Top Gold Stocks to Watch in Q2 2023: Prices, Growth & Momentum Insights

Sibanye Stillwater, Sandstorm Gold, and Snowline Gold stand out as the leaders in value, growth, and momentum for gold stocks in Q2 2023.

In March 2023, gold prices surged by 7% as investors sought refuge amid the turmoil caused by the collapse of several mid-sized banks. This bullish trend positively impacted key players in the precious metals sector.

Leading gold stocks entering the second quarter include Snowline Gold Inc., Lundin Gold Inc., and Alamos Gold Inc., all of which posted share price gains over the past year despite the VanEck Gold Miners ETF (GDX) declining by 17% and the Russell 1000 Index falling 15%.

Below, discover the top gold stocks categorized by best value, fastest growth, and strongest price momentum, with data current as of March 21, 2023.

Best Value Gold Stocks

Value investing focuses on identifying stocks trading below their intrinsic worth, often evaluated through metrics like the price-to-earnings (P/E) ratio. Stocks with lower P/E ratios may offer significant upside as market prices realign with company fundamentals.

Here are the gold stocks with the lowest trailing 12-month P/E ratios:

• Sibanye Stillwater Ltd.: A global leader in mining and processing precious metals, including platinum group metals such as palladium, rhodium, and platinum, operating mines in North America and South Africa.
• Torex Gold Resources Inc.: An intermediate gold producer managing the 100% owned Morelos Gold Property in Mexico's Guerrero Gold Belt.
• Victoria Gold Corp.: Owner of the Dublin Gulch property in Yukon, Canada, featuring the Eagle Gold Mine with a 2.6 million ounce reserve. Trades OTC in the U.S. as VITFF.
• Calibre Mining Corp.: Developer of precious metal properties, including the El Limón and La Libertad gold mines in Central America.
• Perseus Mining Ltd.: Australian-based gold miner operating in Ghana and Côte d’Ivoire, producing over 500,000 ounces in 2022. OTC ticker PMNXF in the U.S.

Fastest Growing Gold Stocks

Growth rankings are based on a balanced model combining year-over-year quarterly revenue and earnings per share (EPS) growth, excluding outliers with extreme growth figures.

• Sandstorm Gold Ltd.: A royalty company financing gold miners in exchange for a percentage of production, holding a portfolio of 250 royalties. Sold approximately 82,400 gold equivalent ounces in 2022.
• AngloGold Ashanti Ltd.: South African gold miner with operations in Tanzania, Central and South America, and Australia. Recently proposed a joint venture in Ghana.
• Alamos Gold Inc.: Operates three mines in Canada and Mexico with development projects in North America and Turkey.
• Agnico Eagle Mines Ltd.: Canadian miner with major operations in Quebec and properties in Finland and Mexico. Reported a 102% net income increase in Q4 2022.
• B2Gold Corp.: Canadian gold producer with mines in Mali, the Philippines, and Namibia, recently acquiring Sabina Gold & Silver Corp to expand in Canada.

Gold Stocks with the Most Momentum

Momentum investing targets stocks with strong recent price performance, anticipating continued upward trends driven by investor interest.

• Snowline Gold Corp.: Exploration company with multiple properties in Yukon, Canada.
• Lundin Gold Inc.: Operator of the high-grade Fruta del Norte gold mine in Ecuador. OTC ticker LUGDF in the U.S. Reported a 13% revenue increase in Q4 2022 despite a net loss due to early debt repayment.
• Alamos Gold Inc.: Refer to description above.
• Dundee Precious Metals Inc.: Mines precious metals in Bulgaria and operates a smelting facility in Namibia. Declared a Q1 dividend payable in April 2023.
• Torex Gold Resources Inc.: Refer to description above.

How the U.S. Dollar Influences Gold Stocks

Gold’s price is closely tied to the U.S. dollar due to historical and market factors. Generally, a stronger dollar suppresses gold prices by making gold more expensive in other currencies, while a weaker dollar boosts demand.

However, during global uncertainty, both gold and the dollar can rise as safe-haven assets. Gold’s finite supply and inflation-hedging properties, combined with the dollar’s reserve currency status, make them critical components in risk management.

Benefits of Including Gold Stocks in Your Portfolio

Gold stocks offer leveraged exposure to gold price movements and provide liquidity advantages. Miners can increase production as gold prices rise, amplifying gains compared to holding physical gold.

Additionally, gold stocks diversify portfolios by acting as a partial hedge against inflation and market volatility. Discoveries of new gold deposits can lead to significant stock price appreciation, especially for smaller miners.

Note: This information is for educational purposes only and does not constitute investment advice. Investors should conduct their own research or consult professionals before making investment decisions.

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