7 Best Gold Stocks Of December 2023 (2024)

Eldorado is a gold and base metal miner with operations in Canada, Turkey and Greece.

The stock has the strongest EPS growth forecast on this list, but historical earnings have been erratic, oscillating between losing years and profitable years. Sales have seen overall growth in the last five years but can also be erratic.

The stock has a “B” financial health rating from Morningstar, which indicates a strong financial position. The current solvency ratio of 38% means that the company has significant cash flow to cover liabilities. Over 20% is generally considered safe.

Where the stock excels is in its price performance. It has returned 283.9% over the last five years and 45.7% over the last year. For comparison, the SPDR Gold Shares (GLD) returned 56.0% and 10.9% over those same periods.

The strong price performance is important because when the price of gold is rising like in 2023, gold investments should also rise. The strong demand for the stock could be due to a 920.0% EPS growth estimate for this year and 9.8% for next year.

Dundee Precious Metals is a Canadian company that trades on the Toronto Stock Exchange and on the U.S. over the counter (OTC) market under symbol DPMLF. It has current operations in Bulgaria and Namibia.

Sales are in an overall uptrend although they don’t generally increase every year. Earnings can be erratic but analysts expect strong growth over the next five years, including a 42.9% EPS jump this year. Analysts expect a 26.9% EPS drop in 2024 though.

The stock has an “A” financial health rating from Morningstar, which is relatively rare among mining stocks. Combined with its high solvency ratio, Dundee is in good financial health.

The stock has been a strong performer, rallying 214.6% over the last five years and 51.6% over the last year, well outpacing the performance of gold.

Dundee pays a dividend with a current yield of 2.3%.

DRDGold is a South African company focused on retreatment, which is extracting and processing gold from other mining residue.

Sales are in an overall uptrend the last decade and earnings can be erratic but analysts expect steady EPS growth of approximately 10% per year over the next five years.

The stock has a “C” financial health rating, which is on the lower end of financial health, but it is still of investable quality. The high solvency ratio and the company’s long history indicate it is in a solid financial position, despite its lower rating.

DRD has the highest dividend yield on this list at 5.8%, and the company has been paying a dividend for 16 uninterrupted years.

Over the last five years, DRD is the second-strongest performer on the list with a total return of 358.9%, but only a 14.2% increase in the last 12 months.

Gold Fields is a South African company with gold mines in Australia, South Africa, West Africa and the Americas.

Sales have been steadily increasing the last few years and analysts expect incremental EPS growth over the next five years.

The stock has a “C” financial health rating and a good solvency ratio.

DRD has the second-highest dividend yield at 3.0% and has the best stock performance over the last five years on the list. The stock is up 394.5% over that time frame and 33.9% over the past 12 months.

Wheaton Precious Metals is a Canadian company that streams gold and other precious metals. It enters into purchase agreements with mines and then sells the gold.

Because WPM doesn’t actually mine gold, its earnings tend to be more stable than most gold stocks. Analysts expect marginal increases in yearly EPS over the next five years. This includes a small decrease of 1.8% in 2023 and an expected EPS jump of 14.5% in 2024.

It has a financial health grade of “A” from Morningstar and a very strong solvency ratio.

The stock has performed admirably over the last five years, returning 196.4% and 19.5% over the last year, as well as a 1.3% dividend yield.

Wheaton Precious Metals is a Canadian company that streams gold and other precious metals. It enters into purchase agreements with mines and then sells the gold.

Because WPM doesn’t actually mine gold, its earnings tend to be more stable than most gold stocks. Analysts expect marginal increases in yearly EPS over the next five years. This includes a small decrease of 1.8% in 2023 and an expected EPS jump of 14.5% in 2024.

It has a financial health grade of “A” from Morningstar and a very strong solvency ratio.

The stock has performed admirably over the last five years, returning 196.4% and 19.5% over the last year, as well as a 1.3% dividend yield.

Harmony Gold Mining is a South African company with mines in South Africa, Australia and Papua New Guinea.

Harmony has minimal analyst coverage, hence the lack of a five-year EPS forecast. What is evident is that the company’s sales have been in an uptrend for a decade, and while earnings can be erratic—as with nearly all gold stocks—the stock itself has performed well.

Over the last five years, HMY has increased 256.7% and 67.9% over the last 12 months, handily outperforming the SPDR Gold Trust which is up 56.0% over the last five years and 10.9% during the last year.

Harmony pays a dividend yielding 0.9% currently. It has a financial health rating of “C” from Morningstar and a healthy solvency ratio.