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.
6. SSR Mining Inc. (NASDAQ:SSRM)
Number of Hedge Fund Holders: 24
Average Upside Potential: 23.40%
SSR Mining Inc. (NASDAQ:SSRM) is one of the most undervalued gold stocks to buy according to analysts. On February 2, Bank of America reduced its price target for SSR Mining to $21 from $21.50 while keeping an Underperform rating. This adjustment follows a 1.5% decrease in the firm’s total attributable net asset value estimate for the company, triggered by an updated technical report for the minority-owned Hod Maden copper-gold project in Türkiye.
However, on January 30, UBS analyst Levi Spry increased the price target for SSR Mining to $38.50 from $34.50 and maintained a Buy rating.
In Q3 2025, SSR Mining Inc. (NASDAQ:SSRM) produced 103,000 gold equivalent ounces, with gold sales benefiting from an average realized price exceeding $3,500 per ounce. This contributed to a net income of $65.4 million, or $0.31 per diluted share. SSR Mining generally saw varying results across its portfolio, with Marigold producing 36,000 ounces and the Poona silver site contributing 2.4 million ounces. However, challenges were noted at the Marigold site regarding ore fines and at the CB site, where grades were lower than anticipated due to material reconciliation issues.
SSR Mining Inc. (NASDAQ:SSRM), together with its subsidiaries, acquires, explores, and develops precious metal resource properties in the US, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits.
5. Galiano Gold Inc. (NYSEAMERICAN:GAU)
Number of Hedge Fund Holders: 21
Average Upside Potential: 24.14%
Galiano Gold Inc. (NYSEAMERICAN:GAU) is one of the most undervalued gold stocks to buy according to analysts. On January 29, Galiano Gold reported positive results from its 2025 drilling program at the Abore deposit within the Asanko Gold Mine in Ghana, confirming the expansion of high-grade mineralization up to 200 meters below previous drill holes. Significant intercepts from this 11,000-meter campaign include 14.2 g/t gold over 15 meters and 4.4 g/t gold over 30 meters, demonstrating strong continuity across the South, Main, and North pits.
These findings indicate that the Abore mineralizing system is larger than previously estimated and remains open at depth, which will be a key factor in the maiden underground Mineral Resource estimate scheduled for release in February 2026. Building on this success, the company has approved a $17 million exploration budget for 2026, with an aggressive 30,000-meter drilling program planned specifically for Abore. This upcoming phase aims to further grow the underground resource and upgrade categories to support a potential maiden underground Mineral Reserve in 2027.
In other news, on January 26, Scotiabank raised the firm’s price target on Galiano Gold Inc. (NYSEAMERICAN:GAU) to C$4.75 from C$3.50 and maintained a Sector Perform rating.
Galiano Gold Inc. (NYSEAMERICAN:GAU) is a mining, development, and exploration company. It owns a 90% interest in the Asanko Gold Mine located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.
4. Orla Mining Ltd. (NYSE:ORLA)
Number of Hedge Fund Holders: 33
Average Upside Potential: 24.40%
Orla Mining Ltd. (NYSE:ORLA) is one of the most undervalued gold stocks to buy according to analysts. On February 10, Stifel analyst Ingrid Rico increased the price target for Orla Mining to C$35 from C$28, while maintaining a Buy rating.
On February 4, CIBC also increased its price target for Orla Mining to C$32 from C$27 with a Buy rating. This adjustment is part of a broader increase in targets across the precious metals sector, following the firm’s decision to raise gold price forecasts to $6,000 per ounce for 2026 and $6,500 for 2027. Additionally, the firm raised its copper price assumptions. The demand drivers from 2025 are expected to persist through 2026, though accompanied by increased geopolitical uncertainty.
In Q3 2025, Orla Mining Ltd. (NYSE:ORLA) achieved substantial gold production across its assets, with the Musselwhite mine contributing nearly 58,000 ounces and Camino Rojo producing over 22,000 ounces despite a temporary pit wall suspension that required remediation work. With a robust liquidity position of $357 million, Orla is advancing key growth initiatives, including the South Railroad project in Nevada—which may see accelerated gold production by late 2027 due to its FAST-41 status—and the Camino Rojo underground expansion.
Orla Mining Ltd. (NYSE:ORLA) acquires, explores, develops, and exploits mineral properties. It explores gold, silver, zinc, lead, and copper deposits.
3. B2Gold Corp. (NYSEAMERICAN:BTG)
Number of Hedge Fund Holders: 37
Average Upside Potential: 28.37%
B2Gold Corp. (NYSEAMERICAN:BTG) is one of the most undervalued gold stocks to buy according to analysts. On February 4, CIBC analyst Anita Soni increased the price target for B2Gold to $6.50 from $6 with a Neutral rating. This adjustment is part of a sector-wide target increase by CIBC, driven by revised gold price forecasts of $6,000 per ounce for 2026 and $6,500 for 2027, along with higher copper price projections. While the primary demand drivers from 2025 are expected to continue into 2026, the market is facing increased geopolitical uncertainty.
In Q3 2025, B2Gold Corp. (NYSEAMERICAN:BTG) reported that the Goose mine reached commercial production just three months after its first gold pour, although 2025 production guidance for the site was revised downward to between 50,000 and 80,000 ounces due to crushing capacity issues and delayed access to high-grade ore. Despite these short-term hurdles, the company projects a significant ramp-up at Goose, forecasting 250,000 ounces in 2026 and 330,000 ounces in 2027.
The company is also advancing strategic expansions, notably the construction decision for the Antelope underground deposit, which is expected to extend the life of the Otjikoto mine into the 2030s while reducing preproduction capital costs to $105 million.
B2Gold Corp. (NYSEAMERICAN:BTG) is a gold producer in Canada that operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. It also owns 100% interest in the Gramalote gold project in Colombia.
2. Harmony Gold Mining Company Ltd. (NYSE:HMY)
Number of Hedge Fund Holders: 23
Average Upside Potential: 30.42%
Harmony Gold Mining Company Ltd. (NYSE:HMY) is one of the most undervalued gold stocks to buy according to analysts. On January 23, Morgan Stanley upgraded Harmony Gold from Underweight to Equal Weight and increased the price target to ZAR 330 from ZAR 265. The upgrade is based on the stock’s valuation following a year of underperformance. Additionally, the firm noted that a major event risk has been resolved now that the updated capital guidance for the Eva project is public.
Strategically, Harmony Gold Mining Company Ltd. (NYSE:HMY) is successfully integrating the newly acquired CSA copper mine in Australia into its corporate systems, with specific guidance for the asset expected during the upcoming interim results. Progress is also being made at the Eva Copper Project, where the newly appointed contractor is scheduled to mobilize to the site in the March 2026 quarter.
As the leadership team prepares for the Investing in African Mining Indaba, Harmony Gold Mining Company Ltd. (NYSE:HMY) continues to review its capital structure to ensure it can fund long-term growth projects while delivering competitive shareholder returns. Detailed operational and financial figures will be officially released on March 11 this year.
Harmony Gold Mining Company Ltd. (NYSE:HMY) explores, extracts, and processes mineral properties in South Africa, Papua New Guinea, and Australia. The company explores for gold, uranium, silver, and copper deposits.
1. New Found Gold Corp. (NYSEAMERICAN:NFGC)
Number of Hedge Fund Holders: 12
Average Upside Potential: 34.64%
New Found Gold Corp. (NYSEAMERICAN:NFGC) is one of the most undervalued gold stocks to buy according to analysts. On February 2, New Found Gold reported high-grade results from its 2025 grade control drilling at the Keats zone, part of the Queensway Gold Project in Newfoundland and Labrador. The program, which used a tight 5-meter by 5-meter drill spacing, successfully confirmed the continuity of significant gold mineralization at or near the surface.
Notable intercepts include 508g/t Au over 2.20 meters and 113g/t Au over 3.75 meters. These results align with the company’s existing mineral resource models and are critical for refining the mine plan for the Phase 1 open pits outlined in their recent Preliminary Economic Assessment. Looking toward 2026, New Found Gold has four rigs active with plans to expand grade control drilling to the Iceberg and Lotto excavations starting in the second quarter.
New Found Gold Corp. (NYSEAMERICAN:NFGC) is currently focused on resource conversion for Phase 2 open pits and Phase 3 underground targets, supported by a 2026 exploration budget that includes regional drilling at Queensway South. Approximately 50% of the results from the 2025 program remain outstanding, and an updated Technical Report featuring a revised mineral resource estimate is expected to be released in mid-2026.
New Found Gold Corp. (NYSEAMERICAN:NFGC) is a mineral exploration company that identifies, evaluates, acquires, and explores mineral properties in the Provinces of Newfoundland and Labrador, Canada. The company primarily explores for gold deposits.
While we acknowledge the potential of NFGC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NFGC and that has 100x upside potential, check out our report about this cheapest AI stock.
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