7 Best Gold Stocks in Canada (March 2024)

Gold bar on stock chart with pen and calculator
PiggyBank is reader-supported. We may be compensated if you use, sign-up or apply for services through our links. See our Advertising Disclosure.

Here are the 9 of the best gold stocks in Canada you should consider investing in this March:

1. Barrick Gold Corporation (ABX)
2. Newmont Corporation (NGT)
3. Agnico Eagle Mines Limited (AEM)
4. Franco-Nevada Corporation (FNV)
5. Wheaton Precious Metals Corp. (WPM)
6. Alamos Gold Inc. (AGI)
7. Wesdome Gold Mines Ltd. (WDO)

1. Barrick Gold Corporation (ABX)

Barrick Gold Corp Logo

Barrick Gold Corp

ABX
TSX

$20.27 CAD

  • +0.48
  • (2.43%)

Quote as of 03/01/2024

  • $34,742,734,848 CAD

    Market Cap

  • 9.17x

    Enterprise Value to EBITDA

  • 13.74x

    Forward PE

  • 2.67%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 11:00 ET


 

Barrick Gold Corporation (ABX) is a top-notch gold mining business in Canada.

It boasts an impressive portfolio of mines worldwide, such as the renowned Hemlo and Veladero mines.

Thus, it has become a major player in the gold industry.

The company’s achievements are due to its commitment to excellence in all facets of operations.

From exploration to sales, Barrick Gold Corporation ensures it meets the highest standards of quality and sustainability.

Not only is the company’s financial performance good, but it also has a comprehensive understanding of the global market.

This allows it to make smart decisions and be flexible with changing market conditions.

A point of distinction for Barrick Gold Corporation is its emphasis on innovation.

It regularly invests in R&D to discover novel techniques to boost efficiency and cut costs.

With its tech-savvy approach and cutting-edge processes, the company stays ahead of the game.

Pro Tip

Before investing in gold stocks, do your homework. Monitor market trends and talk to financial advisors for individualized advice that fits your investment objectives and risk tolerance.

2. Newmont Corporation (NGT)

Newmont Corp Logo

Newmont Corp

NGT
TSX

$43.27 CAD

  • +0.88
  • (2.08%)

Quote as of 03/01/2024

  • $48,904,073,216 CAD

    Market Cap

  • 18.25x

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • 5.1%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 11:00 ET


 

Newmont Corporation (NGT) is a top gold stock in Canada.

It’s known for excellent performance and consistent returns.

With a successful history and deep industry experience, it’s become a reliable investment.

Investors want stability and growth.

Newmont Corporation is a safe choice.

It has a diversified portfolio of mines in Canada, the US, Australia, and other countries.

This diversification reduces risk and ensures steady production.

Plus, Newmont Corporation focuses on sustainability and follows strict environmental standards.

This sets it apart from rivals and appeals to investors who prioritize eco-friendly investments.

Furthermore, Newmont Corporation has an outstanding leadership team.

Their skillful decision-making and knowledge are driving the company’s success.

With a long-term value creation vision, they deliver impressive results.

Investing in Newmont Corporation is a great chance for significant returns and supporting a green future.

3. Agnico Eagle Mines Limited (AEM)

Agnico Eagle Mines Ltd Logo

Agnico Eagle Mines Ltd

AEM
TSX

$67.28 CAD

  • +2.19
  • (3.36%)

Quote as of 03/01/2024

  • $32,369,190,912 CAD

    Market Cap

  • 10.34x

    Enterprise Value to EBITDA

  • 20.28x

    Forward PE

  • 3.28%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 11:00 ET


 

Agnico Eagle Mines Limited (AEM) is a great gold stock in Canada.

It has been successful and strategic in operations, making it a great choice for those wanting to diversify their portfolio.

AEM’s dedication to responsible mining practices is one of its differentiating factors.

Sustainability is a priority for them, and they invest in tech to reduce their environmental impact.

This not only helps the environment, but also increases the company’s long-term value.

Furthermore, AEM has a good record of production and profitability.

Its well-diversified portfolio includes mines across Canada, Mexico, and Finland.

This variety helps protect investments from price changes or geopolitical issues in one area.

Also, Agnico Eagle Mines Limited has a strong focus on community development.

They connect with locals to understand their needs.

Through various initiatives, they help education, healthcare, and infrastructure projects, creating positive relationships with stakeholders.

Their commitment to sustainable practices, a diversified portfolio, and community engagement make it an attractive investment option.

4. Franco-Nevada Corporation (FNV)

Franco-Nevada Corp Logo

Franco-Nevada Corp

FNV
TSX

$145.11 CAD

  • +3.02
  • (2.13%)

Quote as of 03/01/2024

  • $27,298,189,312 CAD

    Market Cap

  • 25.43x

    Enterprise Value to EBITDA

  • 31.16x

    Forward PE

  • 1.29%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 09:35 ET


 

Franco-Nevada Corporation (listed as FNV) has made a name for itself as one of the best gold stocks in Canada.

It has a unique business model that sets it apart from other mining companies.

Rather than operating its own mines, it provides upfront financing to mining companies in exchange for a percentage of future production at a fixed price.

Plus, it has investments in multiple regions, such as North America, Latin America, Australia, and Africa.

This helps mitigate geopolitical risks.

Gold is a safe-haven asset, and industrial demand for it is increasing.

The potential upside in gold prices, a resilient industry, and a business model that stands out from competitors make Franco-Nevada worth looking into.

5. Wheaton Precious Metals Corp. (WPM)

Wheaton Precious Metals Corp Logo

Wheaton Precious Metals Corp

WPM
TSX

$56.93 CAD

  • +1.00
  • (1.79%)

Quote as of 03/01/2024

  • $25,336,066,048 CAD

    Market Cap

  • 37.44x

    Enterprise Value to EBITDA

  • 35.18x

    Forward PE

  • 1.45%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 09:35 ET


 

Wheaton Precious Metals Corp. (WPM) is a top gold stock in Canada.

They specialize in streaming agreements.

These give them the right to buy a percentage of gold and silver production from mining companies at a fixed price.

This helps them benefit from higher metal prices without taking on risks of operating mines.

Their portfolio of streaming agreements with different mining businesses around the world helps them reduce risk and get a steady supply of precious metals.

This has led to great profits and good financial performance.

Investing in Wheaton Precious Metals Corp. offers many benefits:

  • Their streaming business model lets investors benefit from gold and silver prices without direct ownership or operational risks.
  • Their diverse portfolio reduces the impact of one mine’s performance on returns.
  • They have expertise in negotiating favourable streaming agreements so they can get great terms and potential upside when metal prices go up.

6. Alamos Gold Inc. (AGI)

Alamos Gold Inc Logo

Alamos Gold Inc

AGI
TSX

$16.68 CAD

  • +0.67
  • (4.18%)

Quote as of 03/01/2024

  • $6,352,304,128 CAD

    Market Cap

  • 12.03x

    Enterprise Value to EBITDA

  • 18.84x

    Forward PE

  • 0.84%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 09:40 ET


 

Alamos Gold Inc. (AGI) is a prominent gold mining firm in Canada.

It has solid operations and strong financials, making it a key player in the industry.

The portfolio of the company is varied and of high-quality.

These include the Young-Davidson mine in north Ontario, Island Gold mine, and the Mulatos mine in Mexico.

These mines have proven reserves and significant exploration potential, ensuring steady production of gold for years.

Sustainability and community engagement are two things Alamos Gold Inc. prioritizes.

The firm implements responsible mining practices and looks after the well-being of the local communities.

The company also gives attention to shareholder returns.

It delivers value through its wise capital allocation strategy and generation of free cash flow.

7. Wesdome Gold Mines Ltd. (WDO)

Wesdome Gold Mines Ltd Logo

Wesdome Gold Mines Ltd

WDO
TSX

$9.29 CAD

  • +0.24
  • (2.65%)

Quote as of 03/01/2024

  • $1,348,151,424 CAD

    Market Cap

  • 17.46x

    Enterprise Value to EBITDA

  • 13.51x

    Forward PE

  • 0.89%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 09:40 ET


 

Wesdome Gold Mines Ltd. is a top gold stock in Canada, trading as WDO.

Its reputation in the mining industry is strong and it has delivered impressive results.

Investors are drawn to Wesdome for its stability and growth potential.

The company has a successful track record, with a long mining history and a diverse range of projects.

Its iconic Eagle River Complex in Ontario has produced high-grade gold for more than two decades – contributing significantly to Wesdome’s production and profits.

What sets Wesdome apart is its commitment to innovation and sustainability.

It invests in tech to increase efficiency and reduce environmental impact.

This forward-thinking approach benefits both the environment and its profitability.

What are Canadian Gold Stocks?

Canadian gold stocks are shares of companies dealing with gold exploration, mining, and production in Canada.

These stocks present an investment opportunity for those wishing to make money from gold value and potential growth.

Investing in Canadian gold stocks is a smart move for investors who want exposure to the precious metals market.

Canada is one of the leading producers of gold, offering stocks that provide direct access to the country’s mining industry.

By investing, individuals can gain from rising gold prices and economic growth of Canada’s mining sector.

Moreover, Canadian gold stocks give investors diversification in their portfolio.

Gold is usually seen as a safe asset, with its value remaining steady or rising during economic uncertainty.

Holding these stocks can reduce risk and improve investment performance in volatile markets.

When investing in Canadian gold stocks, it is important to do research and pick reliable companies with strong financials and a good track record in the industry.

Companies with existing mines and an ability to extract gold efficiently are likely to bring consistent returns.

Monitoring industry trends and geopolitical factors can also help identify potential risks or opportunities that could affect these stocks.

Key Considerations When Investing in Canadian Gold Stocks?

Investing in Canadian gold stocks?

Consider these key points!

  • Assess the company’s success and financials. Look for mining companies with a successful past and solid finances.
  • Think about the mine’s location. Canada has plenty of gold deposits. Consider investing in gold stocks that come from geologically-favourable places.
  • Stay informed of industry trends and global economic factors that can affect gold prices. Political tensions or monetary policy changes can greatly influence gold prices and your investments.
  • Analyze the management team. Look for experienced leaders who have experience in the mining industry. Their know-how is essential for navigating issues and maximizing returns.
  • Research production costs and potential risks. Knowing these aspects gives you an idea of a company’s profitability and investment potential.

Frequently Asked Questions

  • How can I invest in gold stocks in Canada?
  • What factors should I consider before investing in gold stocks?
  • Are gold stocks a good investment?
  • How do gold stocks perform during economic downturns?
  • What are the risks associated with investing in gold stocks?
Earn Up to USD 4.83% on Your Cash Balances in your Brokerage Account with Interactive Brokers