In this article, we discuss the Top 10 Stocks to Buy As Gold Rallies.
Gold smashed through the $4,000 per troy ounce barrier on Wednesday, October 8, after months of a dizzying rally. This is a historic milestone for the precious metal, which traded below $2,000 in early January last year. In 2025 alone, gold has surged 54% – only Silver (58%) and platinum (72%) have done better. But compared to equities, gold is in a league of its own.
Expert observers see the new peak as the result of a surge in demand from a spooked market. According to Alexander Zumpfe, bullion trader at Heraeus, the gains are a historic milestone, “driven not only by central banks and institutional investors, but also by robust physical buying.” The US government shutdown also egged the rally on, the Financial Times noted.
But why would investors pile into gold? According to Ray Dalio, billionaire hedge fund manager, trust in everything – currencies, credit, the global order, institutions – appears to be fading. And for that reason, investors are rushing to “the only asset that somebody can hold [where] you don’t have to depend on somebody else to pay your money,” he told the audience at the Greenwich Economic Forum on Tuesday, October 7. Dalio added that gold is “a very excellent diversifier of the portfolio. So if you were to look at [it] just from a strategic asset allocation mix perspective, you would probably have… as the optimal mix, something like 15 per cent of your portfolio in gold.”
Unsurprisingly, gold-related equities are also having a great year. So far, the FTSE Gold Mines Index – which monitors the performance of companies whose revenues are majority derived from gold mining worldwide – is up 133.93% year-to-date (as of October 9, 2025). The index has gained close to 53% just between August 1 and October 9; the S&P 500 has gained only 8.27% in that period.
That said, this article explores the top names to buy as gold rallies.
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Our Methodology
For this list, we used the Finviz stock screener to curate an initial pool of companies in the global gold industry. From this group, we narrowed our selection to stocks with year-to-date returns of 30% or more as of October 14. We then refined the list further by considering hedge fund interest, based on the latest holdings data from Insider Monkey’s Q2 2025 13F filings database. The final list is ranked in ascending order based on year-to-date returns.
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).
Top Stocks to Buy As Gold Rallies
10. B2Gold Corp. (NYSE:BTG)
Year-To-Date Returns: 102.90%
Number of Hedge Fund Holders: 27
B2Gold Corp. (NYSE:BTG) is one of the top stocks to buy as gold rallies. On October 6, the company declared commercial production at the Goose Mine. This mine is part of the Back River Gold District, located in Nunavut, Canada. Commercial production was officially achieved on October 2, 2025, just over three months after the first gold pour was made. The company came to this conclusion after maintaining an average mill throughput exceeding 65% of its designed capacity (4,000 tons per day) for 30 consecutive days. Between September 3 and October 2, the mill achieved an average throughput of 2,652 tons per day (66% of design capacity).
Performance improved significantly from September 19 onwards, with mill throughput averaging 3,249 tons per day (81.2% of design capacity). This was after integrating a supplemental mobile crusher. Now, the company expects the mill to operate near full capacity later this year.
Gold recovery rates during the period have averaged over 90%, with expectations to maintain or improve this figure through the remainder of the year. Initial mill feed primarily came from the Echo open pit; for Q4 2025, feed will mostly come from the higher-grade Umwelt deposit (expected gold grades: 6.5–7.0 grams/ton).
B2Gold Corp. (NYSE:BTG) is a Canadian mining company. It acquires, explores, develops, and operates gold properties, primarily through its Fekola mine in Mali, the Otjikoto mine in Namibia, and the Goose project in Nunavut, Canada. Its main product is gold bullion, extracted from open-pit mining operations.
9. Barrick Mining Corporation (NYSE:B)
Year-To-Date Returns: 108.33%
Number of Hedge Fund Holders: 53
Barrick Mining Corporation (NYSE:B) is one of the top stocks to buy as gold rallies. On October 6, the company agreed to sell its interest in the Tongon gold mine and associated exploration properties in Côte d’Ivoire to Atlantic Group for up to $305 million. Atlantic Group will make an initial cash payment of $192 million, which encompasses repayment of a $23 million shareholder loan due within six months after the deal closes. There will also be contingent payments of up to $113 million over the next five years, dependent on the price of gold and resource conversions at the mine. The transaction is expected to close by the end of 2025, pending regulatory approvals from the Ivorian government and other customary closing conditions.
As a result of the deal, the Ivorian Atlantic Group will become the full owner of the mine for the first time since its opening in 2010. Barrick currently owns an 89.7% stake in Tongon. The government of Côte d’Ivoire holds a 10% stake, and local investors own about 0.3%.
Barrick Mining Corporation (NYSE:B) is a Canadian mining company; it was known as Barrick Gold Corporation until May 2025. It acquires, explores, develops, and operates gold and copper properties, primarily through its Nevada Gold Mines joint venture in the United States, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto and Kibali mines in Africa. Its main products are gold bullion and copper concentrate, extracted from open-pit and underground mining operations.
8. Agnico Eagle Mines Limited (NYSE:AEM)
Year-To-Date Returns: 109.48%
Number of Hedge Fund Holders: 52
Agnico Eagle Mines Limited (NYSE:AEM) is one of the top stocks to buy as gold rallies. On October 6, Collective Mining – a Canadian mineral exploration company – launched a C$125 million ($89.63 million) public offering of common shares. The offering was structured as a “bought deal” and was led by BMO Capital Markets and Scotiabank. Agnico Eagle, which has contractual participation rights in Collective Mining’s equity financings, intends to subscribe for 789,473 Common Shares at an issue price of C$19.00 ($13.62) per share.
If the underwriters’ overallotment option is not exercised, the completion of this transaction will result in Agnico Eagle’s holding of Collective Mining’s issued and outstanding common shares reaching 14.64%. Agnico Eagle will acquire the shares through a non-brokered private placement that is expected to close concurrently with the public offering. Both the public offering and the private placement are subject to regulatory approvals from the Toronto Stock Exchange and the NYSE American.
Agnico Eagle initially invested in Collective Mining in February 2024. As a result, it received specific rights to participate in subsequent equity financings and maintain its pro rata ownership level. On closing, the rights agreement with Agnico Eagle will be amended to increase their participation ceiling from 9.99% to 14.99%. This matches the new ownership level.
Agnico Eagle Mines Limited (NYSE:AEM) explores, develops, and produces gold and other precious metals from operations in Canada, Australia, Finland, and Mexico. It owns and operates assets including Detour Lake, Canadian Malartic, Fosterville, LaRonde, and Meadowbank. Its main offerings are gold production and reserves.
7. Equinox Gold Corp. (NYSE:EQX)
Year-To-Date Returns: 125.14%
Number of Hedge Fund Holders: 32
Equinox Gold Corp. (NYSE:EQX) is one of the top stocks to buy as gold rallies. On October 7, the company announced that it produced a record 236,470 ounces of gold in Q3 2025. This is Equinox’s highest quarterly output to date. Year-to-date consolidated production stands at 634,428 ounces, and this doesn’t even include the Los Filos, Castle Mountain, and Valentine mines.
The cornerstone assets are the Greenstone Gold Mine (Ontario) and Valentine Gold Mine (Newfoundland & Labrador). For the former, mining rates in Q3 exceeded 185,000 tons per day, a 10% increase over Q2 and 21% over Q1. Mill grades improved 13% in Q3 to 1.05 grams/ton, with September averaging above 1.3 grams/ton. Greenstone’s full-year production is expected to be at the lower end of prior guidance (220,000–260,000 ounces).
In the case of the Valentine Gold Mine, the first gold was poured ahead of schedule on September 14, 2025. The plant averaged 57% of nameplate capacity with more than 23% of days exceeding nameplate. The mine is expected to produce 15,000–30,000 ounces of gold in Q4 2025 and reach steady-state annual capacity (2.5 million tons/year) by Q2 2026.
Equinox Gold Corp. (NYSE:EQX) is a Canadian mining company. It acquires, explores, develops, and operates gold properties, primarily through its producing mines in Brazil, Mexico, and the United States, including Los Filos, Aurizona, and Mesquite. The company’s main product is gold bullion, extracted from open-pit mining operations.
6. Harmony Gold Mining Company Limited (NYSE:HMY)
Year-To-Date Returns: 130.37%
Number of Hedge Fund Holders: 17
Harmony Gold Mining Company Limited (NYSE:HMY) is one of the top stocks to buy as gold rallies. On October 6, the company acquired MAC Copper Limited via a Jersey law scheme of arrangement. The company’s Australian subsidiary (Harmony Gold (Australia) Pty Ltd) is the buyer. The transaction is valued at approximately AU$1.08 billion, a 20% premium to MAC’s recent share price. Harmony Gold will purchase 100% of MAC Copper’s issued share capital for AU$12.25 per share in cash.
MAC Copper’s principal asset is the high-grade, underground CSA Copper Mine in New South Wales, Australia. It produced about 41,000 metric tons of copper in 2024 and is considered one of Australia’s highest-grade copper mines.
The acquisition is a major step in Harmony’s diversification away from gold. The company’s analysis shows that copper is increasingly vital for global electrification, renewable energy, and decarbonization efforts. According to Harmony CEO Beyers Nel, copper brings a counter-cyclical diversification to the company’s portfolio. He stated that they know gold has got a cycle to it, so copper brings that counter-cyclical protection.
Harmony Gold Mining Company Limited (NYSE:HMY) is a South African mining company. It acquires, explores, develops, and operates gold and uranium properties, primarily through its underground and open-pit mines in South Africa, as well as its Hidden Valley open-pit mine in Papua New Guinea. Its main products are gold bullion and uranium concentrate, extracted from deep-level and surface mining operations.
5. Newmont Corporation (NYSE:NEM)
Year-To-Date Returns: 131.56%
Number of Hedge Fund Holders: 66
Newmont Corporation (NYSE:NEM) is one of the top stocks to buy as gold rallies. On October 7, the company indicated it will lay off 23 workers at its Denver, Colorado headquarters. The layoffs are scheduled to begin on November 30, 2025. This is the second round of layoffs at the Denver HQ for 2025; an earlier round affected 19 employees. Many affected positions in the latest round are executive roles, including department heads and directors.
The company clarified that the cuts do not represent a shutdown or closure of all operations at the Denver headquarters. Instead, they are part of a larger cost-reduction and restructuring effort. This is in response to rising costs and integration of its $15 billion acquisition of Newcrest in 2023, which expanded the company’s portfolio and operational footprint. Newmont aims to lower its all-in sustaining costs (AISC) by $300 per ounce, which may potentially affect thousands of roles globally over time.
Newmont Corporation (NYSE:NEM) explores, develops, and operates gold, copper, silver, zinc, and lead mines across North America, South America, Australia, and Africa. Its portfolio includes key assets such as Boddington in Australia, Peñasquito in Mexico, and Ahafo and Akyem in Ghana. Its main offerings are gold bullion and copper concentrate.
4. Kinross Gold Corporation (NYSE:KGC)
Year-To-Date Returns: 155.77%
Number of Hedge Fund Holders: 42
Kinross Gold Corporation (NYSE:KGC) is one of the top stocks to buy as gold rallies. On October 8, Asante Gold Corporation announced that Kinross Gold Corporation, which holds a secured convertible debenture issued on August 12, 2025, has elected to convert the full principal and accrued interest into common shares of Asante. The conversion amounts to around $80 million – the price was set at C$1.81 per share ($1.30). As a result, Asante will issue 61,735,867 shares to Kinross. With this conversion, all obligations relating to the debenture are extinguished, and the instrument no longer remains outstanding.
Following the conversion, Kinross’s stake in Asante is larger. And it (the conversion) follows Kinross’s earlier sale of Asante shares in September 2025. This previous sale reduced Kinross’s ownership from 9.4% to 5.2% (non-diluted basis), and up to 13.2% (partially diluted). After the debenture conversion, Kinross’s ownership in Asante increased to approximately 13–18% on a partially diluted basis.
Kinross Gold Corporation (NYSE:KGC) explores, develops, and operates gold mines across the Americas and West Africa. Its core assets include the Tasiast mine in Mauritania, Paracatu in Brazil, and La Coipa in Chile. The company also maintains development-stage projects such as Manh Choh in Alaska. Its primary offerings are gold bullion and silver by-products.
3. NovaGold Resources Inc. (NYSE:NG)
Year-To-Date Returns: 184.26%
Number of Hedge Fund Holders: 23
NovaGold Resources Inc. (NYSE:NG) is one of the top stocks to buy as gold rallies. On October 1, the company filed its Q3 2025 report in which it highlighted the impact of its strategic partnership with Paulson Advisers. In June 2025, NovaGold and Paulson Advisers completed a $1 billion transaction to acquire Barrick Gold’s entire 50% stake in the Donlin Gold Project, Alaska. The company increased its ownership from 50% to 60% by buying an additional 10% interest for $200 million, while Paulson Advisers acquired a 40% interest for $800 million. The two now jointly manage the Donlin Gold Project under a 60/40 ownership structure.
After the acquisition, NovaGold raised $286 million in public and private offerings. And it announced a treasury position of $125.2 million as of August 31, 2025. The Q3 2025 net loss was $15.6 million, compared to $10.7 million in Q3 2024. The increase was primarily due to a $39.6 million warrant expense related to the financing. NovaGold reported increased funding and operating costs, with $210.1 million spent on the Donlin Gold Project post-acquisition.
NovaGold anticipates the project to become the largest single gold mine in the US. It projects that it could produce 1.1–1.5 million ounces of gold annually for decades.
NovaGold Resources Inc. (NYSE:NG) is a Canadian mining company. It acquires, explores, and develops gold properties, primarily through its 50% interest in the Donlin Gold project in Alaska. The key product is gold bullion.
2. AngloGold Ashanti PLC (NYSE:AU)
Year-To-Date Returns: 199.92%
Number of Hedge Fund Holders: 25
AngloGold Ashanti PLC (NYSE:AU) is one of the top stocks to buy as gold rallies. On October 3, the company appointed Marcus Randolph as an independent non-executive director, effective October 27, 2025. Randolph will sit on the Compensation and Human Resources Committee and the Social, Ethics, and Sustainability Committee.
The new director has amassed over 40 years of experience in the mining and processing industries. He was most recently CEO and President of Ecobat, a global leader in battery recycling. Previously, he served as Executive Chairman of Boart Longyear, the world’s largest supplier of drilling services and equipment to the minerals sector. Between 1999 and 2013, Randolph held senior leadership roles at BHP Billiton.
Commenting on the appointment, AngloGold Chairman Jochen Tilk said: “Marcus brings to the Board a wealth of experience… We will benefit greatly from his expertise across governance, corporate strategy, and the mining value chain.”
AngloGold Ashanti PLC (NYSE:AU) is a global mining company. It acquires, explores, develops, and operates gold properties, primarily through its mines in Africa, Australia, and the Americas. Its main product is gold bullion.
1. Coeur Mining, Inc. (NYSE:CDE)
Year-To-Date Returns: 237.10%
Number of Hedge Fund Holders: 44
Coeur Mining, Inc. (NYSE:CDE) is one of the top stocks to buy as gold rallies. On October 7, the company presented a case for its strategic turnaround at the John Tumazos Very Independent Research Virtual Metals Conference 2025. The company detailed a financial turnaround in 2024 and 2025, highlighting a projected EBITDA surge from $142 million in 2023 to over $900 million in 2024. Free cash flow improved from negative territory (-$297 million) in 2023 to a projected $500 million-plus for 2024. Q2 2024 free cash flow was approximately $150 million, and the net leverage (net debt/EBITDA) ratio is expected to reach zero by year-end FY2024.
Production is also robust. The company stated that gold production increased by about 20% year over year, while silver production rose by over 60%. The major drivers behind this growth were the Rochester mine expansion – a large heap leach silver/gold operation in Nevada – and the acquisition of SilverCrest Metals (Sonora, Mexico).
Coeur also fully repaid its revolving credit balance in Q2 2025. Also, initial share repurchases began as part of a new $75 million buyback program, and cash and cash equivalents grew to $111.6 million as of August 2025.
Coeur Mining, Inc. (NYSE:CDE) explores, develops, and operates precious metals mines across North America. Its core assets include the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, and the Kensington gold mine in Alaska. The company also holds interests in development-stage projects such as Silvertip in British Columbia. Its main offerings are silver and gold bullion.
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