5 Precious Metals Stocks to Buy Amid Market Volatility

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

Number of Hedge Fund Holders: 27      

Wheaton Precious Metals Corp. (NYSE:WPM) is a Canadian mining company with prime interests in gold deposits. On February 8, Wheaton Precious Metals Corp. (NYSE:WPM) announced that it had entered into an agreement with Sabina Gold & Silver to purchase a part of the Goose Project in Nunavut from the latter. Wheaton plans to pay Sabina $125 million and will receive 4.15% of payable gold production from the mine.

Elite investors back Wheaton Precious Metals Corp. (NYSE:WPM) as it embarks on a growth plan. At the end of the third quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $347 million in Wheaton Precious Metals Corp. (NYSE:WPM), up from 26 in the previous quarter worth $471 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.”