5 Best Canadian Gold Stocks to Buy Right Now

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In this article, we discuss the 5 best Canadian gold stocks to buy now. To read the detailed analysis on the subject, go directly to the 10 Best Canadian Gold Stocks to Buy Right Now.

5. Eldorado Gold Corporation (NYSE:EGO)

Number of Hedge Fund Holders: 13

Eldorado Gold Corporation (NYSE:EGO) is a gold mining and exploration company headquartered in Vancouver, Canada. 

Eldorado Gold Corporation (NYSE:EGO) faced severe headwinds in the first half of 2022 due to higher costs in Greece and lower output in the Turkish mines. However, things seem to improve for the company in the second half of 2022. The continued progress at the Olympias mine is a significant growth catalyst for the company. The production of the mine reached 15,779 ounces in 2Q22 from 12,934 ounces in 2Q21. The Lamaque mine produced landmark results with a production of 46,917 ounces in 2Q22, which was 39.7% above the previous quarter’s production. Finally, the major breakthrough for Eldorado Gold Corporation (NYSE:EGO) would be the development of the Scouries project in Northern Greece after the company secures financing for it.

Eldorado Gold Corporation (NYSE:EGO) recently reaffirmed its production guidance of 460,000 to 490,000 ounces and updated the FY2022 guidance for total cash costs to $790 to $840 per ounce sold.

On August 2, National Bank analyst Mike Parkin maintained an Outperform rating on Eldorado Gold Corporation (NYSE:EGO)’s shares and raised his price target to C$15.5 from C$15.

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