Best Canadian Gold Stocks to Trade in 2023

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The turn of the decade has already brought on tensions between the U.S and the middle east, the death of Kobe Bryant, and also a devastating new virus that has effectively neutered the Chinese workforce. While the stock markets are currently riding record highs and interest rates remain low, investors should now, more than ever, ensure that their portfolio’s are properly diversified to handle any change in the market and global economy.

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 in 2019 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 being already at record lows, 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 (this is where negative interest rates come in). 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.

iShares S&P/TSX Global Gold Index ETF (XGD.TO)

A key Canadian ETF that tracks the gold mining industry.

iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO)

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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