with the bank’s bullish commodities outlook, projecting gold to reach $5,000/oz in 2026. The projection, coming out in October, was driven by fiscal deficits, rising debt levels, and a favorable policy backdrop.
However, the same level of optimism is not shared by all major institutions, with Citi’s Max Layton arguing that the fading of several macro tailwinds may result in gold’s exceptional 2025 run cooling off. Yet, speaking to CNBC on December 10, the bank said it sees limited downside, with its base case projecting prices to ease to $3,600- $3,800/oz by the end of next year, while assigning a 30% chance of a renewed push toward $5,000.
Therefore, with gold prices hovering just over $4,300/oz as of December 12, strong share price momentum in 2025, and a broader bullish outlook on gold prices, investors remain keen on seeing where Eldorado Gold Corporation (NYSE:EGO)’s momentum heads.
Amid this, Eldorado Gold Corporation (NYSE:EGO) received a vote of confidence from BMO Capital, which raised its price target from C$50 to C$53 while reiterating an “Outperform” rating, as reported by The Fly on November 27. The investment firm’s bullish stance reflected the company’s updated mineral reserve and resource statement, released just a day earlier.
The statement featured a 5% successful depletion replacement across key assets, a stronger decade-long production outlook with an average mine life of 13 years, and a 21% boost in Inferred Resources from additions in Greece and Canada. Eldorado Gold Corporation (NYSE:EGO) plans to focus on expanding near-mine opportunities and advancing its broader discovery pipeline.
Eldorado Gold Corporation (NYSE:EGO), a gold-focused miner, operates in Turkey, Canada, and Greece.
11. Sibanye Stillwater Limited (NYSE:SBSW)
Forward Price-to-Earnings Multiple: 8.4
Number of Hedge Fund Holders: 27
Sibanye Stillwater Limited (NYSE:SBSW) is one of the 12 cheap gold stocks to buy now.
On November 17, 2025, The Fly reported that Sibanye Stillwater Limited’s (NYSE:SBSW) price target was raised by RBC Capital from $10.50 to $12, while it reiterating an “Outperform” rating. While the firm’s near-term price target remains below the current price level, it expects the company’s valuation gap with peers to narrow due to its de-leveraging efforts, a more defined strategic direction under its new CEO, and a continued commitment to capital returns. Furthermore, RBC Capital sees the company benefiting most if the U.S. imposes tariffs on palladium imports, building the case for the stock’s long-term upside.
While Sibanye Stillwater Limited (NYSE:SBSW) will report the most recent debt levels in its full-year 2025 results in 2026, the company saw a sustained decline in net debt-to-adjusted EBITDA to 0.89x, well below its target. During its Q2 2025 earnings call, management emphasized its focus on reducing gross debt, including plans to refinance its $675 million 2026 notes through a small issuance next year. As major projects near completion and cash conversion is expected to improve, management expressed confidence in successfully executing its debt-reduction plans. The de-risking trajectory is further supported by a strong liquidity position and expected future inflows, including U.S. Section 45X tax credits. The quarter also marked management’s reaffirmation of its dividend policy, with payouts expected to resume at year-end.
Meanwhile, on the palladium front, Sibanye Stillwater Limited (NYSE:SBSW) sees the outlook improving, as the company, alongside the United Steelworkers union, filed antidumping and countervailing duty petitions against Russian palladium imports. This move holds significance, as U.S. palladium imports from Russia have seen a sharp rise. The imports are up 34% from 2021 to 2024, and 2025 imports are up another 30% year-to-date as of October 17, 2025, according to the World Platinum Investment Council.
Looking ahead, Sibanye Stillwater Limited (NYSE:SBSW) appears well-positioned to benefit if tariffs are imposed, with investigations underway and the potential for duties to restrict imports.
Sibanye Stillwater Limited (NYSE:SBSW), a global precious metals producer, operates across South Africa, the U.S., Europe, and Australia. The company mines gold, PGMs, battery metals, and other resources.
10. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Forward Price-to-Earnings Multiple: 11.14
Number of Hedge Fund Holders: 30
With a low forward price-to-earnings multiple and significant hedge fund interest, Equinox Gold Corp. (NYSEAMERICAN:EQX) secures a spot on our list of the 12 cheap gold stocks to buy now.
On December 12, 2025, Equinox Gold Corp. (NYSEAMERICAN:EQX) reached its new 52-week high of $15.10, following a strong 2025 run, recording a 196% gain in the year alone.
Amid this strong momentum, Stifel initiated coverage on Equinox Gold Corp. (NYSEAMERICAN:EQX) with a “Buy” rating and a C$24 price target on December 2, 2025, according to The Fly. The firm’s bullish stance reflects the company’s significant progress in Canada, where it is beginning to realize the full value of its portfolio. As a result, Stifel expects Equinox to see production growth and rising cash flow, which will drive its growth outlook.
This follows the company’s November 18 update, which detailed its achievement of commercial production at its 100%-owned Valentine Gold Mine in Newfoundland and Labrador. Representing a significant expansion of Equinox Gold Corp. (NYSEAMERICAN:EQX)’s Canadian footprint, the operation has ramped up ahead of schedule, as plant availability, throughput, and recoveries exceeded commissioning expectations. Over the past 60 days, as of the announcement date, the process plant averaged over 5,400 tons per day and gold recoveries of over 93%. With this achievement, management sees Valentine delivering toward the higher end of its Q4 production range and reaching nameplate capacity by Q2 2026, boosting the company’s annual output.
Meanwhile, Valentine’s operational momentum was evident in Equinox Gold Corp. (NYSEAMERICAN:EQX)’s Q3 2025 results released on November 5. The quarter saw commissioning progress smoothly, throughput climb steadily, and October performance exceed 90% of nameplate capacity.
Thus, Equinox Gold Corp. (NYSEAMERICAN:EQX) looks to end the year on a high note, as Valentine transitions from commissioning into full-scale production.
Equinox Gold Corp. (NYSEAMERICAN:EQX), a Canadian-based gold producer, operates and develops mines across the Americas.
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