Gold prices have been hitting all-time highs recently, surging through $3,050 per ounce in March 2025. Fears of trade wars spurred on by the Trump tariffs are causing a flight to safety and a mad rush into gold, with price up 15% year-to-date (YTD) as tracked by the SPDR Gold Shares ETF (NYSEARCA: GLD) on Mar 21, 2025.
If you missed the train, it’s prudent not to fall into the fear of missing out (FOMO). If you aren't in a rush to chase gold and are willing to wait for a pullback, then here are five gold stocks to watch for on the dips.
1) Newmont: World’s Largest Gold Miner Is Up 27.2% for the Year
Despite gold prices hitting all-time highs, Newmont Co. (NYSE: NEM), the world’s largest gold miner, isn't trading anywhere near their all-time highs or even 52-week highs. Investors aren't complaining; Newmont stock is up 27.2% YTD as of Mar 21, 2025, vastly outperforming the S&P 500 index, which is down 3.77%.
It’s important to remember that gold miners don’t always move in lockstep with spot gold prices, as is common in the basic materials sector. They typically trend higher when gold prices rise, as miners earn more per ounce. The key factor, however, is the all-in-sustaining cost (AISC)—the total expense to mine gold, including labor, equipment, maintenance, and fuel.
In 2024, Newmont produced 6.8 million ounces of gold, primarily driven by the production of 5.7 million attributable gold ounces from its Tier 1 Portfolio and 1.9 million gold equivalent ounces (GEOs) from copper (153 tonnes), silver, lead and zinc. They closed out the year with $3 billion in cash and $9 billion in liquidity. At a P/E of 16.12 and a 2.12% annual dividend yield, shares are trading above their sector median of 15.12.
2) Freeport: Gold Is Not All That Glitters, Copper Does Too
Freeport-McMoRan Inc. (NYSE: FCX) is one of the world's largest producers of gold and a major producer of copper. Copper is highly conductive, making it absolutely essential for the AI revolution. Copper acts as a storage medium for GPUs, interconnects and networking. It is the backbone of data centers, HPC and is tremendously energy efficient and effective in dissipating heat.
The company produced 1.9 million ounces of gold and 4.2 billion pounds of copper in 2024. It also produced 80 million pounds of Molybdenum, an alloying agent in steel used in semiconductors. However, as of March 21, 2025, shares were only up 5.7% YTD.
In 2024, Newmont produced 6.8 million ounces of gold, primarily driven by the production of 5.7 million attributable gold ounces from its Tier 1 Portfolio and 1.9 million gold equivalent ounces (GEOs) from copper (153 tonnes), silver, lead and zinc. They closed out the year with $3 billion in cash and $9 billion in liquidity.
3) Kinross: Canadian Gold Miner and Below Industry AISC
Kinross Gold Co. (NYSE: KGC) is headquartered in Canada and mines properties in the United States, Brazil, Canada and Mauritania.
Kinross is one of the most efficient gold miners.
In 2024, its AISC averaged $1,360 per ounce, below the industry average of $1,400 to $1,500 per ounce.
Its modern processing, combined with high-grade ore in mines like Tasiast in Mauritania and Paracatu in Brazil, helps keep operating margins relatively high.
The company expected a full-year 2024 GEO production of 2.1 million ounces, closing the year with $611 million in cash and $2.3 billion in liquidity.
That strong liquidity position gives Kinross flexibility to invest in growth projects or return capital to shareholders. Its consistent production and cost discipline make it a solid play among mid-tier gold miners.
4) Aris Mining: Junior Miner for Bargain Investors
Aris Mining Co. (NYSE: ARMN) is a low-priced Canadian gold mining stock. The company primarily operates two gold-producing mines in Colombia, Segovia and Marmato.
They are scaling up capacity by upgrading the design of its new Lower Mine carbon-in-pulp (CIP) processing facility to 5,000 tons per day (tpd) by using major components from the current tpd design and integrating select higher-carbon capacity components.
In 2024, its AISC was $1,485/ounce, and its AISC margin was $58 million, up 32% year over year. The company produced 210,955 ounces of gold in 2024.
CEO Neil Woodyer stated, “I'd like to summarize key takeaways that we've reported for this fourth quarter and the full year. In Q4, we recorded our highest quarterly production at 57,000 ounces. We expect total production in 2025 to range between 230,000 and 275,000 ounces, which is up from 211,000 last year."
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The article "Not in a Rush to Buy Gold? 5 Stocks to Buy on the Dip" first appeared on MarketBeat.
