In this article, we will discuss the 9 Best Canadian Gold Stocks to Buy Right Now.
Earlier on March 24, Jeffrey Gundlach, DoubleLine Capital Founder & CEO, joined ‘Closing Bell’ on CNBC to discuss his broad view on equity markets. He noted that the decline in risk assets over the then-last few weeks had been characterized by a lack of extreme fear in equity markets, specifically pointing out that the VIX index strangely never rose above 30. In terms of market stability, Gundlach identified asset-backed securities and commercial mortgage-backed securities as the primary safety plays, noting they have remained among the most stable asset classes despite being overshadowed by war headlines and issues in private credit. He characterized the market as being in a revaluation phase, where making money became increasingly difficult this year.
He reflected on how gains were initially found in foreign markets and commodities, and while commodities and gold remain up, their recent momentum has slowed. Gundlach admitted that his own enthusiasm for gold was actually exceeded by the market’s performance last year; while he had predicted gold would surpass 4,000, it climbed higher to nearly 5,500. Looking forward, Gundlach maintains a long-term preference for commodities and gold, viewing the current price levels as a very good opportunity to add to these positions. He expressed a lack of enthusiasm for credit or stocks at their current valuations, arguing that they are not cheap enough to be considered compelling buys. He concluded that he would prefer to see the VIX go higher to signal a definitive washout in the stock market before becoming more optimistic about equities.
Our Methodology
We used stock screeners to identify Canadian Gold stocks, and limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2025.
Note: All data was sourced on May 11.
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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
9 Best Canadian Gold Stocks to Buy Right Now
9. New Found Gold Corp. (NYSEAMERICAN:NFGC)
Number of Hedge Fund Holders: 13
New Found Gold Corp. (NYSEAMERICAN:NFGC) is one of the best Canadian gold stocks to buy right now. On May 4, New Found Gold announced final 2025 infill drilling results for its 100%-owned Queensway Gold Project in Newfoundland and Labrador. The findings confirm the continuity of gold mineralization within the AFZ Core, specifically across the Keats West, Iceberg, and Keats zones. Notable intercepts included 9.51 g/t Au over 19.85 m at Keats West and 36.1 g/t Au over 2.00 m at Keats, supporting the company’s objective to upgrade inferred mineral resources to the indicated category for its Phase 1 open pit mine plan.
Beyond infill success, step-out drilling beneath the planned Phase 2 pits identified high-grade mineralization at depth, such as 9.15 g/t Au over 7.15 m below Keats. The company also completed over 13,000 meters of pre-development drilling, covering condemnation, geotechnical, and hydrogeological studies. This data confirmed the absence of mineralization at the proposed infrastructure sites while providing feasibility-level details necessary to finalize pit designs.
Looking ahead to the remainder of 2026, New Found Gold Corp. (NYSEAMERICAN:NFGC) four active rigs focused on resource conversion for the Phase 2 open pits and Phase 3 underground targets. The upcoming program will also prioritize grade-control drilling at the Iceberg and Lotto excavations and exploration at the Bullseye and Dropkick zones. An updated Technical Report and mineral resource estimate are expected to be filed in H2 2026 as the project transitions toward advanced engineering and site development.
New Found Gold Corp. (NYSEAMERICAN:NFGC), a Canadian gold producer, owns assets in Newfoundland and Labrador and holds interests in the following projects: Queensway Gold, Hammerdown Gold, Pine Cove Mill, and Nugget Pond.
8. Osisko Development Corp. (NYSE:ODV)
Number of Hedge Fund Holders: 19
Osisko Development Corp. (NYSE:ODV) is one of the best Canadian gold stocks to buy right now. On May 4, Osisko Development appointed Sarah MacDonald as Vice President, Construction Contracting and Commercial, effective immediately. This addition is intended to strengthen the company’s execution capabilities as it continues to advance its flagship Cariboo Gold Project in British Columbia. Chairman and CEO Sean Roosen noted that MacDonald’s extensive background will be instrumental in the project’s upcoming development phases.
MacDonald joins the team with over 18 years of experience in legal, contract, and corporate affairs within the mining sector. She previously served as General Counsel for Dumas Contracting Ltd., where she managed legal matters for underground operations across North America and led initiatives in risk management and sustainability. Her career also includes over a decade in corporate law and experience supporting partnerships with major industry players like Pan American Silver and Torex Gold.
Osisko Development Corp. (NYSE:ODV) remains focused on its objective of becoming an intermediate gold producer by revitalizing past-producing mining camps. In addition to the fully permitted Cariboo Gold Project, the company is progressing the Tintic Project in Utah, a brownfield site with significant exploration potential. The company continues to prioritize long-life assets in mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation and risk management.
Osisko Development Corp. (NYSE:ODV) acquires, explores, and develops precious metals properties across North America. Its portfolio provides exposure to gold and other key metals, positioning the company to benefit from a supportive commodity price environment as it advances toward production.
