With gold up 27% this year, here’s your guide to stocks offering higher upside than physical metal alone.
Sectors & Industries
April 25, 2025
Table of Contents
As inflation persists, geopolitical tensions mount, and confidence in fiat currencies wanes, gold stocks are firmly back in the spotlight.
In 2025, gold has done more than just hedge against volatility—it has outperformed most asset classes, including tech. The yellow metal has surged over 27% year-to-date, breaking above $3,330/oz, and triggering a rotation that’s catching institutional and retail investors alike.
If you’re looking to gain exposure, gold stocks offer a compelling way to participate in this momentum with the potential for amplified returns. Here's what you need to know.
The latest Bank of America Global Fund Manager Survey revealed a major sentiment shift: for the first time in over two years, fund managers now consider gold—not the “Magnificent Seven” tech names—as the most crowded trade on Wall Street.
Key reasons behind the shift:
This isn’t just about fear—it’s a reallocation of capital based on structural risk. Central banks are loading up on gold, dollar reserves are slipping, and ETF inflows continue accelerating. The result: gold is now both insurance and momentum.
Unlike physical gold or ETFs, gold mining stocks offer operational leverage. When gold prices rise, mining margins expand, often leading to outsized stock gains.
Key benefits include:
But with higher reward comes higher volatility—especially for junior miners—so it’s important to know what type of gold stock fits your risk profile.
These companies operate large, diversified mines and benefit from strong cash flow and scale.
Smaller firms with high-risk, high-reward exploration upside.
These businesses provide capital to miners in exchange for a share of future output, often with lower operational risk.
Newmont Corporation remains the world's largest gold producer, demonstrating strong financial performance in 2025. In Q1, the company reported a record free cash flow of $1.2 billion, driven by a 41% year-over-year increase in realized gold prices, averaging $2,944 per ounce.
Despite an 8.3% decline in production to 1.54 million ounces, largely due to reduced contributions from non-core assets, Newmont's strategic divestitures have strengthened its balance sheet. The company completed the sale of several non-core assets, including the Eleonore mine in Canada, the Musselwhite Gold Mine in Ontario, and its stake in Porcupine Operations, generating over $2.5 billion in cash proceeds.
Market Performance:
Barrick Gold is undergoing a strategic transformation in 2025, focusing on optimizing its asset portfolio. The company announced the sale of its 50% stake in the Donlin Gold Project in Alaska for up to $1.1 billion, with proceeds aimed at strengthening its financial position and enhancing shareholder returns.
Additionally, Barrick is reportedly seeking buyers for its last remaining mine in Canada, the Hemlo gold mine in Ontario. These moves align with Barrick's broader strategy to streamline operations and focus on high-yield assets.
Market Performance:
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Wheaton Precious Metals, a leading precious metals streaming company, continues to exhibit strong performance in 2025. The company exceeded its 2024 production guidance, delivering over 633,000 gold equivalent ounces. For 2025, Wheaton projects production between 600,000 to 670,000 gold equivalent ounces and anticipates a 40% growth to approximately 870,000 ounces by 2029.
Wheaton's low-risk business model, focusing on streaming agreements rather than direct mining operations, provides investors with exposure to precious metals' upside while mitigating operational risks.
Market Performance:
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Agnico Eagle Mines has solidified its position as the third-largest gold producer globally, with operations in Canada, Australia, Finland, and Mexico. In 2025, the company reported a 1% year-over-year increase in mineral reserves, totaling 54.3 million ounces. Agnico Eagle also declared updated mineral reserves of 2.8 million ounces at its Upper Beaver project and a 9% increase in inferred mineral resources.
The company's strategic investments, including stakes in early-stage exploration projects in Colombia and Finland, aim to bolster its long-term growth pipeline.
Market Performance:
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Kinross Gold is experiencing a strong resurgence in 2025, becoming one of the top-performing gold stocks year-to-date. The company’s focused strategy of divesting high-risk assets and doubling down on Americas-based operations has begun to pay off, with increased margins, operational stability, and investor confidence.
In recent months, Kinross finalized the ramp-up at its La Coipa mine in Chile and expanded production at the Paracatu mine in Brazil—two cornerstone assets now delivering reliable output at lower all-in sustaining costs (AISC). The company has also made significant progress at the Manh Choh project in Alaska, which is expected to begin contributing to production in Q3 2025.
Another notable development: Kinross is investing in AI and automation across its sites to improve mining efficiency and reduce downtime, which management says could shave 5–7% off operating costs by year-end.
Kinross’s shift away from jurisdictions with higher geopolitical risk, such as Russia and West Africa, has strengthened its balance sheet and improved investor sentiment. It now operates in primarily Tier 1 jurisdictions, offering better regulatory transparency and long-term project security.
Market Performance:
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According to Bank of America’s April 2025 report, 49% of institutional investors now rank gold as their top position. That’s a major reversal—and it reflects deeper concerns than inflation alone.
This rotation signals:
ETF inflows are up. Central bank vaults are growing. And the S&P 500’s valuation compression, paired with Powell’s lack of policy response, is pushing more capital into commodities—especially gold.
When selecting gold stocks, consider these key metrics:
Using tools like LevelFields AI, investors can also track real-time events—like insider buying, mine expansion news, or dividend changes—across gold stocks, giving you an edge in spotting emerging momentum early.
The gold rush is no longer a hedge—it’s a primary allocation for many funds.
With tech stocks faltering and macro uncertainty rising, gold stocks provide a rare combination of defensive positioning and growth potential. Whether you favor royalty models, junior miners, or large-cap producers, the sector offers something for every strategy.
Just remember: like any investment, gold stocks require due diligence. But in a world where policy signals are mixed and volatility is the norm, they might be one of the few places left where fundamentals still shine.
It depends on your strategy. Newmont (NEM) is a top pick for diversified exposure and dividend yield. If you prefer stability with lower risk, Wheaton Precious Metals (WPM) is a solid royalty-based option. For growth-oriented investors, Kinross Gold (KGC) offers strong upside following operational shifts.
As of 2025, Kinross Gold (KGC) has surged over 121% YTD and remains attractive due to improved margins and reduced geopolitical risk. WPM is also gaining attention for its balanced silver-gold revenue streams and low operational overhead.
If you're looking for physical gold, bullion and ETFs like GLD are common. But for potential upside, gold stocks—especially royalty companies like Franco-Nevada and Wheaton Precious Metals—offer growth and income potential, with less exposure to mining risk.
The most widely used gold tracking ETF is SPDR Gold Shares (GLD). It mirrors the spot price of gold and is highly liquid. For leveraged exposure, consider mining ETFs like GDX or GDXJ, which track large and junior gold miners respectively.
The top indicators include:
A drop in real yields often pushes gold prices higher—making real interest rates a key metric to watch.
Gold acts as a hedge, while stocks offer long-term growth. In 2025, gold has outperformed most stock indices, driven by inflation, war risk, and fiscal concerns. That said, combining both assets in a portfolio may offer optimal balance between growth and protection.
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