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Gold Stocks in Canada: How to Invest & Top Picks for 2024

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Written by Timothy Sykes
Reviewed by Friedrich Odermann Fact-checked by Ed Weinberg
Updated 11/17/2023 13 min read

Gold stocks in Canada refer to the shares of companies engaged in the exploration, mining, and production of gold within the country. For traders and investors, these stocks offer a way to capitalize on gold’s value, hedge against currency fluctuations, and diversify portfolios. Given Canada’s rich mineral reserves, trading in Canadian gold stocks can provide both opportunities and challenges.

You should read this article because it provides a comprehensive guide to investing in Canadian gold stocks, covering everything from understanding the market to top picks for 2024.

I’ll answer the following questions:

  • What are gold stocks in Canada?
  • Why should one invest in the Canadian gold market?
  • What are the top Canadian gold stocks for 2024?
  • How does Alamos Gold Inc stand out in the market?
  • What makes Barrick Gold Corp a solid choice?
  • Why is B2Gold Corp a noteworthy choice for investment?
  • What should you watch for when trading IAMGOLD Corporation?
  • How does Kinross Gold Corporation offer stability?

Still with me? Good. Now let’s dig into the details.

What Are Gold Stocks in Canada?

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Gold stocks in Canada are essentially shares in companies that explore for, develop, or mine gold. These stocks are influenced by the price of gold, currency exchange rates, and market demand among other factors. The Canadian market is rich in these kinds of stocks, making it a focal point for investors globally.

In my trading journey, I’ve observed many folks getting into the gold market for its stability. My focus is usually on high-volatility penny stocks, but gold stocks offer an alternative path for those looking to diversify their trading accounts. If you’re new to this, remember that you should always research thoroughly before buying or selling.

Understanding the Canadian Gold Market

The Canadian gold market is a fascinating landscape rich in miners and commodities like gold, silver, and platinum. Located primarily in resource-rich regions like Ontario and Vancouver, this market can be influenced by multiple factors, from the supply of metals to global events. Keep an eye on mutual funds that invest in these commodities, as they provide a lens into market sentiment. Likewise, keep tabs on other metrics like silver prices and CAD (Canadian Dollar) fluctuations.

Before diving into any trade, always read the site’s disclaimer. Know that all financial quotes, even those found on highly reputable sites, should be double-checked, especially in a market that can be impacted by international players like the Chinese. And yes, you might need a password to access some premium content or products; don’t overlook that.

While the Canadian gold market is governed by trends specific to its market. If you’re looking to expand your knowledge on how different types of stocks behave, check out this guide on different types of stocks.

Why Invest in Gold?

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Gold is a classic hedge against inflation and economic uncertainty. It’s a precious metal that retains its value. Investors flock to gold when markets are turbulent. In Canada, gold mining is a major business contributing significantly to the country’s GDP.

As someone who’s spent years in the stock markets, I can tell you that no asset class is bulletproof. But gold does have a unique allure for certain investors. I’ve seen how economic downturns send traders scrambling to add gold stocks to their portfolios as a protective measure.

While growth stocks offer high returns, they come with higher volatility. If you’ve been burned by growth stocks and are looking for a change, read this article on growth stock blues.

Top Canadian Gold Stocks of 2024

My top Canadian gold stock picks are:

  • Alamos Gold Inc (NYSE: AGI)
  • Barrick Gold Corp (NYSE: GOLD)
  • B2Gold Corp. (AMEX: BTG)
  • IAMGOLD Corporation (NYSE: IAG)
  • Kinross Gold Corporation (NYSE: KGC)
  • Osisko Gold Royalties Ltd (NYSE: OR)

When it comes to the top Canadian gold stocks for 2024, you’ll find a blend of seasoned companies and newcomers specializing in metals and resources. Companies like FNV (Franco-Nevada Corporation) and AEM (Agnico Eagle Mines Limited) often make the headlines, but always keep an eye on the supply and demand trends that influence stock prices.

Bear in mind that information about these companies, from stock quotes to rights issues, often appears first on specialized financial content sites. As with any investment or trade, use these sites carefully and never forget their disclaimers. Also, it’s crucial to remember that the miners and commodities are susceptible to global economic conditions, including actions by large stakeholders like China.

When considering gold stocks, don’t overlook those that pay dividends. Companies like Kinross Gold Corporation offer dividend options, providing an additional income stream. Dividend-paying stocks can be a great addition to your portfolio, offering both capital gains and regular income. For more insights on this, check out this guide on penny stocks that pay dividends.

Before you send in your orders, take note: I have NO plans to trade these stocks unless they fit my preferred setups. This is only a watchlist.

The best traders watch more than they trade. That’s what I’m trying to model here. Pay attention to the work that goes in, not the picks that come out.

Sign up for my NO-COST weekly watchlist to get my latest picks!

Alamos Gold Inc (NYSE: AGI)

My first Canadian gold stock pick is Alamos Gold Inc (NYSE: AGI).

Alamos Gold Inc focuses on exploration, development, and production of gold reserves in Canada. It’s one of the top picks for 2024 because of its impressive volume and strong development strategies. If you’re looking to diversify, this is one to consider.

In my experience teaching and trading, the game is about patterns and not about falling in love with any stock. When it comes to Alamos, monitor its market performance meticulously before taking a position.

Barrick Gold Corp (NYSE: GOLD)

My second Canadian gold stock pick is Barrick Gold Corp (NYSE: GOLD).

Barrick Gold Corp is a big player in the gold market, boasting significant production and reserves. It offers a steady performance, making it a solid choice for those looking to get into gold stocks.

You don’t have to mirror my techniques, but I recommend keeping an eye on news updates and technology advancements related to Barrick. This could give you an edge in deciding when to trade.

B2Gold Corp. (AMEX: BTG)

My third Canadian gold stock pick is B2Gold Corp. (AMEX: BTG).

B2Gold Corp is a global gold mining company with significant investments in Canada. Its focus on sustainable mining and strong futures contracts make it a noteworthy choice.

Base your decisions on your risk tolerance and comfort level. If you decide to trade B2Gold, keep tabs on commodities like silver and palladium which sometimes move in correlation with gold prices.

IAMGOLD Corporation (NYSE: IAG)

My fourth Canadian gold stock pick is IAMGOLD Corporation (NYSE: IAG).

IAMGOLD focuses on exploration, development, and production. It has various projects throughout Canada. It’s another stock that investors often look at for its market stability and decent volume.

I’ve been around enough to know that volume is crucial in any trade. With IAMGOLD, make sure to keep a close watch on trading volume as it can indicate investor sentiment.

Kinross Gold Corporation (NYSE: KGC)

My fifth Canadian gold stock pick is Kinross Gold Corporation (NYSE: KGC).

Kinross is involved in the mining and processing of gold ores in Canada. It has a high market capitalization and offers dividend options to shareholders. It’s one of the safer bets if you’re looking to invest in gold stocks.

In all my years of trading, I’ve emphasized the importance of cutting losses quickly. Kinross’s stability makes it a relatively safer bet, but always know when to exit.

Osisko Gold Royalties Ltd (NYSE: OR)

My sixth Canadian gold stock pick is Osisko Gold Royalties Ltd (NYSE: OR).

Osisko focuses on acquiring and managing precious metal and other royalties, streams, and similar interests in Canada. It’s an alternative to traditional mining companies and can add another layer of diversification to your portfolio.

Keep in mind, diversification doesn’t mean putting all your eggs in multiple baskets and hoping for the best. It’s a calculated decision, much like any trade you make.

How To Invest in Gold

Investing in gold is not just about buying the shiny metal; it’s about understanding the entire commodity market that includes other metals like silver and platinum. Various avenues for investment are available, from buying shares in mining companies to investing in mutual funds focused on commodities. Make sure you understand the market’s supply and demand dynamics, which can be influenced by everything from silver prices to large-scale resource extraction in places like Ontario and Vancouver.

Buy Gold Stocks

One direct way to invest in gold is by buying stocks of companies involved in the exploration, mining, and production of the metal. Companies like Barrick Gold Corp and Alamos Gold Inc are prominent players in this space.

I’ve trained students who were new to buying shares and who wanted to include commodities in their portfolios. It’s all about knowing your risk tolerance and having a strategy in place.

Purchase Gold ETFs

Investing in Gold ETFs is another way to gain exposure to the price of gold. These ETFs hold gold bullion or trade in futures contracts, offering a simpler, more cost-effective way to invest in gold.

ETFs are not my typical go-to, but they offer a way to diversify your investment strategy. They can also be useful for hedging against risks in other markets.

Get Gold Coins

Physical gold coins offer another investment avenue. These are purchased at a price higher than the gold market price but can be sold relatively easily. Companies often mint these coins, and they can be stored in safe deposit boxes.

In my experience, people love the tangible aspect of holding gold. Just keep in mind that it involves additional costs like storage and insurance.

Buy Physical Gold

Another way is to buy physical gold in the form of bullion bars. These are available through various platforms and typically require a secure storage setup.

For a trader like me, this isn’t the most efficient route. But if you’re a more traditional investor, physical gold can offer a sense of security that digital assets don’t.

Key Takeaways

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Canadian gold stocks offer a plethora of opportunities for traders and investors alike. Understanding the Canadian market, keeping an eye on top-performing companies, and diversifying your investment avenues are crucial steps in making the most of these opportunities.

Trading isn’t rocket science. It’s a skill you build and work on like any other. Trading has changed my life, and I think this way of life should be open to more people…

I’ve built my Trading Challenge to pass on the things I had to learn for myself. It’s the kind of community that I wish I had when I was starting out.

We don’t accept everyone. If you’re up for the challenge — I want to hear from you.

Apply to the Trading Challenge here.

Trading is a battlefield. The more knowledge you have, the better prepared you’ll be.

What Canadian gold stocks are on your watchlist? Let me know in the comments — I love hearing from my readers!

FAQs for Canadian Gold Stocks

What Is the Best Stock for Gold?

There’s no one-size-fits-all answer. Companies like Barrick Gold Corp and Alamos Gold Inc are noteworthy, but the “best” depends on your investment strategy, risk tolerance, and market timing.

How Can I Invest in Gold Stocks in Canada?

To invest in Canadian gold stocks, you’ll need to open a brokerage account, identify potential companies, and place trades either directly or through a broker. Keep in mind, due diligence is key.

How Do I Know Which Gold Stocks Are Good Investments?

You determine good investments by researching, understanding market trends, and potentially consulting with financial advisors. Keep an eye on volume, check news updates, and follow commodities markets closely. And never forget, in trading, always cut your losses quickly.

Are Gold Stocks Better than Gold Bullion?

Gold stocks offer higher volatility and potential returns, while gold bullion is more stable but comes with storage costs. The choice depends on your financial goals and risk tolerance.

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”