5 Best Gold Stocks To Buy Right Now

2. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 55  

Newmont Corporation (NYSE:NEM) is a Colorado-based firm that engages in the production and exploration of gold. It has a market cap of more than $43 billion and posted over $11 billion in revenue last year. A regulatory crackdown in China that has hurt growth stocks in the US has resulted in an increase in gold prices, pushing stocks like Newmont higher in recent months. At the end of 2020, the firm had proven and probable gold reserves of 94 million ounces.

On September 24, investment advisory KeyBanc initiated coverage of Newmont Corporation (NYSE:NEM) stock with a Sector Weight rating and no price target. Adam Josephson, an analyst at the advisory, issued the ratings update.

At the end of the second quarter of 2021, 55 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Newmont Corporation (NYSE:NEM), up from 43 in the preceding quarter worth $994 million. 

In its Q1 2020 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Newmont Corporation (NYSE:NEM) was one of them. Here is what the fund said:

“The gold price helped support the stock price of Newmont Corporation, a Colorado-based miner with, in our view, highquality assets located in favorable mining jurisdictions in North America, South America, Australia and Africa. With what we consider an impressive portfolio of assets, strong management team, solid balance sheet and history of generating free cash flow, Newmont appears well positioned to withstand the economic disruptions related to the coronavirus pandemic.”