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2023 has brought more volatility than one would have expected. With the flight against inflation becoming challenging with the onslaught of banks, increasing layoffs, and the result of governments printing more money. It seems that inflation might not be going anywhere any time soon. With fears of currency devaluation, holding hard assets like gold could make sense to hedge against the dollar. We share the best Canadian gold stocks to buy in 2023.
Gold, over the past 12 months, has slowly been becoming a more focused on equity. Ray Dalio, the Founder of Bridgewater, the worlds largest hedge fund, has repeatedly been making a case for gold. His argument is that the next paradigm (a period of time in history) will result in gold prices increasing. He mentions that as interest rates rates to fight off inflation, the quantitative easing of central banks from 2008 onward has led to asset prices being very high. When the market stagnates, they won’t be able to kick start the economy by reducing interest rates even more. Ray Dalio thinks that the only way that central banks can spark a recovery will be by devaluing fiat currency. This will result in alternative store holds of wealth becoming more valuable. Gold, other precious metals, and perhaps even cryptocurrency like Bitcoin could be a good hedge in this type of environment.
While it is impossible to tell the future, most all weather portfolios recommend having at least a certain percentage in precious metals. If you are wondering what the best Canadian gold stocks are in 2023 here is a quick list.
Top 7 Best Canadian Gold Stocks to Trade in 2023
Top 7 Best Canadian Gold Stocks to Trade in 2023
A key Canadian ETF that tracks the gold mining industry.
For those that want an alternative to buying gold bars, this ETF would be your best bet.
Gran Colombia Gold Corp. (GCM.TO)
A small cap gold stock that has strong fundamentals. If you had bought it in August 2019 you would have already doubled your investment.
Alacer Gold Corp. (ASR.TO)
A good sized company with a market cap of over a billion. This stock has decent fundamentals and should be pretty solid if inflation becomes a problem, which many expect with the amount of liquidity central banks are pumping into the economy.
Horizons Gold ETF (HUG.TO)
An alternative ETF for the gold industry. Some investors prefer Horizons ET’F’s over iShares.
Barrick Gold Corporation (ABX.TO)
One of the most well known Canadian gold stocks. ABX.TO surprised with a strong Q4 and would likely continue that trend if gold as a whole is lifted. The P/E and EPS are at attractive levels as of this article being posted.
Kirkland Lake Gold Ltd. (KL.TO)
In November Kirkland Lake Gold announced a $4.9 billion deal (Canadian) to acquire Detour Gold (DRGDF). Although the stock initially dropped after the deal, Kirkland Lake Gold will now be able to increase production from 1 million ounces per year to 1.6 million ounces per year, that’s a 60% increase from the acquisition. In addition, Detour Gold had roughly 15 million ounces in the ground at the time of the acquisition, which is nearly 3 times what Kirkland Lake Gold had. With KL trading it $38 per share
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