In this article, we will list the Goldman Sachs Gold Stocks: Top 5 Stock Picks. Please visit Goldman Sachs Gold Stocks: Top 10 Stock Picks if you would like to see the extended list and the methodology behind it.
5. Newmont Corporation (NYSE:NEM)
Goldman Sachs Equity Stake: $545.42 Million
Number of Hedge Fund Holders: 69
Newmont Corporation (NYSE:NEM) is one of Goldman Sachs top gold stock picks. On April 23, Newmont Corporation (NYSE:NEM) delivered strong operational and financial results for the first quarter. During the quarter, the company produced 1.3 million attributable gold ounces and achieved a record $3.1 billion in quarterly free cash flow.
Newmont Corporation (NYSE:NEM) is on track to achieve its 2026 guidance of 5.3 million attributable gold ounces. The company achieved net income of $3.3 billion and adjusted net income of $3.2 billion, or $2.90 per share, in the first quarter. It also returned $2.7 billion to shareholders through stock buybacks and dividends.
The company’s board has approved an additional $6 billion for share repurchases. The board has also approved a $0.26-per-share dividend for the first quarter, payable on June 22 to shareholders of record as of May 27. Newmont Corporation plans to spend $1.1 billion on dividends in 2026.
Newmont Corporation (NYSE:NEM) is the world’s largest gold mining company, focusing on the exploration, development, and production of gold, along with byproduct metals like copper, silver, zinc, and lead. It operates a global portfolio of long-lived, high-quality mines with a focus on responsible mining and environmental stewardship.
4. Freeport-McMoRan Inc. (NYSE:FCX)
Goldman Sachs Equity Stake: $617.39 Million
Number of Hedge Fund Holders: 91
Freeport-McMoRan Inc. (NYSE:FCX) is one of Goldman Sachs top gold stock picks. On April 24, analysts at Morgan Stanley downgraded Freeport-McMoRan Inc. (NYSE:FCX) to an Equalweight from Overweight. It also lowered its price target to $66 from $70.
The downgrade and price target cut come amid concerns that the long-term prospects for Freeport-McMoRan Grasberg Block Cave remain unchanged. In addition, the research firm expects a slow production ramp at the mine and higher costs to weigh on the stock. Therefore, the new price target accounts for depressed results due to the slower ramp-up in Indonesia.
Similarly, Freeport-McMoRan delivered robust first-quarter 2026 results driven by elevated gold and copper prices. It also achieved strong performance in its North American operations. The company posted net income attributed to common stock of $881 million or 61 cents a share. Revenue in the quarter was up 8.8% to $6.23 billion. The company sold 657 million pounds of copper, 121,000 ounces of gold, and 24 million pounds of molybdenum.
Freeport-McMoRan Inc. (NYSE:FCX) is a leading global mining company that operates the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold mines. As a major byproduct of its copper operations, the company is a top-tier gold producer, with expected annual output of roughly 900,000 to 1.3 million ounces of gold.
3. Agnico Eagle Mines Limited (NYSE:AEM)
Goldman Sachs Equity Stake: $675.29 Million
Number of Hedge Fund Holders: 56
Agnico Eagle Mines Limited (NYSE:AEM) is one of Goldman Sachs top gold stock picks. On April 23, Agnico Eagle Mines Limited (NYSE:AEM)’s strategic partner at the Kolho Property in northern Finland, FireFox Gold Corp, announced significant exploration progress.
As part of a joint venture, the two companies have already spent $2.9 million on the project, with Agnico Eagle Mines completing base-of-till sampling. The company has collected 2,778 samples across the Hilla exploration permit.
Agnico Eagle Mines Ltd has also confirmed it will acquire Rupert Resources and Aurion Resources. The company is also poised to buy the majority stake in a joint venture from B2GOLD. The acquisitions are part of the company’s push to consolidate its key gold district in northern Finland. The acquisitions are poised to consolidate about 2,492 square kilometers and integrate the Ikkari gold project with Agnico’s existing Kittila mine, the largest gold mine in Europe.
Agnico has already announced plans to invest C$20 million in drilling at Ikkari and between C$60 million and C$100 million to expand resources and discover new deposits.
Agnico Eagle Mines Limited (NYSE:AEM) is a major Canadian-based gold producer and the world’s second-largest gold mining company. It operates high-quality mines in Canada, Australia, Finland, and Mexico, with a focus on exploration, development, and production. The company focuses on low-risk jurisdictions, aiming for sustainable, long-term gold production.
2. Wheaton Precious Metals Corp. (NYSE:WPM)
Goldman Sachs Equity Stake: $684.63 Million
Number of Hedge Fund Holders: 39
Wheaton Precious Metals Corp (NYSE:WPM) is one of Goldman Sachs top gold stock picks. On April 21, Wheaton Precious Metals Corp (NYSE:WPM) entered into a royalty agreement with Spanish Mountain Gold.
Under the terms of the agreement, Wheaton is to acquire 1.5% net smelter return royalty on gold and silver production from the Spanish Mountain Gold Project. The company must pay $55 million under the agreement in three installments.
The first installment of $22.5 million is to be made within the next few weeks, with the second of $12.5 million on completion of 60,000 meters of drilling at the project. The final receipt of $20 million is to be made on the receipt of approvals under the Environmental Assessment Act (British Columbia). The payment is poised to strengthen Spanish Mountain Gold as an emerging precious metals developer.
Earlier, Wheaton Precious Metals Corp., a subsidiary, entered into a precious metals purchase agreement with KGL Resources for a portion of the gold and silver produced at the Jervois project in Australia. The company is to make an upfront payment of $275 million.
Wheaton Precious Metals Corp. (NYSE:WPM) is a premier precious metals streaming company that acts as a financier for mining companies. By providing upfront capital, Wheaton secures the rights to buy a portion of future gold, silver, palladium, platinum, and cobalt production at fixed, reduced prices.
1. Rio Tinto PLC ADR (NYSE:RIO)
Goldman Sachs Equity Stake: $877.51 Million
Number of Hedge Fund Holders: 38
Rio Tinto PLC ADR (NYSE:RIO) is one of Goldman Sachs top gold stock picks. On April 21, Macquarie reiterated its Outperform rating on Rio Tinto PLC ADR (NYSE:RIO) and raised the price target to AUD186.00 from AUD183.00.
The positive stance and price target hike come amid expectations that the company is poised for higher recoveries at the Oyu Tolgoi mine and for earnings upgrades driven by higher aluminum premiums. The research firm also downplayed the first-quarter results, which missed expectations, insisting that the company’s iron ore sales were affected by cyclones. Consequently, it expects the company to bounce back, having increased its earnings per share estimates by 3% for 2026. Macquarie also expects Rio Tinto to outperform on aluminum strength.
Earlier, Rio Tinto unit Kennecott Exploration Company entered into a joint venture agreement with Mogotes Metals over a gold and copper discovery in Montana, USA. The agreement will focus on early-stage mineral exploration, which could expand Rio Tinto’s exposure to copper and gold in North America.
Rio Tinto PLC ADR (NYSE:RIO) produces gold primarily as a byproduct of its large-scale copper mining operations, most notably at the Kennecott mine in the USA. The company extracts high-purity gold from electrolytic slimes generated during copper refining, which it sells as part of its diversified metals portfolio.
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