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10 Best Canadian Gold Stocks To Buy Right Now

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·7 min read
In this article:
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  • GC=F
  • ZG=F
  • HG=F
  • SI=F
  • ZI=F
  • SSRM
  • KL
  • CGAU
  • WPM
  • BTG
  • AGI
  • FNV
  • GOLD

In this article we take a look at 10 best Canadian gold stocks to buy right now. You can skip our detailed analysis of these stocks and go to the 5 Best Canadian Gold Stocks To Buy Right Now.

High prices in 2020 boosted the gold industry to new heights, gaining significant attention from investors due, in part, to global uncertainty and low interest rates, making it a decent investment for protection against inflation. According to a report by McKinsey, the gold industry generated returns of approximately 33% as of late 2020.

According to a recent study, the global gold mining market is forecast to grow from $214.1 billion in 2021 to $249.6 billion by 2026, at a compound annual growth rate (CAGR) of 3.1%.

As the fifth largest gold producer in the world as of 2020, the Canadian gold industry has long played an integral role in shaping Canada's cities and its modern day economy. The gold mining infrastructure that was built alongside the country’s towns in the 19th century has grown to provide $21.6 billion worth of exports for Canada in 2020.

Some of the best Canadian gold stocks to buy right now according to hedge funds include Barrick Gold Corporation (NYSE:GOLD), Franco-Nevada Corporation (NYSE:FNV) and Wheaton Precious Metals Corp. (NYSE:WPM), among others discussed in detail below.

Photo by Ricardo Gomez Angel on Unsplash

Our Methodology

Let us now analyze our list of the 10 best Canadian stocks to buy right now.

These are some of the most famous Canadian gold stocks among the 873 hedge funds tracked by Insider Monkey. In addition to hedge fund sentiment, we took into account analyst ratings and long-term growth prospects while choosing these stocks.

Best Canadian Gold Stocks To Buy Right Now

10. Centerra Gold Inc. (NYSE:CGAU)

Number of Hedge Fund Holders: 8

Centerra Gold Inc. is a Canadian gold mining company that focuses on operating, developing, exploring and acquiring gold properties across the world. One of the best Canadian gold stocks to buy according to investors, Centerra Gold Inc. (NYSE:CGAU) owns and operates numerous valuable gold mines, including the Kumtor Gold Mine in the Kyrgyz Republic, the Mount Milligan copper-gold mine in British Columbia, Canada, and the Öksüt gold mine in Turkey.

On November 12, Raymond James analyst Brian MacArthur raised the price target on Centerra Gold Inc. (NYSE:CGAU) to $8.72 from $8.33 and kept a Market Perform rating on the shares.

At the end of the second quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $12.6 million in Centerra Gold Inc. (NYSE:CGAU).

Similar to Barrick Gold Corporation (NYSE:GOLD), Franco-Nevada Corporation (NYSE:FNV) and Wheaton Precious Metals Corp. (NYSE:WPM), Centerra Gold Inc. (NYSE:CGAU) is a notable stock to invest in.

9. B2Gold Corp. (NYSE:BTG)

Number of Hedge Fund Holders: 15

B2Gold Corp. (NYSE:BTG) is a Canadian mining and production company that owns and operates gold mines in Mali, Namibia and the Philippines. Earlier this October, the company agreed to acquire a 75% interest in the Kuortis Property in Finland from Aurion Resources.

Jim Simons' fund Renaissance Technologies is one of the biggest stakeholders of B2Gold Corp. (NYSE:BTG) as of the end of the second quarter, according to the data tracked by Insider Monkey. Overall, 15 funds were bullish on the company by the end of the June quarter, compared to 18 in the previous quarter.

The company issued its quarterly earnings report for the third quarter of 2021 on November 2, with a reported EPS of $0.12. The company also declared revenues at $510.86 million, surpassing market estimates by $1.92 million.

On October 5, Scotiabank analyst Ovais Habib maintained an Outperform rating on B2Gold Corp. (NYSE:BTG) alongside a $7.14 price target on its shares.

8. SSR Mining Inc. (NASDAQ:SSRM)

Number of Hedge Fund Holders: 20

Formerly known as Silver Standard Resources, SSR Mining Inc. (NASDAQ:SSRM) is a Canada-based producer of gold, silver, zinc and tin. Operating as a free cash flow focused mining company, it has projects in Canada, Argentina, Turkey, and the United States.

On November 4, Canaccord analyst Dalton Baretto raised the price target on SSR Mining Inc. (NASDAQ:SSRM) to $22.21 from $19.83 and kept a Buy rating on the shares of the company.

As of the end of the second quarter, 20 hedge funds tracked by Insider Monkey reported owning stakes in SSR Mining Inc. (NASDAQ:SSRM). The total worth of these stakes is $204.7 million. This shows the hedge fund sentiment is positive for the mining company as 16 funds had stakes in the company in the previous quarter, with a total worth of $178 million.

Palm Valley Capital released its Q1 2021 investor letter and mentioned SSR Mining Inc. (NASDAQ:SSRM) in it. Here is what the firm has to say:

“As precious metals and precious metal miners underperformed during the quarter, several of the mining stocks on our possible buy list became more attractively priced. After declining 33% from the beginning of the year, we purchased SSR Mining, an intermediate gold company with four producing mines located in the United States, Turkey, Canada, and Argentina. In 2021, the company expects to produce 720,000 to 800,000 gold-equivalent ounces with all-in sustaining costs of $1,050 to $1,110 per ounce. At current gold prices, we expect SSR Mining to generate meaningful free cash flow this year, adding to its cash balance. Currently, the company’s balance sheet is very strong and liquid with $470 million in net cash, $1.2 billion in net working capital, and $3.9 billion in tangible book value. We were happy to purchase SSR Mining at a discount to our valuation of its net assets. In addition to being cheap, we think it’s a nice inflation hedge.”

7. Alamos Gold Inc. (NYSE:AGI)

Number of Hedge Fund Holders: 20

Alamos Gold Inc. (NYSE:AGI) is a Canadian multinational company that is engaged in the mining, exploration and extractions of gold and other precious metals. Headquartered in Toronto, the company operates three mines across North America.

As of late October, National Bank analyst Mark Parkin maintained a Sector Perform rating on the shares of Alamos Gold Inc. (NYSE:AGI), alongside a $9.12 price target.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in Alamos Gold Inc. (NYSE:AGI), with over 9.29 million shares worth more than $71 million.

6. Kirkland Lake Gold Ltd. (NYSE:KL)

Number of Hedge Fund Holders: 22

Kirkland Lake Gold Ltd. (NYSE:KL) is a Canada-based gold mining, development and exploration company. Engaged in multiple mining and milling projects, the company owns and operates the Macassa Mine and Mill, the Detour Lake Mine, and the Fosterville Mine in Australia.

Earlier this November, Scotiabank analyst Ovais Habib reiterated an Outperform rating on shares of Kirkland Lake Gold Ltd. (NYSE:KL) with a $41.44 price target.

According to Insider Monkey’s data on 873 hedge funds as of Q2, 22 hedge funds held stakes in Kirkland Lake Gold Ltd. (NYSE:KL) in the second quarter of 2021, worth about $391 million.

Out of the hedge funds being tracked by Insider Monkey, Jim Simons' Renaissance Technologies is the biggest shareholder in Kirkland Lake Gold Ltd. (NYSE:KL), with over 2.84 million shares worth approximately $109.7 million.

In its quarterly earnings report for the third quarter of 2021, Kirkland Lake Gold Ltd. (NYSE:KL) reported earnings per share of $0.91, beating estimates by $0.05. The company’s revenue for the quarter came in at $668.29 million, beating estimates by $36.17 million.

Just like Barrick Gold Corporation (NYSE:GOLD), Franco-Nevada Corporation (NYSE:FNV) and Wheaton Precious Metals Corp. (NYSE:WPM), Kirkland Lake Gold Ltd. (NYSE:KL) is a stock investors are paying attention to.

Click to continue reading and see 5 Best Canadian Gold Stocks To Buy Right Now.

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Disclosure: None. 10 Best Canadian Gold Stocks To Buy Right Now is originally published on Insider Monkey.