Best Gold Mining Stocks to Watch in 2023
What are the best gold mining stocks to watch right now? How do you invest in the top gold mining stocks with low commissions and what are the long term forecasts of gold mining shares?
We answer these questions and more in this ‘Best Gold Mining Stocks to Watch Right Now’ article.
Table of Contents
Best Gold Mining Stocks List
Looking for a list of gold and silver mining stocks to consider investing in? Then start with some of the biggest players in the industry that are well diversified. The metals sector can be volatile so it’s important to choose any investment wisely.
Below is a gold stocks list of the top five biggest gold stocks listed on the world’s biggest stock exchanges:
- Newmont Mining – Largest Gold Mining Company in the World
- Barrick Gold – Gold & Copper Mining Company with 16 Global Sites
- Freeport-McMoRan - Owner of the World’s Largest & Most Profitable Gold Mine
- Newcrest Mining - Australia’s Leading Gold Mining Company
The gold mining stocks listed above represent some of the biggest in the world. Junior gold mining stocks are not included in the list as they can be extremely volatile. To gain exposure to this sector you could focus on junior gold mining ETFs (exchange traded funds).
Best Gold Mining Stocks Forecast & Research
In this section, we go through the best gold mining stocks to watch right now in more detail. It’s always good to do as much research as possible before you start investing so you know the potential risks.
This list serves as a great starting point to build upon to see if any of the best gold mining stocks are suitable for your own portfolio and risk tolerance.
You can also use the Technical Insight Lookup indicator tool in the Premium Analytics section to provide you with actionable trading ideas on these stocks once you open a trading account.
Research is important as the ‘best’ stock is relative (every investor is different) and it can only be truly known after the event. The key is to try and put the probabilities in your favour but to use a strong risk management process to manage any losses.
1. Newmont Mining – Largest Gold Mining Company in the World
Newmont Mining merged with Canada’s Goldcorp in 2019 creating the world’s largest gold mining company with nearly $12 billion in yearly revenue. It is the only company in the US stock market's S&P 500 index which is an index of the largest 500 stocks by market cap listed on the New York Stock Exchange.
While the company is based in Colorado, it operates gold mines based in Colorado, Nevada, Quebec, Ontario, Argentina, Peru, Australia and many other countries. The company also mines other metals such as silver, copper, lead and zinc.
Newmont mining has been trying to expand its foothold in the gold mining sector through its bid for Newcrest Mining early in 2023. It's USD 17.1 billion bid was turned down but a new offer is likely according to Newmont's CEO Tom Palmer. As copper and silver are also typically mined with gold it could prove to be a huge boost for Newmont if their acquisition is successful.
Copper prices are due to rise as demand exceeds supply. However, Newmont Mining's stock price has fallen nearly 50% after reaching a record high of USD 86.37 in April 2022. If the price can regain ground above USD 56.00 it may confirm that the bulls are back in the market.
2. Barrick Gold – Gold & Copper Mining Company with 16 Global Sites
Barrick Gold was the world’s largest gold mining company for many years until the Newmont Mining and Goldcorp merger. The company is now the world’s second-largest gold mining company producing between four and five million ounces of gold last year.
There are 16 operating sites in Barrick Gold’s portfolio which are based all around the world. Barrick Gold doesn’t only produce gold but it also produces. The company was brought to the forefront last year when legendary investor Warren Buffett announced it purchased $562 million of the gold stock during the pandemic.
Barrick Gold stock trades on the New York Stock Exchange and the Toronto Stock Exchange. Since the middle of 2020, the stock price has been in a long decline. Gold lost its shine as loose monetary policy from central banks helped to lift the stock market to record highs. However, the share price was rising for several years before the pandemic closed down some of its mines.
The stock price has not yet recovered to its price level before the pandemic but did enjoy a rally late in 2022. In 2023, the mining company announced buy back plan which could help to boost the share price. However, the price would need to snap out of the down trend and break above USD 21.00 to turn bullish from a technical analysis perspective.
3. Freeport-McMoRan - Owner of the World’s Largest & Most Profitable Gold Mine
Freeport-McMoRan is the owner of the Grasberg Mine in Papua, Indonesia. This is the largest and most profitable gold mine in the world. However, the mining company is also one of the largest producers of copper and molybdenum (used to create high strength steel alloys).
Most of the recent revenue from the company has been from the sale of copper. This is in line with most mining companies. China has been a big purchaser of copper in recent years as it builds its economy. It’s one reason the company’s share price has remained resilient compared to other gold stocks.
During the rally in copper prices from 2020 to 2022, Freeport's share price also rallied higher. With demand of copper expected to outstrip supply by 2041, there could be another rally in copper prices. However, Freeport's share price has stagnated somewhat and has been range based over the past several months.
The stock enjoyed an end of 2022 year rally but is still around 68% away from its record high in 2008.
4. Newcrest Mining - Australia’s Leading Gold Mining Company
Newcrest Mining is an Australian based gold mining company. The company was actually a subsidiary of Newmont Mining before being spun off into a separate entity. Their mining operations are based in Australia, Papa New Guinea and the Ivory Coast.
The gold mining market is forecasted to have a flurry of merger and acquisition activity as companies position themselves for higher commodity prices. Australia's largest gold miner is the subject of a USD 16.9 billion takeover from Newmont Mining. The initial offer was a 20% premium on Newmont's share price at the time.
Since reaching a multi-year low in September 2022, the stock rallied nearly 70% by the end of March 2023. The Newcrest board is now deciding on an improved offer from Newmont Mining. If a deal is done it could help Newcrest to increase its volume capacity, expand its footprint around the world and capitalise on the potential rise in commodity prices such as gold and copper.
How to Invest in Gold Stocks
To start investing you first need to open a live trading account or a free demo trading account. Once this has been done, you can follow the step by step process outlined below to invest in the best gold mining stocks of your choice.
1. Login to the Dashboard from the Admirals website. From here, you can manage all of your trading and investing accounts, download different trading platforms, access the Admirals Wallet and premium analytical tools.
2. Click on the Trade icon next to one of your accounts. This will automatically open the MetaTrader 5 web trader platform so you can start investing without needing to download a desktop platform.
3. Type in the stock you wish to invest in where the + icon is at the bottom of the Market Watch window on the left of the web platforms.
4. Drag the symbol of the stock you want to invest in from the Market Watch window to the chart to view the live share price. You can right-click and select Trading – New Order to open a trading ticket.
Source: Admirals MetaTrader 5 Web Platform
The trading ticket will allow you to input your position size, set a stop loss and take profit level.
Why Invest in Gold Mining Stocks with Admirals?
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