In 2025, gold-mining stocks are generally outperforming the price of gold, driven by high gold prices and improved operational efficiencies. The VanEck Gold Miners ETF (NYSE: GDX), a key benchmark for gold-mining stocks, surged 52.7% year to date through July 2025, compared to gold’s 25.35% gain. Several factors contributed to this outperformance, including leverage to rising gold prices, cost efficiencies, and increased investor interest in equities over commodities. The UBS team still sees upside for companies that they view as turnaround stories that are a far better value than the large-cap sector giants that have roared higher over the past few years.
24/7 Wall St. Key Points:
Estimates across Wall Street see gold climbing to as high as $4,000 by the end of 2025.
Central bank buying of gold has continued to be a driving force in the spot price.
With wars in the Middle East and Ukraine, geopolitical pressure is also increasing safe-haven demand.
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The case for gold and gold miners is compelling for two reasons. First, gold can serve as a strategic hedge against inflation. Second, some top miners extract silver and other essential commodities for industrial applications. Spot gold has exploded to all-time highs above the levels hit in 2020. From a technical perspective, the gold market shows signs of a potential massive breakout, especially if the fighting in the Middle East and Ukraine continues or expands.
We screened the UBS current best ideas and all offer attractive entry points. We always like to remind our readers that the SPDR Gold Shares ETF (NYSE: GLD) is one of the best pure plays on gold for investors. The trust that sponsors the fund holds physical gold bullion and some cash. Each share represents one-tenth of an ounce of gold. So that you know, the fund does not pay a dividend.
Why do we cover gold-mining stocks?
Proper asset allocation should always include at least a single-digit percentage holding of precious metals like gold and silver. Not only do they hedge inflation, which could be huge now and over the long term, but they can help if the market does go into correction or bear market mode, as they tend to trade inversely to markets.
AngloGold Ashanti
Somewhat off the radar, this stock may be offering the most attractive entry point. AngloGold Ashanti PLC (NYSE: AU) is a global gold-mining company with a diverse portfolio of operations, projects, and exploration activities in 10 countries, across four continents.
The company’s diverse portfolio includes approximately 11 operations in:
Argentina
Australia
Brazil
Democratic Republic of the Congo
Egypt
Ghana
Guinea
Tanzania
The company’s portfolio includes Africa, the Americas, and Australia.
Its Africa portfolio includes Kibali (managed by Barrick), Egypt (Sukari), Ghana (Iduapriem and Obuasi), Guinea (Siguiri), and Tanzania (Geita).
The Americas hosts three of its operations, one in Argentina and two in Brazil, as well as two greenfield projects in Colombia and a significant new greenfield development in Nevada in the United States.
Australia hosts two of its operations, which include Sunrise Dam and Tropicana, both in the north-eastern goldfields in the state of Western Australia.
Barrick Mining
Barrick Mining Corp. (NYSE: B) produces gold and copper with 16 operating sites in 13 countries. This stock is a top contender in the sector, offering a promising entry point. Barrick and Randgold Resources completed their merger on Jan. 1, 2019, propelling them to the forefront as the world’s largest gold company in production, reserves, and market capitalization.
The company holds a:
50% interest in the Veladero mine located in the San Juan Province of Argentina
50% interest in the KCGM, a gold mine located in Australia
95% interest in Porgera, a gold mine located in Papua New Guinea
50% interest in the Zaldivar, a copper mine located in Chile
50% interest in the Jabal Sayid, a copper mine located in Saudi Arabia
Barrick also owns gold mines and exploration properties in Africa and projects in South America and North America. It has a strategic cooperation agreement with Shandong Gold Group.
Endeavour Silver
This small-cap gem could have gigantic upside potential. Endeavour Silver Corp. (NYSE: EXK) is a Canada-based mid-tier precious metals company. With operations in Mexico and Peru, and the development of its mine in Jalisco state, Terronera, the company focuses on contributing to the mining industry and the communities in which it operates.
In addition, it has a portfolio of exploration projects in Mexico, Chile, and the United States.
It has two producing silver-gold mines in Mexico:
Guanacevi Mine in Durango (the Guanacevi Project)
Bolanitos Mine in Guanajuato (the Bolanitos Project)
In addition to operating these two mines, the company is advancing one development and two exploration projects in Mexico:
The Terronera property in Jalisco state (the Terronera Project)
The prospective Pitarrilla property in Durango State
The Parral properties in Chihuahua
Kolpa, its third producing mine, is a silver mine located in the Huachocolpa region of Huancavelica Province, Peru. Its other exploration projects include Bruner, Aida, and Lourdes.
Franco-Nevada
This is a Toronto-based gold-focused royalty and streaming company, as well as another off-the-radar play that offers numerous ways for investors to make money. Franco-Nevada Corp. (NYSE: FNV) operates through two segments: Mining and Energy.
The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals. It also engages in the sale of crude oil, natural gas, and natural gas liquids.
While the company is one of the leading gold-focused royalty and streaming companies with the largest and most diversified portfolio of cash-flow producing assets, its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Traits that some of the others do not offer.
Kinross Gold
Kinross Gold Corp. (NYSE: KGC) is a gold-mining company with operations and projects in the United States, Brazil, Mauritania, Chile, and Canada.
The company is engaged in mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold-mining properties.
Its operations and projects include:
Fort Knox
Round Mountain
Bald Mountain
Manh Choh
Paracatu
La Coipa
Tasiast
The Great Bear project
Fort Knox is an open-pit mine located near the city of Fairbanks, Alaska. Round Mountain is an open-pit mine located in Nevada. Paracatu is a cornerstone operation located near the city of Paracatu in Brazil’s Minas Gerais region.
The Tasiast mine is an open-pit operation located in northwestern Mauritania. The La Coipa mine is located in the Atacama region in Chile, and the Great Bear is a development project in Canada.
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