5 Best Gold Stocks To Buy Right Now

In this article, we discuss the 5 best gold stocks to buy right now. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Gold Stocks To Buy Right Now.

5. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 26     

Virus concerns and the falling dollar have pushed the prices of gold to new highs in the past few months. Wheaton Precious Metals Corp. (NYSE:WPM), a mining firm that mostly deals in precious metals, has benefited from this increase in gold prices. As gold hit $1,800/oz in August this year, the firm posted earnings for the second quarter, reporting a revenue of $330 million, up 33% year-on-year and beating predictions by $2.1 million. 

KeyBanc analyst Adam Josephson recently initiated coverage of Wheaton Precious Metals Corp. (NYSE:WPM) with an Overweight rating and a price target of $47, noting that the company was the “go to precious metals royalty/streaming” firm among investors. 

At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $471 million in Wheaton Precious Metals Corp. (NYSE:WPM), down from 28 in the previous quarter worth $439 million.

In its Q2 2020 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Wheaton Precious Metals Corp. (NYSE:WPM) was one of them. Here is what the fund said:

“The strength in the price of gold was generally supportive of gold-related equities whose performance historically has been leveraged to the gold price. One such example is Wheaton Precious Metals, a Canadian streaming company that maintains, in our view, a high-quality, low-cost portfolio of precious metal purchase agreements that is well diversified across mining partners, geographies and metal types. Despite pandemic-related suspensions of six of its mining assets, Wheaton posted a 50% year-over-year increase in operating cash flow for the first quarter, which allowed the company to reduce its net debt while raising its quarterly dividend payment.”