Gold stocks are shares in the companies that mine gold and silver — not the metal itself. Many investors use gold as a hedge against turmoil and inflation, and the miners tend to amplify the move: when the gold price rises, their profit can rise further, because their costs are largely fixed. It works both ways. Below, our model ranks every US-listed gold and silver stock by score and momentum.
| Stock | Momentum | Score | To target |
|---|---|---|---|
| SSR Mining IncStrong | 60 | 226 | +35% |
| Newmont Goldcorp CorpStrong | 63 | 223 | +15% |
| Barrick Mining CorporationStrong | 46 | 217 | +27% |
| AngloGold Ashanti LimitedAverage | 42 | 205 | +25% |
| Kinross Gold CorporationAverage | 25 | 201 | +36% |
| Aris Mining CorporationAverage | 45 | 201 | +112% |
| Pan American Silver CorpAverage | 28 | 181 | +42% |
| Royal Gold, IncAverage | 49 | 175 | +30% |
| Jaguar Mining IncAverage | 31 | 156 | no target |
| Coeur Mining, IncAverage | 22 | 152 | +55% |
| First Majestic Silver CorpWeak | 18 | 147 | +50% |
| Silvercorp Metals IncWeak | 28 | 129 | +55% |
| Endeavour Silver CorpWeak | 22 | 125 | +88% |
| Cabral Gold IncWeak | 77 | 82 | no target |
| Guanajuato Silver Company LtdWeak | 6 | 82 | no target |
| Hycroft Mining Holding CorporationWeak | 6 | 48 | +42% |
| Maple Gold Mines LtdWeak | 34 | 41 | no target |
| Paramount Gold Nevada CorpWeak | 11 | 33 | no target |
The large producers — Newmont, Barrick and AngloGold Ashanti — run mines in several countries and have real accounts to judge. The smaller ones, such as Kinross and SSR Mining, have fewer mines, so a single operational problem counts for more. The developers like Aris Mining are earlier still. Silver miners are in the theme too, and silver swings more than gold because it is also an industrial metal.
The gold price, amplified. A miner has broadly fixed costs per ounce. When gold rises, almost the whole increase falls to the bottom line — and when it falls, the profit disappears just as fast. That is why gold stocks typically swing more than gold itself.
The real interest rate. Gold pays no interest. When rates after inflation rise, holding something that does not yield becomes more expensive, and gold gets less attractive. When real rates fall, the opposite.
Cost per ounce. Energy, labour and equipment decide what is left. Two companies at the same gold price can earn very different amounts.
Country risk. Mines sit where the gold is, not where it is easiest. Tax changes and permits can hit one company hard without warning.
Gold has historically held up better than shares in several crises, but there is no guarantee — and gold stocks are still shares, which can fall in a broad sell-off. Many people use them as a smaller part of a portfolio to spread risk, not as the only defence.
Physical gold tracks the gold price. A mining company can swing further in both directions, because fixed costs amplify the change in earnings. In return, a miner can pay a dividend and grow, which a gold bar cannot.
Gold pays no interest. When you can earn a safe return elsewhere, holding something that yields nothing costs more. That is why the real interest rate — the rate after inflation — has historically mattered most for the gold price.
Some do, but the dividend is typically smaller than in, say, banking, because the companies reinvest in mining. Check the individual stock page for the dividend and payout ratio.