In this article, we will discuss the Goldman Sachs Gold Stocks: Top 10 Stock Picks.
Gold has experienced a sharp selloff following the commencement of the war in the Persian Gulf. After initially powering through the $5,500-an-ounce level, the precious metal has tumbled and now trades around $4,700 an ounce. The sharp decline has come at the back of equities, industrial metals, and bonds, which have also sold off in response to the conflict.
Nevertheless, the precious metal’s long-term outlook remains positive given its safe-haven credentials for shrugging off geopolitical tensions and economic uncertainties. In addition, investors remain bullish on gold’s upward trajectory as central banks worldwide diversify away from the U.S. dollar, with many confident it will top $6,000 an ounce.
Strategists at J.P. Morgan Global Research expect gold prices to average $5,055 an ounce by the final quarter of 2026, rising toward $5,400 ounce by the end of 2027.
“While this rally in gold has not, and will not, be linear, we believe the trends driving this rebasing higher in gold prices are not exhausted,” said Natasha Kaneva, head of Global Commodities Strategy at J.P. Morgan. “The long-term trend of official reserve and investor diversification into gold has further to run. We expect gold demand to push prices toward $5,000/oz by year-end 2026.”
Strategists at Goldman Sachs have also reiterated their bullish view on gold despite the recent pullback from an all-time high. The strategists forecast renewed gains, with gold reaching $5,400 by year-end, driven by strong central bank purchases.
A weaker dollar and lower U.S. interest rates should bolster the appeal of the precious metal. Similarly, economic and geopolitical uncertainty would be positive drivers of gold, as it serves as both a safe-haven asset and a reliable store of value.
Amid the expected spike in gold prices, gold stocks offer investors a way to buffer their portfolios against equity market volatility and a falling dollar. That has been the case with gold stocks, which have experienced a strong structural bull market, though they have been volatile due to record-high gold prices. The NYSE Arca Gold Miners Index, which provides exposure to gold mining stocks, is already up by 10% for the year, more than triple the overall stock market gain.
Our Methodology
To compile a list of Goldman Sachs Bank Stocks: Top 10 Stocks to Buy, we analyzed the investment bank’s Q4 2025 13F portfolio filings. From the list, we settled on companies with significant exposure to gold. We detailed the number of hedge funds holding stakes in them. Finally, we ranked the stocks in ascending order based on Goldman Sachs’ equity stakes in the stocks.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research shows 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).
Goldman Sachs Gold Stocks: Top Stock Picks
10. Coeur Mining Inc (NYSE:CDE)
Goldman Sachs Equity Stake: $222.92 Million
Number of Hedge Fund Holders: 51
Coeur Mining, Inc. (NYSE: CDE) is one of Goldman Sachs top gold stock picks. On April 22, Coeur Mining, Inc. (NYSE:CDE) completed its exchange offer for New Gold senior notes. Coeur accepted $385.8 million of New Gold’s 6.875% Senior Notes due 2032, or about 96.5% of the $400 million outstanding, and exchanged them for an equal amount of its own notes plus $771,600 in cash. Most tenders—$385.3 million, were received by the April 3 early participation date, with another $500,000 submitted before expiration.
The offering follows the completion of the New Gold acquisition. With the acquisition, the company expects its 2026 gold production to range between 680,000 and 815,000 ounces, with silver production of between 18.7 and 21.9 million ounces. The addition of New Afton and Rainy River is expected to boost gold production by 80% and add meaningful copper production. Its 2025 gold production totaled 419,046 ounces with 17.9 million silver ounces.
Similarly, Coeur Mining remains in a solid financial position with strong cash flow and robust capital returns to stockholders. The board of directors has already approved an expanded $750 million share repurchase program. Investors also stand to benefit from an inaugural $ 0.02-per-share semiannual dividend to be paid in June and December.
Coeur Mining Inc (NYSE:CDE) is a U.S.-based precious metals producer that explores, develops, and operates a portfolio of gold, silver, and zinc mines in North America. With seven operating mines, including major projects in Nevada, Alaska, South Dakota, and Canada, the company focuses on expanding its gold and silver production while increasing its exposure to copper.
9. AngloGold Ashanti Plc (NYSE:AU)
Goldman Sachs Equity Stake: $239.88 Million
Number of Hedge Fund Holders: 31
Anglogold Ashanti Plc (NYSE:AU) is one of Goldman Sachs top gold stock picks. On April 16, Morgan Stanley raised its price target on Anglogold Ashanti Plc (NYSE:AU) to ZAR 165,000 from ZAR 150,000 while maintaining an Equal Weight rating, citing higher gold price assumptions that led to upward revisions in its earnings estimates across the gold sector.
Earlier on March 27, Roth Capital cut its price target on Anglogold Ashanti Plc to $103 from $122 while maintaining a Buy rating, citing a pullback in gold prices. The firm noted that the company’s preliminary feasibility study for its Arthur project in Nevada showed strong economics, but adjusted its target to reflect the softer commodity outlook.
On March 26, AngloGold Ashanti reaffirmed that its Arthur Gold Project in Nevada is a tier-one asset with strong economics and long-term potential, supported by a pre-feasibility study outlining 4.9 Moz in probable reserves and a nine-year mine life producing around 500,000 ounces annually. The company also highlighted additional resources at the Merlin deposit, positioning Arthur as a key pillar in its strategy to build a large-scale, long-life production platform and drive sustained shareholder value.
AngloGold Ashanti Plc (NYSE:AU) is a global gold mining company that explores for, develops, mines, and processes gold, along with producing silver and Sulphuric acid as byproducts. It operates a diverse portfolio of mines in Africa, the Americas, and Australia, with a focus on sustainable mining practices and community development.
8. Kinross Gold Corporation (NYSE:KGC)
Goldman Sachs Equity Stake: $274.04 Million
Number of Hedge Fund Holders: 35
Kinross Gold Corporation (NYSE:KGC) is one of Goldman Sachs top gold stock picks. On April 22, it became clear that Peak Gold Joint Venture, in which Kinross Gold Corporation (NYSE:KGC) owns a 70% stake, has achieved significant milestones. For starters, 5,900 meters of underground drilling have already been completed at the Lucky Shot project, with an additional 12,100 meters of surface and underground drilling in the pipeline.
The development of the gold project is part of a $21 million investment designed to support a feasibility study due in the first half of 2027. On the other hand, the Johnson Tract project, as part of the joint venture, also has a 2026 budget of $26 million. Some key milestones for the project include construction of a 3-mile access road, winterization of camp facilities and equipment, and mobilization for the portal site.
At the Kitsault project, as part of the joint venture with Kinross Gold, expect a new mineral estimate by the end of the second quarter, followed by a 40,000-meter surface drilling program. The project is supported by $25 million, with plans to infill known resources at multiple sites.
Kinross Gold Corporation (NYSE:KGC) is a Toronto-based senior gold mining company that acquires, explores, develops, and operates gold mines primarily in the Americas and West Africa. It produces and sells gold and silver, with key operations in the United States, Brazil, Chile, and Mauritania, while focusing on operational, environmental, and social responsibility.
7. Teck Resources Limited (NYSE:TECK)
Goldman Sachs Equity Stake: $380.21 Million
Number of Hedge Fund Holders: 47
Teck Resources Limited (NYSE:TECK) is one of Goldman Sachs top gold stock picks. On April 22, Teck Resources Ltd (NYSE:TECK) reported a strong start to the year, characterized by record quarterly copper sales, as the company also capitalized on strong commodity prices.
The company achieved an adjusted EBITDA of $2.1 billion in the first quarter, up 125% year over year, driven by record quarterly copper sales. Teck Resources also benefited from increased revenue from byproducts and higher commodity products. Adjusted profit attributable to shareholders totaled $858 million, or $1.75 a share, a significant improvement from $303 million, or $0.60 a share, in the same period last year.
Total revenue increased to $3.9 billion compared to $2.29 billion delivered in the first quarter of 2025. Copper production in the quarter increased to 140,000 tons from 106,100 tons produced in the same quarter last year. Zinc concentrate production totaled 120,300 tons. The first-quarter results affirm exceptional strength across multiple metrics, operational improvements at key assets, and favorable market conditions.
Teck Resources Limited (NYSE:TECK) produces gold primarily as a byproduct of its copper-gold mining operations in Chile, notably at the Carmen de Andacollo mine. While focused on copper and zinc, the company markets gold ore and is developing the NuevaUnión project, a large copper-gold-molybdenum project.
6. BHP Group Limited (NYSE:BHP)
Goldman Sachs Equity Stake: $421.79 Million
Number of Hedge Fund Holders: 29
BHP Group Limited (NYSE:BHP) is one of Goldman Sachs top gold stock picks. On April 23, RBC Capital reaffirmed its Sector Perform rating on BHP Group Limited (NYSE:BHP) with a GBP56.00 price target. The stance is in response to solid first-quarter results that affirmed iron ore as the primary driver. While the company experienced cost pressure, it was mostly driven by foreign exchange movements.
The company has delivered strong performance over the past nine months, characterized by record material mined at Escondida. The results reflect operational consistency and the strength of a high-margin, diversified portfolio in an evolving operating environment. BHP Group continues to make steady progress across the copper growth program, underpinned by disciplined capital allocation.
BHP Group boasts a strong balance sheet, having realized $4.8 billion from completing the Antamina silver streaming transaction and finalizing the divestment of Carajas. Last year, the company agreed to sell royalties from a copper-gold mine in the Carajás region of Brazil.
BHP Group Limited (NYSE:BHP) produces gold primarily as a valuable byproduct of its massive copper mining operations, particularly at the Olympic Dam mine in South Australia. As a top 20 global gold producer and a major copper miner, BHP holds significant gold reserves (over 65 million ounces at Olympic Dam), positioning itself as a major player in the precious metal.
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