On December 17, Reuters reported that gold prices are surging sharply in 2025, marking the biggest increase since the 1979 oil crisis.
Bank of America strategist Michael Widmer pointed out that portfolio diversification and expectations of further gains in gold prices are supporting the rally. Widmer noted that efforts to reduce the US current account deficit and a weaker dollar policy are also helping support gold prices.
Philip Newman, managing director at Metals Focus, noted that additional support has come from tariff disputes, rising geopolitical and economic concerns, and worries over the independence of the US Federal Reserve. These factors increase the appeal of gold as a safe-haven asset.
Morgan Stanley believes gold can reach $4,500 per ounce by mid-2026. JP Morgan forecasts average prices to exceed $4,600 in the second quarter of 2026 and rise above $5,000 by the fourth quarter. Metals Focus also sees gold reaching $5,000 by the end of 2026.
Nicky Shiels, head of metals strategy at MKS PAMP, forecasts gold to average $4,500 in 2026 and expects the metal to become “a multi-year secular critical portfolio asset rather than a cyclical hedge.”
However, some analysts expect a slower pace of gains in 2026. Macquarie economists believe that global conditions have become more stable and there are expectations of improving economic growth. Macquarie forecasts a reduction in central bank easing and relatively high real interest rates. As a result, Macquarie expects gold to average $4,225 in 2026.
With this background in mind, let’s take a look at the 13 best gold mining companies to invest in now.
Image by Csaba Nagy from Pixabay
Our Methodology
To compile our list of the 13 best gold mining companies to invest in now, we used stock screeners from Finviz and Yahoo Finance to find gold mining companies. We also reviewed our own rankings, financial media reports, ETFs, and various online resources to compile a list of the best gold stocks. Next, we focused on the top 13 stocks most favored by institutional investors. Data for the hedge fund sentiment surrounding each stock was taken from Insider Monkey’s Q3 2025 database of 978 elite hedge funds. Finally, the 13 best gold mining companies to invest in were ranked in ascending order based on the number of hedge funds holding stakes in them as of Q3 2025.
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13 Best Gold Mining Companies to Invest In Now
13. Eldorado Gold Corporation (NYSE:EGO)
Number of Hedge Fund Holders: 26
Eldorado Gold Corporation (NYSE:EGO) is one of the best gold mining companies to invest in now. On December 10, RBC Capital increased its price target on Eldorado Gold Corporation (NYSE:EGO) from $38 to $47 and maintained its Buy rating on the stock.
Earlier, on December 1, BofA Securities also discussed companies that could benefit the most from rising gold prices. The firm expects gold prices to climb sharply over the next year and forecasts that gold could reach $5,000 per ounce in 2026. BofA Securities believes that the macroeconomic factors that lifted prices are still in place.
The firm also pointed out that if gold matches the “2000s bull cycle,” it could potentially rise as high as $7,000 per ounce. BofA’s investment strategist, Michael Hartnett, views gold as a “top trade for 2026,” with an expected return of about 10%.
Within this broader outlook, BofA Securities analyst Lawson Winder reviewed North American mining companies and identified Eldorado Gold Corporation (NYSE:EGO) as among the companies with the “highest gold price leverage” based on its net asset value.
The company received attention after its latest reserve update, in which Eldorado Gold Corporation (NYSE:EGO) increased its total proven and probable gold reserves by 5% compared to the previous year, reaching 12.5 million ounces. This more than offsets depletion. The growth was mainly driven by the Kisladag mine and the Lamaque Complex and by a higher reserve gold-price assumption.
Despite this, BofA reiterated its Underperform rating on Eldorado Gold Corporation (NYSE:EGO) due to ongoing risks “around the build-out and commissioning of the Skouries project.” However, the firm increased its price target from $28 to $29.
Eldorado Gold Corporation (NYSE:EGO) is a mining company that focuses on gold and base metals production. It has development and exploration operations in Turkey, Canada, and Greece.
12. AngloGold Ashanti plc (NYSE:AU)
Number of Hedge Fund Holders: 26
AngloGold Ashanti plc (NYSE:AU) is one of the best gold mining companies to invest in now. On December 15, Roth MKM increased its price target on AngloGold Ashanti plc (NYSE:AU) from $84 to $92 and maintained its Buy rating on the stock. This update comes as the firm updated its estimates based on revised forecasts for the fourth quarter of 2025 and beyond.
Roth MKM noted that there is uncertainty surrounding future gold and silver prices because of the dynamics that drive cycle peaks. However, the firm also told investors in a research note that its new estimates are more in line with the current market conditions. Additionally, Roth MKM said that it is raising its gold price forecast for 2026 from $2,863 to $4,125 and its silver forecast from $32.50 to $56.25.
Several other investment firms have also raised their price targets on AngloGold Ashanti plc (NYSE:AU). On December 10, Citi increased its price target on AngloGold Ashanti plc (NYSE:AU) from $90 to $105 and maintained its Buy rating on the stock. Also on December 10, RBC Capital raised its price target on AngloGold Ashanti plc (NYSE:AU) from $85 to $104 while keeping its Buy rating.
Earlier, on December 3, JPMorgan also increased its price target on AngloGold Ashanti plc (NYSE:AU) from $128 to $131 and reiterated an Overweight rating on the stock.
AngloGold Ashanti plc (NYSE:AU) is a global gold mining company. It has a diverse portfolio of operations, projects, and exploration activities across 10 countries.
11. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Number of Hedge Fund Holders: 30
Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the best gold mining companies to invest in now. On December 14, Equinox Gold Corp. (NYSEAMERICAN:EQX) announced that it has entered into an agreement to divest its 100% interest in the Aurizona Mine, RDM Mine, and the Bahia Complex in Brazil for $1.015 billion to a subsidiary of the CMOC Group. The transaction is expected to close in the first quarter of 2026.
According to the report, Equinox Gold Corp. (NYSEAMERICAN:EQX) sees this sale as an important move towards becoming a gold producer focused in North America, supported by strong cash flow and a tier-one growth profile. The company plans to use the proceeds to significantly improve its balance sheet and strengthen its financial position. The deal will also allow Equinox Gold Corp. (NYSEAMERICAN:EQX) to focus on longer-life, lower-cost assets in tier-one jurisdictions.
On December 15, Stifel reaffirmed its Buy rating on Equinox Gold Corp. (NYSEAMERICAN:EQX) with a C$24 price target. The firm noted that the deal values the Brazil assets at about 0.6 times risk-adjusted net asset value based on its estimates. Stifel also believes that the sale effectively locks in about 3 to 3.5 years of future net cash flow from what the firm sees as the company’s lowest margin operating region.
According to Stifel, the deal offers two main advantages. It helps Equinox Gold Corp. (NYSEAMERICAN:EQX) accelerate balance sheet deleveraging that could support future shareholder returns and an improved asset portfolio by removing the highest cost region while increasing exposure to Tier 1 jurisdictions.
Equinox Gold Corp. (NYSEAMERICAN:EQX) is a Canadian mining company that operates gold mines in the Americas.
10. Orla Mining Ltd. (NYSEAMERICAN:ORLA)
Number of Hedge Fund Holders: 33
Orla Mining Ltd. (NYSEAMERICAN:ORLA) is one of the best gold mining companies to invest in now. On December 10, TipRanks reported that RBC Capital kept its Buy rating on Orla Mining Ltd. (NYSEAMERICAN:ORLA) and raised its price target to C$32.
In other news, on December 18, Orla Mining Ltd. (NYSEAMERICAN:ORLA) reported positive exploration results at the Musselwhite Mine, where drilling confirmed that high-grade mineralization extends two kilometers beyond the current underground mining areas. The company said its active drilling program has produced strong, high-grade results across all priority zones. This supports an increase in confidence in future resource growth and extended mine life. Orla Mining Ltd. (NYSEAMERICAN:ORLA) also shared that planned drill metres have been expanded from 11,000 metres to about 12,500 metres by the end of 2025.
Orla Mining Ltd. (NYSEAMERICAN:ORLA) completed its acquisition of the Musselwhite Gold Mine in Ontario, Canada, in March 2025. During the third quarter of 2025, the mine produced 57,586 ounces of gold with a gold recovery rate of 95.3%.
The company’s management said that the integration of Musselwhite is progressing well and that operations are also performing strongly. Orla Mining Ltd. (NYSEAMERICAN:ORLA) is on track to reach the upper end of its revised annual production guidance of 265,000 to 285,000 ounces of gold.
Orla Mining Ltd. (NYSEAMERICAN:ORLA) is a metals and mining company that focuses on acquiring, developing, and operating gold and silver assets.
9. Alamos Gold Inc. (NYSE:AGI)
Number of Hedge Fund Holders: 35
Alamos Gold Inc. (NYSE:AGI) is one of the best gold mining companies to invest in now. On December 10, RBC Capital increased its price target on Alamos Gold Inc. (NYSE:AGI) from $44 to $50 and reiterated a Buy rating.
Earlier, on December 7, Jefferies also raised its price target on Alamos Gold Inc. (NYSE:AGI) from $39 to $49 and kept its Buy rating. The research firm believes gold mining companies are heading into 2026 with one of the strongest environments seen in recent years. Jefferies analyst Fahad Tariq said the firm remains positive on gold stocks in 2026 due to “attractive valuations,” even though it holds a neutral view on gold. He noted that gold companies are expected to grow margins and generate more free cash flow year-over-year in 2026, with no major cost inflation showing so far.
Tariq also described the industry as being “extremely healthy,” highlighting strong balance sheets, solid margins, and rising dividends and buybacks.
Looking ahead to 2026, Jefferies expects modest cost pressures, possible adjustments in reserve grades, and increased merger and acquisition activity as cash levels grow. The firm sees Alamos Gold Inc. (NYSE:AGI) as a catch-up opportunity, noting that the company has “the highest quality portfolio among mid-cap gold miners.”
Alamos Gold Inc. (NYSE:AGI) is a Canadian intermediate gold-producing company with operations in North America.
8. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 35
Kinross Gold Corporation (NYSE:KGC) is one of the best gold mining companies to invest in now. On December 1, UBS increased its price target on Kinross Gold Corporation (NYSE:KGC) from $31 to $33 and maintained its Buy rating.
The research firm noted that gold entered 2025 as a popular bullish investment and is expected to keep that support heading into 2026. According to UBS, this view is supported by strong demand from private investors and central banks instead of signs of excessive speculation. While gold saw a short period of high enthusiasm in early autumn, the firm’s analyst noted that the macro environment over the next 6 to 12 months points toward continued buying rather than the start of a bear market in 2026.
On December 1, BofA Securities also expressed a positive view on Kinross Gold Corporation (NYSE:KGC). BofA expects gold prices to rise sharply over the next year, forecasting that gold could reach $5,000 per ounce in 2026. The firm believes that the macro factors that previously lifted gold prices are still in place.
The bank pointed out that if gold can match the “2000s bull cycle, prices could potentially move as high as $7,000 per ounce. BofA’s investment strategist, Michael Hartnett, views gold as a “top trade for 2026,” with an expected return of around 10%.
In this context, BofA reviewed which North American gold mining companies could benefit the most from gold prices moving further up. The analysis showed that Kinross Gold Corporation (NYSE:KGC) is among the mining companies with the strongest overall leverage, with both its EBITDA and its net asset value (NAV) being highly sensitive to a 10% increase in gold prices.
Kinross Gold Corporation (NYSE:KGC) is a senior gold mining company with operations and projects in the US, Brazil, Mauritania, Chile, and Canada.
7. Coeur Mining, Inc. (NYSE:CDE)
Number of Hedge Fund Holders: 36
Coeur Mining, Inc. (NYSE:CDE) is one of the best gold mining companies to invest in now. On December 15, Roth MKM increased its price target on Coeur Mining, Inc. (NYSE:CDE) from $20 to $23 while maintaining a Buy rating.
This update comes after Coeur Mining, Inc. (NYSE:CDE) announced in November 2025 that it has entered into a definitive agreement. Under this agreement, a wholly-owned subsidiary of the company will acquire all of the issued and outstanding shares of New Gold Inc. (NYSEAMERICAN:NGD) in accordance with a court-approved plan of arrangement.
Once completed, the transaction is expected to create a new, 100% North American senior mining company with an estimated market capitalization of $20 billion. The combined company will have seven high-quality operations, which Coeur Mining, Inc. (NYSE:CDE) expects will produce about 1.25 million gold equivalent ounces in 2026. This forecast includes 20 million ounces of silver and 900,000 ounces of gold. The new company will generate more than 80% of its revenue from the US and Canada, alongside strong free cash flow generation.
The new company is projected to generate around $3 billion in EBITDA and about $2 billion in free cash flow in 2026 with much lower costs and better margins. This represents a significant increase compared to Coeur Mining, Inc.’s (NYSE:CDE) expected EBITDA of $1 billion and free cash flow of about $550 million for 2025 full-year.
Coeur Mining, Inc. (NYSE:CDE) is an American precious metals producer focused on gold and silver mining in the Americas.
6. B2Gold Corp. (NYSEAMERICAN:BTG)
Number of Hedge Fund Holders: 37
B2Gold Corp. (NYSEAMERICAN:BTG) is one of the best gold mining companies to invest in now. On December 10, RBC Capital increased its price target on B2Gold Corp. (NYSEAMERICAN:BTG) from $5 to $6 but kept its Hold rating. This update comes as the research firm updates its outlook on a number of gold mining companies.
Previously, on December 1, Bank of America Securities also expressed a positive view on B2Gold Corp. (NYSEAMERICAN:BTG), pointing to expectations of higher gold prices in the coming year. Bank of America Securities forecast that gold could climb to $5,000 per ounce in 2026, arguing that the macro factors that previously supported higher prices are still in place. The firm said that “if gold matched the 2000s bull cycle, $7,000/oz could be upside.” Bank of America’s investment strategist Michael Hartnett described gold as a “top trade for 2026,” with an estimated return of 10%.
Against that backdrop, Bank of America assessed which North American gold mining companies could gain the most from rising gold prices. Bank of America’s analyst Lawson Winder noted that B2Gold Corp. (NYSEAMERICAN:BTG) is one of the companies with the strongest leverage to higher prices based on its net asset value.
The analyst also pointed out that gold producers typically offer more price sensitivity than royalty and streaming companies, even when the latter tend to provide more stable long-term returns due to “higher margins, insulation from cost inflation, and much greater asset diversification.”
B2Gold Corp. (NYSEAMERICAN:BTG) is a Canadian senior gold-producing company that has operating gold mines in Canada, Mali, Namibia, and the Philippines.
5. Pan American Silver Corp. (NYSE:PAAS)
Number of Hedge Fund Holders: 38
Pan American Silver Corp. (NYSE:PAAS) is one of the best gold mining companies to invest in now. On December 10, RBC Capital increased its price target on Pan American Silver Corp. (NYSE:PAAS) from $45 to $55 and reiterated a Buy rating.
Earlier, on December 1, BofA Securities analyst Lawson Winder also increased the firm’s price target on Pan American Silver Corp. (NYSE:PAAS) from $46 to $51 and maintained a Buy rating. The research firm expects gold prices to rise sharply over the next year, forecasting the metal could reach $5,000 per ounce in 2026. It believes that many of the macro factors that are driving prices are still in place.
BofA Securities pointed out that “if gold matched the 2000s bull cycle, $7,000/oz could be upside.” Michael Hartnett, BofA’s investment strategist, believes that gold is a “top trade for 2026” with a projected 10% return.
In this context, the research firm reviewed which North American mining companies would benefit most from additional gains. BofA’s analyst, Winder, noted that producers typically have more price sensitivity than royalty and streaming companies. However, Winder noted that royalty and streaming companies can offer better long-term returns because of “higher margins, insulation from cost inflation, and much greater asset diversification.” He also pointed out that in recent years, operational challenges and construction risks have weighed on many producers, making royalty companies more stable.
Pan American Silver Corp. (NYSE:PAAS) operates mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. The company is a leading producer of silver and gold in the Americas.
4. IAMGOLD Corporation (NYSE:IAG)
Number of Hedge Fund Holders: 43
IAMGOLD Corporation (NYSE:IAG) is one of the best gold mining companies to invest in now. On December 22, IAMGOLD Corporation (NYSE:IAG) announced that it has acquired all of the issued and outstanding common shares of Mines D’Or Orbec Inc. This acquisition adds the highly prospective Muus Project, which sits next to IAMGOLD Corporation’s (NYSE:IAG) Nelligan and Monster Lake Projects in the Chibougamau region of Quebec, Canada.
Previously, on December 19, IAMGOLD Corporation (NYSE:IAG) reported that it had completed its plan of arrangement to acquire all of the issued and outstanding common shares of Northern Superior Resources Inc. As a result of this transaction, Northern Superior became a wholly-owned subsidiary of the company.
This deal adds Northern Superior’s significant land package and key deposits, including Philibert, Chevrier and Croteau, to IAMGOLD Corporation’s (NYSE:IAG) Nelligan and Monster Lake Projects. Together, these assets form the combined “Nelligan Mining Complex,” which is one of the largest pre-production gold camps in Canada, with Measured and Indicated Mineral Resources of 3.75 million ounces of gold and Inferred Mineral Resources of 8.65 million ounces.
The primary deposits are located close to each other. IAMGOLD Corporation (NYSE:IAG) believes this supports a plan for a central processing facility that would be fed by multiple ore sources within a 17-kilometre radius.
IAMGOLD Corporation (NYSE:IAG) is a Canadian intermediate gold producer and developer with operations in North America and West Africa.
3. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 57
Agnico Eagle Mines Limited (NYSE:AEM) is one of the best gold mining companies to invest in now. On December 10, TipRanks reported that RBC Capital raised its price target from $185 to $205 on Agnico Eagle Mines Limited (NYSE:AEM) but downgraded its rating from Outperform to Sector Perform.
Earlier, on December 1, UBS analyst Daniel Major also increased the price target on Agnico Eagle Mines Limited (NYSE:AEM) from $180 to $190 but kept a Neutral rating. The analyst told investors in a research note that gold started 2025 as a popular bullish bet and it still has support heading into 2026. This is supported by demand from official and private sectors instead of signs of extreme speculative crowding. The analyst also noted that even with a brief period of too much enthusiasm in early autumn, the macro outlook for the next 6 to 12 months favors continued buying from investors and central banks rather than a bear market setup for 2026.
In other news, on December 16, Agnico Eagle Mines Limited (NYSE:AEM) announced that it has acquired 26 million common shares of Osisko Metals Incorporated (TSE:OM) through a private placement for a total consideration of C$12.48 million.
The company said that this move is part of its plan to acquire strategic positions in potential opportunities with strong geological potential. Agnico Eagle Mines Limited (NYSE:AEM) is also focused on its own high-quality growth projects. It expects to complement its pipeline of projects with strategic equity investments.
Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company. With operations in Canada, Finland, Australia, and Mexico, the company is one of the world’s largest producers of gold.
2. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 74
Newmont Corporation (NYSE:NEM) is one of the best gold mining companies to invest in now. On December 10, TipRanks reported that RBC Capital increased the price target from $97 to $120 and reiterated its Buy rating on Newmont Corporation (NYSE:NEM).
Earlier, on December 1, UBS analyst Daniel Major also increased the firm’s price target on Newmont Corporation (NYSE:NEM) from $105.50 to $125 and kept a Buy rating. The analyst told investors in a research note that gold started 2025 as a popular bullish trade and it is expected to keep that support in 2026. This view is backed by steady demand from private investors and the official sectors. There are no signs of extreme speculation either. Even after some overexcitement in early autumn, UBS believes that the macro environment over the next 6 to 12 months looks set for continued buying from central banks and investors.
However, on December 5, BNP Paribas Exane downgraded its rating on Newmont Corporation (NYSE:NEM) from Outperform to Neutral and cut its price target from $107 to $97. This downgrade comes after a strong run in the stock price.
The research firm pointed out that Newmont Corporation (NYSE:NEM) continues to offer strong gold exposure and lower jurisdictional risk. However, BNP Paribas Exane noted that the company has now finished optimizing its assets after the Newcrest deal.
Newmont Corporation (NYSE:NEM) is a gold mining company that also produces copper, zinc, lead, and silver. It is one of the largest gold mining companies in the world.
1. Barrick Mining Corporation (NYSE:B)
Number of Hedge Fund Holders: 75
Barrick Mining Corporation (NYSE:B) is one of the best gold mining companies to invest in now. On December 7, Jefferies increased its price target on Barrick Mining Corporation (NYSE:B) from $46 to $55 while keeping its Buy rating. This update comes as part of a 2026 preview for the metals and mining group.
Jefferies analyst Fahad Tariq said that the firm is “bullish on gold equities” in 2026 because of “attractive valuations,” even when the firm is “neutral on gold.” Tariq pointed out that gold companies are set to grow margins and generate more free cash flow year-over-year in 2026, with no major cost inflation showing up yet. The research firm said that Barrick Mining Corporation (NYSE:B) is its “top pick among the large-cap gold miners.”
Earlier, on December 5, BNP Paribas Exane also upgraded its rating on Barrick Mining Corporation (NYSE:B) from Neutral to Outperform and increased its price target from $34.50 to $50. The research firm identified several recent developments at the company as potential catalysts for the next 12 months or beyond. These include a CEO change, resolution of issues in Mali, the Fourmile Preliminary Economic Assessment, and consideration of corporate actions.
As these catalysts unfold and overhangs go out of the picture in 2026, BNP Paribas Exane believes there is a strong rerating potential for Barrick Mining Corporation (NYSE:B). The firm has raised its EBITDA forecasts for the company for 2026 and 2027 by about 12% on average.
Barrick Mining Corporation (NYSE:B) is a leading mining, exploration, and development company with one of the strongest portfolios of gold and copper assets.
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