Gold investors are riding high as the gold market experienced a phenomenal surge in 2024, with prices climbing over 26%.
Both spot gold and U.S. gold futures reached record highs in recent months, fueled by strong investor interest amidst economic uncertainty and inflation concerns. U.S. gold futures touched $2,619.00 per ounce in November following inflation data showing a 2.7% year-over-year increase in the Consumer Price Index (CPI). This aligns with market expectations and strengthens gold’s appeal as a hedge against inflation.
Spot gold also impressed, hitting a record $2,790.15 per ounce on October 31, 2024. November’s inflation figures sparked anticipation of a potential Federal Reserve interest rate cut, further boosting gold’s attractiveness. Analysts predict gold prices may hit $3,000 per troy ounce by the end of 2025, presenting lucrative opportunities for gold investors and stockholders.
Gold Stocks Worth Watching
1. Iamgold Corp (NYSE: IAG)
Iamgold Corp has been a standout performer, delivering a 152% return for investors in 2024. Riding the wave of gold’s bullish market, IAG’s stock performance has risen over 142% since the year began. In Q3, the company’s production totaled 490,000 ounces, with full-year guidance of 625,000 to 715,000 ounces. Revenue reached $438.9 million, with sales of 184,000 ounces at an average realized price of $2,391 per ounce.
Additionally, Iamgold increased its stake in the Côté Gold Mine to 70% after repurchasing a 9.7% share from Sumitomo Metal Mining Co. This move positions the company for enhanced production capacity in the fourth quarter.
2. Coeur Mining Inc (NYSE: CDE)
Coeur Mining has seen its stock rise over 130% in 2024, signaling a robust recovery. In Q3, gold production increased 21%, totaling 94,993 ounces, while silver production rose 15% to 3.0 million ounces. Costs applicable to sales dropped 12% quarter over quarter.
Revenue soared to $313 million, a 41% increase, with adjusted EBITDA up 140%. Coeur’s acquisition of SilverCrest Metals Inc. for $1.7 billion further diversifies its metals portfolio, enhancing its appeal to gold investors seeking growth.
3. Kinross Gold Corp (NYSE: KGC)
Kinross Gold’s stock has surged by over 78% in 2024, driven by strong operational and financial performance. In Q3, the company produced 564,106 ounces of gold with a margin of $1,501 per ounce. Kinross benefited from a 6% rise in realized gold prices and saw free cash flow grow 20% compared to the previous quarter, making it a favorite among value-oriented gold investors.
4. Wheaton Precious Metals Corp (NYSE: WPM)
Wheaton Precious Metals consistently delivered in 2024, with Q3 production reaching 144,200 gold equivalent ounces, bringing the nine-month total to 448,400 ounces. Higher output from Peñasquito offset slower production from other mines.
The company reported $308 million in Q3 revenue and declared a quarterly dividend of $0.155 per share. Wheaton remains a top pick for gold investors seeking steady returns and dividend income.
Final Thoughts
Gold’s exceptional performance in 2024 provided a favorable environment for gold stocks, offering value investors an opportunity to diversify their portfolios. As economic and political uncertainties persist, gold’s safe-haven appeal continues to attract investors.
Looking ahead, 2025 promises further growth in the precious metals market. Gold prices are expected to break new records, and gold stock options remain an attractive investment for those seeking to capitalize on this upward trend. Whether through mining companies or precious metal streaming firms, gold investors have ample opportunities to ride the wave of this booming market.
