Eldorado Gold (EGO) Shares Trade Near 52-Week High Amid Strong Production Outlook

With a low forward price-to-earnings multiple and significant hedge fund interest, Eldorado Gold Corporation (NYSE:EGO) secures a spot on our list of the 12 cheap gold stocks to buy now.

Eldorado Gold (EGO) Shares Trade Near 52-Week High Amid Strong Decade-Long Production Outlook

Having returned 135% year-to-date (YTD) and 23% over the past month, Eldorado Gold Corporation (NYSE:EGO)’s momentum continues to accelerate, taking the share price to its new 52-week high of $36.00 on December 12, 2025.

In contrast to this momentum, Bank of America revisited Eldorado Gold Corporation (NYSE:EGO) on December 1, 2025. The bank raised its price target from $28 to $29 (below the company’s current share price), while reiterating an “Underperform” rating, according to The Fly. This conflicts with the bank’s bullish commodities outlook, projecting gold to reach $5,000/oz in 2026. The projection, coming out in October, was driven by fiscal deficits, rising debt levels, and a favorable policy backdrop.

However, the same level of optimism is not shared by all major institutions, with Citi’s Max Layton arguing that the fading of several macro tailwinds may result in gold’s exceptional 2025 run cooling off. Yet, speaking to CNBC on December 10, the bank said it sees limited downside, with its base case projecting prices to ease to $3,600- $3,800/oz by the end of next year, while assigning a 30% chance of a renewed push toward $5,000.

Therefore, with gold prices hovering just over $4,300/oz as of December 12, strong share price momentum in 2025, and a broader bullish outlook on gold prices, investors remain keen on seeing where Eldorado Gold Corporation (NYSE:EGO)’s momentum heads.

Amid this, Eldorado Gold Corporation (NYSE:EGO) received a vote of confidence from BMO Capital, which raised its price target from C$50 to C$53 while reiterating an “Outperform” rating, as reported by The Fly on November 27. The investment firm’s bullish stance reflected the company’s updated mineral reserve and resource statement, released just a day earlier.

The statement featured a 5% successful depletion replacement across key assets, a stronger decade-long production outlook with an average mine life of 13 years, and a 21% boost in Inferred Resources from additions in Greece and Canada. Eldorado Gold Corporation (NYSE:EGO) plans to focus on expanding near-mine opportunities and advancing its broader discovery pipeline.

Eldorado Gold Corporation (NYSE:EGO), a gold-focused miner, operates in Turkey, Canada, and Greece.

While we acknowledge the potential of EGO 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 EGO and that has 100x upside potential, check out our report about this cheapest AI stock.

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