5 Best Canadian Gold Stocks To Buy Right Now

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1. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 47

With over 16 operating sites in 13 countries, Barrick Gold Corporation (NYSE:GOLD) is one of the best Canadian gold stocks to buy right now. Based in Toronto, the company engages in gold mining and mineral exploration activities.

On September 24, KeyBanc analyst Adam Josephson initiated coverage of Barrick Gold Corporation (NYSE:GOLD) with a Sector Weight rating on its shares.

Of the 873 elite funds tracked by Insider Monkey, 47 were long Barrick Gold Corporation (NYSE:GOLD) at the end of June, compared to 49 in the first quarter of 2021. New York-based First Eagle Investment Management is one of the leading stakeholders of the company at the end of the June quarter.

In the Q2 2021 Investor Letter, Ariel Investments highlighted a few stocks and Barrick Gold Corp (NYSE:GOLD) is one of them. Here is what the fund said:

“We re-initiated a position in Barrick Gold Corp. (GOLD) in the quarter. Its shares fell -5.56% from our initiation to the end of the quarter as the price of gold trended lower. Gold exceeded $2,000 per ounce in 2020 but has since declined to approximately $1,812 per ounce. Barrick’s shares have often traded at elevated PE multiples. However, at the current reduced stock price, it is trading at a PE multiple of only 16 times next year’s earnings, an attractive opportunity in our opinion, given our expectation of higher inflation and gold’s historic role as an inflationary hedge.”

You can also take a peek at 10 Best Shipping and Container Stocks To Buy and 11 Best Covid Vaccine and Pill Stocks To Invest In.

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