4 Top Gold Stocks to Buy With Investors Seeking Safe Haven
Gold had an excellent 2024 and outperformed the broader stock market. In what was its biggest annual jump in 14 years, the price of bullion shot up more than 27% in the calendar year compared with the S&P 500’s 23% growth. In fact, the precious metal grew more than 30% in the year before correcting a bit as a fallout of the U.S. elections.Historically, gold has rallied when bonds become less attractive. This is because higher interest rates increase the burden on holding gold as it does not pay a yield. Hence, in an environment where interest rates are lower, gold investment springs up as a major option, and stocks like AngloGold Ashanti plc AU, New Found Gold Corp. NFGC, Gold Fields Limited GFI and Orla Mining Ltd. ORLA come into the fray.On Monday, Feb. 3, Spot gold climbed 0.6% to $2,816.53/ounce after briefly touching an all-time high of $2,818.58 earlier in the session. Also, U.S. gold futures advanced 0.7% to $2,855.90, trading at a higher premium compared to spot prices.Gold prices scaled record levels with investors flocking to safe-haven assets following President Donald Trump's decision to impose tariffs on Canada, Mexico and China. The threat of potential levy imposition on the European Union also loomed, thus intensifying inflation fear.Central banks, especially in emerging markets, have heavily increased gold purchases to reduce their dependence on the U.S. dollar. These purchases have provided a steady support base for gold, reinforcing its upward momentum. Bullish analysts around the world are predicting that gold may breach the $3000/ounce mark as early as the middle of next year. In this background, gold mining stocks provide much of the required growth potential. Hence, astute investors should consider such stocks at present.Our ChoicesThe stocks below flaunt a Zacks Rank #1 (Strong Buy) or Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.AngloGold Ashanti is a gold mining company operating in Africa, Australia and the Americas. AU’s expected earnings growth rate for the next year is 36.5%. The Zacks Consensus Estimate for its current-year earnings has improved 12.4% over the past 60 days. AU is a Zacks Rank #1 company.New Found Gold is a mineral exploration company. NFGC’s expected earnings growth rate for the current year is 42.4%. The Zacks Consensus Estimate for its current-year earnings has improved 17.4% over the past 60 days. NFGC is a Zacks Rank #2 company.Gold Fields is a gold producer operating in Chile, South Africa, Ghana, Canada, Australia and Peru. GFI’s expected earnings growth rate for the current year is 108.6%. The Zacks Consensus Estimate for its current-year earnings has improved 16.2% over the past 60 days. GFI is a Zacks Rank #1 company.Orla Mining is an explorer and developer of mineral properties. ORLA’s expected earnings growth rate for the current year is 53.3%. The Zacks Consensus Estimate for its current-year earnings has improved 15% over the past 60 days. ORLA is a Zacks Rank #1 company.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Gold Fields Limited (GFI): Free Stock Analysis Report Orla Mining Ltd. (ORLA): Free Stock Analysis Report New Found Gold Corp. (NFGC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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