Gold is the market’s traditional hedge asset, providing a cushion during economic hard times but also a store of value in the good times. We can see that now. US stock indexes are at or near their record-high levels, and while gold has slightly dipped, the current spot price of $3,294 is just 4% below the peak level of $3,432 that it touched on June 13.
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The continued strength of gold, even as GDP registered strong growth in Q2, reflects several factors: continued uncertainty regarding President Trump’s trade and tariff policies, despite his successes in negotiating new trade deals; uncertainty regarding China’s military intentions in the western Pacific; the continuing wars in Ukraine and the Middle East; and a weaker US dollar. All of these bring attention to gold in its role as a safe haven.
With investors looking at gold, it’s only natural that Wall Street’s research firms will, too. Canaccord’s analysts are among the gold watchers, perceiving that the metal’s winning streak is still running.
They’ve recommended two gold stocks to buy, and we’ve looked up the broader data on both via the TipRanks platform. Let’s give them a closer look.
Gold Fields (GFI)
The first stock we’ll look at here is South Africa’s Gold Fields Limited. This company, with its $21.65 billion market cap and operations in six countries, is one of the world’s largest gold producers. It traces its roots back to 1857, as Gold Fields of South Africa, and is still based in Johannesburg. Today’s incarnation of this venerable gold mining firm has 10 active mines or operations in 6 countries: South Africa, Australia, Canada, Ghana, Chile, and Peru. All six of these countries are known as prime exploration locations for the world’s biggest mining companies.
Gold Fields’ active mines include the South Deep, in South Africa’s Witwatersrand, the famous gold reserve that lies 3 kilometers deep underground. This is the flagship operation in the company’s portfolio. Also of note are Gold Fields’ four active mines in southwestern Australia. The company describes these as low-cost, long-life mines, and states that they have a strong pipeline of projects to ensure both reserve replacement and lifetime extension.
The company also has operations in Canada’s Windfall Project, one of the world’s top ten gold deposits. Gold Fields acquired this project late in 2024, along with surrounding exploration camps. In the West African nation of Ghana, Gold Fields operates the Tarkwa and Damang mines, both located in the Ashanti Gold Belt. The Tarkwa mine is Africa’s largest open-pit gold mine.
These operations, plus the company’s activities along the western edge of South America, support Gold Fields’ status as the world’s seventh-largest gold producer. The company produced 2.3 million ounces of gold in 2023 and 2.1 million in 2024.
When we turn to the company’s financial results, given in the 2024 annual report, we find that Gold Fields has proven reserves, as of December 31, 2024, totaling 44 million ounces of gold, 46 million ounces of silver, and 271 million pounds of copper. The company’s total revenue in 2024 came to $5.2 billion in US currency; this figure represented a 16% year-over-year increase and reflected both a 25% higher ‘gold price received’ and 10% lower sales of gold.
In his coverage of this gold miner, Canaccord analyst Tim Huff lays out his reasons getting behind this name. He writes, “Gold Fields has strong near-term growth prospects which we believe will drive not only strong internal production and profit growth, but also a re-rating in the shares backed up by significantly stronger shareholder returns. Growth catalysts through 2026 include growth from the Salares Norte and Gruyere mines, while catalysts through 2028 include the Windfall project and organic growth at foundational assets like St Ives, South Deep and Tarkwa. We forecast strong deleveraging through 2027 which should also give GFI added firepower for further M&A growth initiatives.”
These comments back up Huff’s Buy rating on the stock, while his $33.30 price target implies that the shares will gain 37% in the next 12 months. (To watch Huff’s track record, click here)
There are five recent analyst reviews on record for Gold Fields, and they include 3 Buys and 2 Holds for a Moderate Buy consensus rating. The shares are priced at $24.36 and their $26.86 average price target indicates room for a 10% gain in the coming year. (See GFI stock forecast)
Newmont Corporation (NEM)
Next on our list, the Colorado-based Newmont Corporation, is another of the world’s top mining companies – in fact, based on its 6.7 million ounces of gold production last year, it is the world’s top gold miner. In addition to gold, Newmont is also an important world producer of silver, copper, zinc, and lead, all vital metals in various industries.
Newmont produces these metals, and others, through its portfolio of world-class mining assets. The company has active operations in North America and the Caribbean, in Latin America, Africa, and Australia. The company has a market cap value of more than $68 billion, and its operations generated $18.7 billion in revenue last year, for a 58% year-over-year increase.
This strong revenue growth is based directly on the company’s strong asset portfolio and solid production numbers. Newmont’s ops include managed operations, non-managed operations, and projects-in-execution, and are located in some of the richest gold-producing regions of the world. Among these assets are Ghana’s Ahafo mine, which started production in 2006 and has, to date, produced 8 million ounces of gold. Ahafo is Ghana’s largest gold mine, and includes both surface and underground operations.
In Australia, Newmont’s active mines include Cadia, one of that country’s largest gold mines. Newmont’s Canadian assets include the Brucejack mine in British Columbia, which is one of the world’s highest-grade gold deposits. The mine features underground activities and produces both gold and silver. Elsewhere in North America, Newmont has active mines in both Nevada and Mexico, both areas with long histories in the mining industry.
In its last reported quarter, 2Q25, Newmont reported $5.32 billion in total sales, up nearly 21% year-over-year and more than $400 million better than had been anticipated. The company’s bottom line, reported as a non-GAAP EPS of $1.43, beat the forecast by 27 cents per share. Newmont finished 2Q25 with a free cash flow of $1.7 billion, nearly triple the $594 million from 2Q24.
This company’s strong Q2 results and free cash flow growth caught the attention of Canaccord’s Carey MacRury, who writes, “Newmont reported Q2/25 results that were ahead of our estimates and consensus, driven by a strong performance on both production and costs… The quarter highlights improving operating performance, with three solid quarters in a row and tracking well to achieve its 2025 guidance. Newmont remains one of our Best Ideas among the senior producers with improving production, strong FCF, capital return program, and attractive valuation.”
MacRury rates NEM shares as a Buy, and he backs that up with an $85 price target that suggests a potential one-year upside for the stock of 37%. (To watch MacRury’s track record, click here)
The 15 recent analyst reviews here break down 10 to 5 in favor of Buy over Hold, giving NEM its Moderate Buy consensus rating. The stock has a $62.10 current trading price, and a $71.88 average price target that implies an upside of 16% heading into next year. (See NEM stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.