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Highlights
- Some market experts believe that investing in gold, or gold stocks for that matter, can help investors hedge portfolio risk and maintain their financial health in the long haul.
- A gold stock mentioned here increased about 42 per cent in three months.
- A gold company listed below recorded a year-over-year increase of 47 per cent in gold production in Q3 FY2021.
Some market experts believe that investing in gold, or gold stocks for that matter, can help investors hedge portfolio risk and maintain their financial health in the long haul.
Keeping this in mind, let us explore some of the top Canadian gold stocks that can help investors withstand economic slowdowns and shocks.
Image source: © 2021 Kalkine Media®
1. Franco-Nevada Corporation (TSX:FNV)
Franco-Nevada Corporation is a Toronto-based mineral resource company focused on precious metals like gold, silver and platinum.
The 32-billion market cap royalty and investment company posted revenue of US$ 316.3 million in the third quarter of FY2021, a year-over-year (YoY) growth of 13 per cent.
Franco-Nevada produced a net income of US$ 166 million in the latest quarter, up by eight per cent YoY.
FNV stock closed at C$ 172.20 apiece on Friday, December 17. The gold stock zoomed by roughly 12 per cent in the past nine months.
2. Pretium Resources Inc (TSX:PVG)
Pretium Resources Inc, a Vancouver-headquartered gold producer, recorded a third-quarter production of 90,673 ounces of gold in 2021, up from 86,136 gold ounces produced in the same period a year ago.
Its net earnings amounted to US$ 22 million in Q3 FY2021.
The gold stock expanded over 41 per cent in six months. PVG stock closed at C$ 17.27 apiece on December 17.
3. Wesdome Gold Mines Ltd (TSX:WDO)
Wesdome Gold Mines Ltd produced 29,344 ounces of gold in Q3 FY2021, which reflected a YoY increase of 47 per cent.
The Toronto-based gold miner reported revenue also rose by 23 per cent YoY to C$ 67.5 million in the third quarter of fiscal 2021. Its net income was C$ 15.3 million in the latest quarter, up from C$ 14.6 million a year ago.
WDO stock closed at C$ 11 per share on December 17. It mounted by nearly 38 per cent in the last nine months.
4. Barrick Gold Corporation (TSX:ABX)
Barrick Gold Corporation generated net earnings of US$ 347 million in the third quarter of FY2021. Its gold production was 1.092 million ounces in the latest quarter, up from 1,041 ounces in the second quarter of FY 2021.
The gold stock closed at C$ 23.72 apiece on December 17. ABX stock by over four per cent on a quarter-to-date (QTD) basis.
5. Superior Gold Inc (TSXV:SGI)
Superior Gold Inc is a pure-play gold company with headquarter in Toronto.
The junior gold producer recorded gold production of 19,379 ounces in Q3 FY2021, up by 23 per cent YoY. Its profit was US$ 1.1 million in the latest quarter.
SGI stock shot up about 42 per cent in three months. The gold stock closed at C$ 0.71 apiece on December 17.
Bottom line
Some investors consider gold investment as a safe haven. However, gold stocks can get exposed to market risk and fluctuations like any other stock, so investors should take care.
