In this article, we will discuss the 5 Best Gold Mining Stocks to Buy as Central Banks Buy Bullion. For deeper discussion and analysis, read 10 Best Gold Mining Stocks to Buy as Central Banks Buy Bullion.
5. Agnico Eagle Mines Limited (NYSE:AEM)
Short % of Shares Outstanding: 1.10%
Agnico Eagle Mines Limited (NYSE:AEM) received a modest analyst target increase on May 4 when JPMorgan analyst Bennett Moore raised the firm’s price target to $222 from $220 while maintaining a Neutral rating on the shares. The revised valuation followed continued operational execution by the company and reflects sustained confidence in Agnico Eagle’s ability to capitalize on elevated gold prices and long-term production growth opportunities.
Earlier, on May 1, Agnico Eagle Mines Limited (NYSE:AEM) reported first-quarter revenue of $4.099 billion, surpassing analyst consensus estimates of $4.02 billion. The company produced 825,109 payable ounces of gold during the quarter, representing roughly 24% of the midpoint of its full-year production guidance. Production costs per ounce totaled $1,158, while total cash costs and all-in sustaining costs came in at $1,093 and $1,483 per ounce, respectively. Management stated that strong operating performance at Detour Lake, Canadian Malartic, and Fosterville drove the results. President and CEO Ammar Al-Joundi highlighted record operating margins and emphasized that production is expected to strengthen further during the second half of the year. He also pointed to the company’s expanding growth pipeline, including recently announced acquisitions in Finland, while reaffirming Agnico Eagle’s commitment to shareholder returns through dividends and share repurchases.
Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian-based gold producer and one of the world’s largest gold mining companies. Founded in 1953 and headquartered in Toronto, the company operates a diversified portfolio of mining assets across Canada, Australia, Finland, and Mexico, with a strong emphasis on operational efficiency, reserve growth, and sustainable mining practices.
The company’s combination of rising production potential, disciplined cost management, and expanding development pipeline could support long-term earnings growth as gold prices remain favorable.
4. Wheaton Precious Metals Corp. (NYSE:WPM)
Short % of Shares Outstanding: 0.77%
Wheaton Precious Metals Corp. (NYSE:WPM) announced on May 8 that it had declared its second quarterly cash dividend payment for 2026 of $0.195 per common share, representing an 18% increase from the comparable quarterly dividend paid in 2025. The dividend will be distributed to shareholders of record as of May 27 and paid on or about June 9. The increase reflects the company’s continued strong cash generation and management’s confidence in its long-term financial position amid supportive precious metals pricing.
Previously, on April 2, Berenberg lowered its price target on Wheaton Precious Metals Corp. (NYSE:WPM) to 11,200 GBp from 13,000 GBp while maintaining a Buy rating on the shares. Despite the target reduction, the firm continued to express optimism regarding the company’s long-term streaming model, which provides leveraged exposure to gold and silver prices without many of the operational and capital risks faced by traditional mining operators.
Founded in 2004 and headquartered in Vancouver, Wheaton Precious Metals Corp. (NYSE:WPM) is one of the world’s largest precious metals streaming companies. The company provides upfront financing to mining operators in exchange for the right to purchase future gold, silver, palladium, and cobalt production at fixed discounted prices. This business model allows Wheaton to maintain exposure to commodity price appreciation while benefiting from relatively predictable operating costs.
The company’s rising dividend and resilient streaming model may continue appealing to investors seeking precious metals exposure with lower direct mining risk, positioning it among the best gold mining stocks to buy.
3. Barrick Mining Corporation (NYSE:B)
Short % of Shares Outstanding: 0.73%
Barrick Mining Corporation (NYSE:B) received a higher analyst target on May 12 when UBS raised its price objective to $54 from $50 while reiterating a Buy rating on the shares. The revised target reflects continued optimism surrounding the company’s operational scale, cash generation capabilities, and leverage to elevated gold and copper prices in the current commodity environment.
A day earlier, Barrick Mining Corporation (NYSE:B) announced that its Board of Directors had authorized the repurchase of up to $3 billion of the company’s outstanding common shares at prevailing market prices. The sizable buyback authorization signals management’s confidence in the company’s balance sheet strength and long-term outlook while also reinforcing its commitment to enhancing shareholder returns through capital allocation initiatives.
Barrick Mining Corporation (NYSE:B) is one of the world’s largest producers of gold and copper. Founded in 1983 and headquartered in Toronto, the company operates a globally diversified portfolio of mining assets spanning North America, South America, Africa, and the Middle East. Barrick focuses on large-scale, long-life mining projects supported by operational efficiency and disciplined financial management.
The company’s aggressive share repurchase program and continued analyst support may strengthen investor confidence as precious metals prices remain elevated amid macroeconomic uncertainty.
2. AngloGold Ashanti plc (NYSE:AU)
Short % of Shares Outstanding: 0.73%
AngloGold Ashanti plc (NYSE:AU) received a notable analyst upgrade on May 11 when Roth Capital analyst Joe Reagor raised the firm’s price target to $121 from $103 while maintaining a Buy rating on the shares. The analyst stated that although first-quarter results were somewhat mixed relative to expectations, the impact on valuation was limited, and the higher target primarily reflected the recent rebound in gold prices, which continues to strengthen profitability prospects across the gold mining industry.
Earlier, on April 22, Reuters reported that Ghana’s mining regulator had given AngloGold Ashanti plc (NYSE:AU), Newmont, and Zijin until December 2026 to transition mining operations to local contractors or potentially face sanctions. According to the report, the companies are among the few operators still directly managing mining activities following Ghana’s updated local ownership rules implemented in early 2025. The regulatory shift could require operational adjustments across affected mining assets while increasing local participation in the country’s mining sector.
One of the best gold mining stocks to buy, AngloGold Ashanti plc (NYSE:AU), is a global independent gold mining company with a diversified portfolio of operations and development projects across multiple continents. Founded in 2004 and headquartered in Denver, the company focuses on gold exploration, mine development, and production while maintaining exposure to several key mining jurisdictions worldwide.
Rising gold prices and continued analyst optimism may support future earnings growth despite regulatory developments in certain operating regions.
1. TRX Gold Corporation (NYSEAMERICAN:TRX)
Short % of Shares Outstanding: 0.68%
TRX Gold Corporation (NYSEAMERICAN:TRX) reported strong second-quarter financial and operational results on April 15, posting adjusted net income of $11.66 million compared with a loss of approximately $111,000 during the prior-year period. The company achieved record quarterly gold production of 7,453 ounces and sold 7,314 ounces of gold at an average realized price of $4,655 per ounce. Revenue totaled $34.1 million, while gross profit reached $21.1 million with a 61% margin, and adjusted EBITDA came in at $20.2 million, representing a 59% margin. CEO Stephen Mullowney emphasized that the company’s strong cash position, limited debt, and expanding processing capacity place it in a favorable position to advance the next expansion phase at the Buckreef project. Management also noted plans to update the project’s preliminary economic assessment to reflect higher throughput rates and potentially improved long-term mine economics.
TRX Gold Corporation (NYSEAMERICAN:TRX) is a junior mining company focused on the exploration, development, and production of gold assets. Founded in 1990 and headquartered in Toronto, the company’s primary focus is the Buckreef Gold Project in Tanzania, where it aims to expand production capacity and enhance long-term operational value.
The company’s record profitability, strong margins, and expansion plans could position it for additional growth as gold prices remain historically elevated.
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