5 Best Gold Stocks to Buy According to Analysts

Faheem Tahir

Wed, October 28, 2026 at 12:02 PM EDT 12 min read

Gold has experienced an extraordinary bull run followed by a sharp correction since the beginning of 2022, more than doubling in value overall. The precious metal started 2022 trading at around $1,800 per ounceand surged to an all-time high above $5,500in January 2026 before pulling back to approximately $4,060by late October 2026.

Gold prices initially tripled because of persistently high inflation and the freezing and potential seizure of Russian sovereign assets.When the G7 and European nations froze roughly $300 billion of the Central Bank of Russia's foreign reserves in early 2022, it fundamentally changed how global central banks viewed the safety of Western financial systems. This "weaponization" of the U.S. dollar and the euro forced a systemic shift across global finance, though it operated alongside other reinforcing economic factors. Central banks realized that physical gold stored in their own vaultsis the only truly sovereign asset with zero counterparty risk and total immunity to foreign sanctions. Gold isn't the only precious metal that appreciated in value. You can see our article about the 7 Best Silver Mining Stocks to Buy here .

Gold is an asset and asset prices fluctuate in the short-run. Gold lost about 25% of its value since the end of February. Higher oil prices have been feeding inflation concerns since the end of February, reinforcing expectations that interest rates will stay elevated. High Treasury yields increase the opportunity cost of holding nonyielding bullion, while a firm dollar makes gold more expensive for overseas buyers.

Analysts remain divided over what follows. An October 27 Reuters poll lowered the average gold-price forecast to $4,495 per ounce but raised the 2027 annual-average forecast to $4,650. Standard Chartered's Suki Cooper expects consolidation followed by recovery as attention returns to currency debasement and diversification away from the dollar.

Is Now a Good Time to Buy Gold?

Central-bank purchases and physical demand offer support, but restrictive monetary policy remains a headwind. BofA warned that weak physical demand could undermine prices and that ETF buying alone may not sustain the market. The outlook therefore depends partly on whether inflation pressures ease enough to change expectations for interest rates.

Yahoo Finance's industry snapshot shows a 24.68% one-year gain versus 13.71% for the S&P 500. Over the same period, Dakota Gold gained 29.75%, while Coeur Mining fell 26.60%.

Dakota's Richmond Hill development progress and Coeur's Canadian mine ramp-ups present different investment tests. Meanwhile, Alamos's expansion plans highlight why production growth must translate into cash after investment. Identifying the best gold stocks to buy according to analysts requires examining costs, funding, and valuation alongside consensus upside targets.

So, which gold stocks offer the most upside according to Wall Street analysts? We listed the 10 Best Gold Stocks to Buy According to Analysts here .You can find the top 5 below.

5 Best Gold Stocks to Buy According to Analysts

Our Methodology

For this article, we used a stock screener to identify gold mining and royalty and streaming companies. We then selected stocks with sufficient analyst coverage (analyst count greater than five) and at least 20% upside potential based on consensus analyst price targets reported on Financial Times , as of October 28, 2026. Finally, we ranked the selected stocks in ascending order of their upside potential.

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#5 Pan American Silver Corp. (NYSE: PAAS )

Current Share Price: $41.66

Target Price: $65.00

Upside Potential: 56.02%

Pan American Silver Corp. (NYSE:PAAS) combines large silver exposure with meaningful gold production. At an October 28 share price of $41.66, the $65.00 consensus analyst target implies 56.02% upside. Bulls point to a business generating cash today while developing longer-life assets. In Q2 2026, Pan American produced 6.5 million attributable silver ounces and roughly 166,000 gold ounces, generating $344 million in attributable free cash flow, including its share of Juanicipio. The company returned $300 million through dividends and repurchases during the quarter, indicating that stronger precious-metal prices are already reaching shareholders.

The longer-term argument centers on reserve replacement, the Juanicipio stake and the planned La Colorada Skarn expansion. In September, Pan American Silver Corp. (NYSE:PAAS) reported approximately 511.1 million ounces of silver in proven and probable reserves and said its operating mines replaced more than the silver extracted. Its La Colorada operation added 3.5 million reserve ounces net of depletion. Our analysis of the expanded reserve base asks how many of those ounces represent economically stronger mines rather than acquisitions or more generous metal-price assumptions.

There are qualifications to the upside case. Pan American Silver Corp. (NYSE:PAAS) now expects 2026 gold output near the low end of its 700,000–750,000-ounce guidance range after issues at Jacobina and El Peñón. More than half of reported silver reserves sit at Escobal, which remains on care and maintenance, so reserve ounces should not be confused with immediate revenue. Estimates place Pan American at 11.97 times forward non-GAAP earnings, below the 14.79-times materials-sector median. That discount offers some cushion, but its value depends on production recovery, development spending, and margins holding up if metals prices soften.

#4 Coeur Mining, Inc. (NYSE: CDE )

Current Share Price: $14.21

Target Price: $23.50

Upside Potential: 65.38%

Coeur Mining, Inc. (NYSE:CDE) has a larger earnings platform following its acquisition of New Gold, but the upside depends on getting the newly acquired mines operating as planned. The $14.21 share price and $23.50 consensus analyst target imply 65.38% upside. Q2 was the first full quarter with New Afton and Rainy River, helping revenue reach $1.1 billion and gold production rise 51% year-over-year to 163,490 ounces. Operating cash flow was $513 million and free cash flow reached $388 million, providing tangible support for the acquisition-led growth argument.

There is further potential if New Afton's C-Zone and Rainy River's underground operations increase mining rates. Coeur Mining, Inc. (NYSE:CDE)'s revised outlook called for approximately $2.3 billion of adjusted EBITDA and $1.5 billion of free cash flow in 2026, while its five legacy operations retained their production and cost guidance. The Seeking Alpha data values Coeur at 13.68 times forward non-GAAP earnings, below the materials-sector median of 14.79 times. Its estimated P/E falls to 7.30 times for 2027, reflecting projected EPS growth of about 87%. That provides a possible route to a cheaper valuation through earnings growth, provided the forecasts hold.

The counterargument is that the Canadian ramp-ups have already been slower than expected, prompting revised guidance. Roth Capital retained a Buy rating on Coeur Mining, Inc. (NYSE:CDE) in August but cut its target after weaker-than-expected results, underscoring that bullish recommendations can coexist with declining estimates. Acquisition accounting also reduced Q2 earnings and adjusted EBITDA by $140 million through the fair-value uplift on Rainy River stockpile inventory. That noncash effect complicates comparisons, while slower mining rates, lower grades, and weaker metal prices pose direct operating risks. Our closer look at Coeur's record quarter and Canadian ramp-up challenges examines the gap between the enlarged asset base and its full cash flow potential.

#3 Gold Royalty Corp. (NYSEAMERICAN: GROY )

Current Share Price: $2.90

Target Price: $5.00

Upside Potential: 72.41%

Gold Royalty Corp. (NYSEAMERICAN:GROY) had a $2.90 share price and a $5.00 consensus analyst target as of October 28, corresponding to 72.41% upside in the supplied screen. Unlike a mine operator, it primarily collects royalties from other companies' metal sales. The attraction is that a net-smelter-return royalty participates in revenue while the operator generally absorbs labor, fuel, and mine-development costs. TD Securities initiated coverage with Buy and a $4 target on October 8, citing the company's largely Americas-focused portfolio and the prospect of a material improvement in EBITDA.

There is early evidence of that improvement. Gold Royalty Corp. (NYSEAMERICAN:GROY) reported $6.7 million of Q2 2026 revenue; its broader, non-IFRS measure of revenue, land agreement proceeds and interest was $7.9 million. Adjusted EBITDA climbed to $5.6 million from $2.4 million a year earlier, while the company ended June with $11.3 million in cash, no debt, and a fully undrawn $150 million credit facility, including a $25 million accordion feature. Management maintained guidance for 7,500–9,300 gold-equivalent ounces in 2026, with possible growth from interests including Ren, Côté, and Odyssey. Our earlier examination of Gold Royalty's target revisions and production expansion traces why investors have focused on its growing royalty base.

The counterargument is that this remains a small earnings base with substantial dependence on operators' execution and commodity-price assumptions. Gold Royalty Corp. (NYSEAMERICAN:GROY)'s 2026 gold-equivalent-ounce guidance assumes gold at $5,150 per ounce and copper at $5.75 per pound, and changes in prices affect how its royalties translate into reported equivalent ounces. Its forward P/E is also unusually sensitive to small changes in forecast profit, making royalty cash-flow growth and the timing of underlying projects more useful tests than a headline earnings multiple.

#2 Dakota Gold Corp. (NYSEAMERICAN: DC )

Current Share Price: $5.56

Target Price: $10.88

Upside Potential: 95.68%

Dakota Gold Corp. (NYSEAMERICAN:DC) is a development-stage investment in Richmond Hill, rather than an established miner whose earnings immediately rise with gold prices. The $5.56 share price and $10.88 consensus analyst target imply 95.68% upside. The near-term catalyst is its Richmond Hill pre-feasibility study, expected in Q4 2026, followed by a feasibility study targeted for mid-2027. These studies could give investors firmer estimates of mineable reserves, capital requirements, and project economics, helping determine how much of the property's mineral inventory can support a profitable operation.

The September 28 update strengthened parts of that case. Dakota Gold Corp. (NYSEAMERICAN:DC) selected a half-inch crush size after testing modeled ultimate oxide gold recovery at 80.4%, versus 75.9% at a one-inch size. It also chose a single heap-leach facility to simplify the design and material handling. Better recovery could increase recovered ounces, while a simpler layout could reduce execution complexity. However, the economic benefit must be assessed alongside crushing costs and the revised mine plan. The update also said the pre-feasibility study would exclude transition material, which represented roughly 18% of heap-leach material in the prior resource. Improved recovery therefore does not automatically mean a larger economic project.

Dakota Gold Corp. (NYSEAMERICAN:DC) held $99.3 million in cash at June 30, but used $15.5 million in operating activities during the first half and raised substantial equity funding. That cash supports ongoing work without establishing that mine construction is fully financed. Permitting, capital costs, recovery variability, and future dilution remain central risks. There is no meaningful earnings multiple, so forward P/E offers little help in evaluating this stock. Valuation rests on eventual project cash flows and the financing needed to reach production. Our previous coverage of Richmond Hill's drilling progress provides background on the resource work feeding into the next study.

#1 Contango Silver & Gold Inc. (NYSEAMERICAN: CTGO )

Current Share Price: $15.02

Target Price: $30.00

Upside Potential: 99.73%

Contango Silver & Gold Inc. (NYSEAMERICAN:CTGO) combines current cash distributions from its 30% interest in Manh Choh with development exposure at Lucky Shot, Johnson Tract, and Kitsault Valley. The $15.02 share price and $30.00 consensus target imply 99.7% upside. The operating bull case is a shift into higher-grade South Pit material at Manh Choh. Management maintained 2026 guidance of 40,000–45,000 attributable gold ounces and projected 75,000–80,000 ounces in 2027, with all-in sustaining costs of $1,300–$1,400 per ounce. Higher output at lower unit costs could materially improve cash generation if that forecast is achieved.

Contango Silver & Gold Inc. (NYSEAMERICAN:CTGO) also eliminated its remaining gold hedge obligations, increasing its exposure to stronger bullion prices. That benefit had a financing cost: on July 1, the company exchanged 15,000 ounces of 2027 hedge deliveries for additional borrowing, increasing secured credit-facility principal to $46.3 million. Most of that balance was scheduled for repayment in the first half of 2027. Manh Choh's expected improvement therefore matters for both growth funding and debt repayment. Longer-term projects offer additional potential, but Lucky Shot still needs a feasibility study and production decision, while Kitsault Valley's drilling and resource work must progress into economic studies.

Contango Silver & Gold Inc. (NYSEAMERICAN:CTGO)'s valuation deserves particular caution. Estimates show 63.58 times estimated 2026 non-GAAP earnings, falling to 3.79 times 2027 earnings as consensus anticipates a sharp profit rebound. The difference between those estimates makes the forecast period crucial: the low 2027 multiple assumes that a substantial earnings recovery materializes. Q2 adjusted results were still a $5.5 million loss despite positive reported net income. A delayed grade improvement, weaker gold prices, or higher development spending could leave less cash available for the pipeline. Our earlier review of Contango's drilling and development opportunity provides background, although its older valuation figures should be read in their original context.

While we acknowledge the risk and potential of CTGO as an investment, we believe certain AI infrastructure stocks offer far stronger long-term potential at a much more attractive entry point. If you are looking for an AI stock more promising than CTGO that operates as a critical AI tollboothand stands as the most important company in the world, check out our report about this must-own AI stock .