8 Best Gold Stocks Of 2023 (2023)

Torex Gold is a Canadian company that primarily operates in Mexico. The shares trade on the Toronto Stock Exchange, and they also trade in the over-the-counter market (OTC) in the U.S. under symbol TORXF.

Over the last decade, the stock has traded in a large range between roughly $8 and as high as $35. The price is currently in the middle of the range near $18.

Torex has the highest estimated five-year EPS growth of the stocks included in this list. The company’s earnings can be erratic, yet EPS has been in an overall uptrend since 2018. Sales have been increasing since 2016 (allowing for up to a 10% drop in any given year if sales increase the next year once again).

A forward P/E ratio of 19.5 is reflective of the stock’s position within its range. P/E values have ranged between three and over 100 within the last five years. The high solvency ratio means the company has more than enough cash flow to cover its debts.

Torex has not increased its shares outstanding in the last few years. This is a favorable move, since many companies in the gold industry continue to issue shares for cash, diluting existing shareholders.

Dundee Precious Metals is a Canadian mining company based in Toronto. The stock trades on the Toronto Stock Exchange, and shares also trade OTC in the U.S. under symbol DPMLF.

DPM has the second-highest EPS growth estimate on the list, after Torex. Sales had been increasing steadily every year since 2016, but dipped slightly in 2022. Like most gold miners, earnings can be erratic, fluctuating between positive and negative, although the company has posted three straight years of positive EPS.

The stock trended higher between 2018 and 2020, pulled back through much of 2021 and early 2022, and has been rallying in 2023.

Dundee pays a 2.3% dividend yield, and has increased the dividend each year since 2020.

Forward P/E is 10.0. That’s at the lower end of the five-year range which has seen P/E values fluctuate between four and 50 (above a 40 P/E has historically not been a good time to buy).

Outstanding shares have been increasing over the last several years. That isn’t ideal unless EPS remains steady or grows.

AngloGold Ashanti is based in Johannesburg, South Africa, and the company operates gold mines in Africa, Australia and the Americas.

AngoGold has a more modest earnings forecast than the companies above, but it also has a stronger record of increasing EPS. The company has posted positive EPS every year since 2015, while sales have been increasing overall since 2018 (slight dip in 2021 versus 2020).

AU’s share price has been largely range-bound for a decade. That said, it is one of the few gold stocks currently above its 200-day moving average. The stock has been pulling back in 2023 after a sharp rally in late 2022.

AngloGold pays a 2.4% dividend yield, but the dividend amount can vary drastically from year to year.

Current P/E is 28.7, which is moderate for the stock. P/E values have ranged between six and well over 400 during the last five years.

DRDGold is another South African company that extracts and processes gold from two properties in South Africa.

The company has been steadily raising sales since 2015 with only a few minor hiccups. EPS has been positive the last four years, rising overall, but lower in 2022 vs 2021.

DRD rallied almost 900% between mid-2019 and mid-2020. It has been pulling back against that rally since. The company’s dividend yield is currently around 3.0%, but the dividend amount fluctuates each year.

The current P/E ratio is 11.2, one of the lowest readings over the last five years.

Gold Fields Limited is based in South Africa, and the company maintains gold mining operations in South Africa, Ghana, Australia and Peru.

Gold Fields has been a steady performer recently, increasing sales since 2016 and EPS since 2019. Analysts expect moderate yearly growth going forward.

GFI rallied through much of 2019 and 2020 and has settled into a range between $7 and $17 since then. The price is currently near the lower end of the range.

With a 3.9% dividend, it is the highest on the list, but as with many gold stocks, the payment amount varies from year to year.

GFI has a P/E ratio of 14.1 which is on the lower end of readings over the last five years. The lowest reading was just below 7.0 in late 2022.

Franco-Nevada Corp. is a gold streamer headquartered in Toronto, Canada. A streamer doesn’t mine gold, instead it buys contracts to sell other producer’s gold output.

FNV has increased earnings every year since 2018 and has increased sales each year for more than a decade. Analysts expect moderate annual EPS growth going forward.

Franco-Nevada is one of the few gold companies that can boast a steadily rising share price over the last decade. That said, FNV is in a range between $169 and $106 since 2020, and the price is currently in the middle of this range. For a long-term stock investment, this is one of the better choices due to the steady cash flow the company brings in and the generally rising sales, EPS and share price.

It pays a 1% dividend, and has steadily increased the dividend each year for well over a decade.

Unlike many other gold companies, FNV rarely trades at a cheap P/E. The current reading of 34.3 is one of the lowest readings in the last decade.

SSR Mining is headquartered in Denver and mainly mines gold in the U.S., Canada and Argentina.

SSR has been posting positive earnings numbers since 2016. Sales had been seeing steady gains since 2018, but 2022 sales slipped lower year over year. Overall, the trajectory of sales and EPS is positive.

Since mid-2020, SSR’s share price has been ranging between $33 and $17, and the stock is currently near the bottom of that range. The stock trades a P/E ratio of 15.1—values from 9 to well above 30 are common, so the stock is moderately priced in that regard.

The stock pays a 2% dividend. Dividend payments commenced in 2021, and the company raised the dividend in 2022.

The stock listing in Canada (SSRM.TO) has a 3% per year EPS growth estimate over the next five years. For the listing in the U.S. (SSRM) analysts expect -27% yearly growth over the next five years. Definitely some conflicting information from analysts.

Royal Gold is a gold streamer based in Denver. Rather than mining gold, it purchases metal through contracts from miners.

Like FNV—the other gold streamer on the list—Royal Gold’s share price has risen steadily over time. It has the lowest expected annual forward earnings estimate on the list, but it has generally been a steady performer for more than a decade.

Sales have increased steadily over the last nine years, and EPS has increased since 2015 with the exception of 2018 when EPS was negative.

Since mid-2020 the stock has moved sideways between a high at $147.70 and a low at $84.54. The stock is currently near the middle of that range.

RGLD pays a 1.3% dividend and the dividend has increased every year since 2016.

The stock is trading a P/E ratio of 32.7. That’s a fair value. The lowest P/E over the last five years is 20, but P/E can easily climb well above 50 in this stock.