On January 5, Bart Melek, Global Head of Commodity Strategy at TD Securities, appeared on CNBC to suggest that gold is moving as a classic safe haven amid rising geopolitical risk. Gold’s ascent is a logical reaction to heightened geopolitical tensions, particularly given a more interventionist US stance in regions like Venezuela. For investors feeling under duress, gold offers a reliable alternative to US equities or the dollar because it carries intrinsic value, remains physical, and does not rely on traditional clearing systems. This demand is supported by the potential for a dovish Fed in May, as a shift toward lower interest rates typically serves as a strong tailwind for non-yielding assets like precious metals.

Melek also explored the complex oil-gold dynamic emerging from the crisis in Venezuela. While oil majors like Baker Hughes are seeing share price gains, actual crude prices have fluctuated. US intervention might disrupt Venezuela’s daily flow of ~800,000 barrels, causing short-term price spikes, but the market is also looking at the long-term potential for developing the country’s reserves. This is why oil producers are trading higher even when the commodity itself remains volatile. Furthermore, any short covering in the crude market often signals higher prices, which historically correlate with positive momentum for gold.

That being said, we’re here with a list of the 8 most undervalued gold stocks to buy according to analysts.

Our Methodology

We sifted through the Finviz stock screener to compile a list of undervalued gold stocks that had a forward P/E ratio under 15. We then selected 8 stocks that had an upside potential of over 20%. The stocks are ranked in ascending order of their upside potential. We have also added the hedge fund sentiment for each stock, as of Q3 2025, which was sourced from Insider Monkey’s database.

Note: All data was sourced on February 10. 

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

8 Most Undervalued Gold Stocks to Buy According to Analysts

8. Barrick Mining Corporation (NYSE:B)

Number of Hedge Fund Holders: 75

Average Upside Potential: 21.85%

Barrick Mining Corporation (NYSE:B) is one of the most undervalued gold stocks to buy according to analysts. On February 10, Stifel raised its price target for Barrick Mining from C$65 to C$95 while maintaining a Buy rating.

This sentiment was posted after the firm announced its Q4 2025 earnings results earlier on February 5. Barrick Mining Corporation (NYSE:B) saw a 45% sequential revenue increase, which was driven by higher production levels and a 21% rise in realized gold prices. This revenue totaled $6 billion and also improved by 64.53% year-over-year. Operational growth was evident as gold production rose to 3.26 million ounces for the full year, while copper production saw a 13% quarterly increase.

Barrick is now preparing for a partial IPO of its North American assets by Q4 2026 to address perceived undervaluation. The company also confirmed it ended the year in a strong financial position with $2 billion in net cash and stable gold and copper reserves totaling 85 million ounces and 18 million tons.

Barrick Mining Corporation (NYSE:B) explores, develops, produces, and sells mineral properties. It explores for gold, copper, silver, and energy materials.

7. Equinox Gold Corp. (NYSEAMERICAN:EQX)

Number of Hedge Fund Holders: 30

Average Upside Potential: 23.06%

Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the most undervalued gold stocks to buy according to analysts. On February 2, Equinox Gold announced a new AI-supported gold discovery at its Valentine Gold Mine in Canada, specifically identifying the Minotaur Zone and expanding the Frank Zone. Utilizing VRIFY’s AI-powered DORA software to analyze geological and structural data, the company identified Minotaur as a high-priority target 8 km from the existing mill, with initial drilling confirming mineralization over a 700-metre strike length that remains open in all directions.

High-grade results from this new zone include 2.68 g/t gold over 32 metres and surface samples reaching as high as 650 g/t gold, prompting a planned 15,000 to 20,000 metres of dedicated drilling for 2026. Simultaneously, drilling at the Frank Zone, located southwest of the Leprechaun open pit, has revealed continuous high-grade gold mineralization outside of currently defined resources, including intercepts such as 22.10 g/t gold over 6.3 metres and 3.12 g/t gold over 63.9 metres. These findings support the potential for a new open pit that could extend the mine’s current 14-year life.

Earlier on January 27, BMO Capital analyst Kevin O’Halloran increased the price target for Equinox Gold Corp. (NYSEAMERICAN:EQX) from C$20 to C$26 while keeping an Outperform rating.

Equinox Gold Corp. (NYSEAMERICAN:EQX) acquires, explores, develops, and operates mineral properties in the Americas. The company primarily explores gold and silver deposits.