2 of the Best Canadian Gold Stocks to Buy Now

Gold stocks are some of the best Canadian stocks you can buy in this environment, and these are two of the top-performing companies to consider.

| More on:

Gold and gold stocks are assets that many investors like to have at least a little exposure to in their portfolios at all times. With all the uncertainty and rapid inflation in this environment, the precious metal has come back into favour, leading many investors to look for the best Canadian gold stocks they can buy.

When the price of gold has momentum and is gaining value week over week, it’s not uncommon to see every gold stock in the sector gain value.

However, just like every other industry, over the medium and long term, the best companies will continue to outperform. Plus, since we don’t just want to buy a gold stock for this environment but also one that we can hold in our portfolio for years, it’s paramount to make sure the Canadian gold stocks we buy are the best of the best.

With that in mind, if you’re looking to add gold exposure to your portfolio this week, here are two of the best Canadian gold stocks to buy now.

A top growth stock to own for years

One of the best ways that gold stocks and investors of the companies see major gains is, of course, when the price of gold is rising. However, just like any other industry, if these companies can increase their production, they can also grow their sales.

So, in an environment such as we’re seeing today, one of the best gold stocks to buy is a top growth stock like Equinox Gold (TSX:EQX)(NYSE:EQX).

Equinox is one of the newest gold producers, only commencing production back in 2018. Despite its relatively short period of operation, though, it’s rapidly ramped up its production. The stock now has eight producing mines, with another four in development. Furthermore, it’s expecting to produce more than 650,000 ounces this year, as it continues to grow toward its target of one million ounces a year.

Equinox’s financials have been improving significantly, as gold has rallied in recent years, and as it continues to increase production dramatically. However, you can still buy the stock relatively cheap today, despite this impressive execution so far.

That’s why, in my view, if you’re looking for some of the best gold stocks to buy today, Equinox is certainly worth consideration.

One of the best Canadian gold stocks to buy and hold long term

While Equinox can offer investors a tonne of upside, it could be highly volatile. So, if you’re looking for a more reliable gold producer to buy and hold for the long haul, one of the best stocks to consider today is B2Gold (TSX:BTO)(NYSE:BTG).

B2Gold is one of the safest gold stocks you can buy, because it’s one of the lowest-cost producers, it has a net cash position, and it has a long track record of execution. In addition, because it’s such a low-cost producer and has top-notch operations, B2Gold offers an attractive dividend, as it’s constantly returning cash to investors.

While its production growth will be nowhere near Equinox’s over the coming years, B2Gold has seen its production grow for over a decade. Plus, because its growth is slower, the company can keep its costs in check and remain a reliable, low-cost producer.

So, if you’re looking for high-quality stocks to buy and hold for the long haul, B2Gold is one of the best to consider in the gold industry.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Daniel Da Costa owns B2GOLD CORP. The Motley Fool recommends B2Gold.

More on Metals and Mining Stocks

construction workers talk on the job site
Metals and Mining Stocks

2 No-Brainer Mining Stocks to Buy With $200 Right Now

You can buy these top Canadian mining stocks with just a $200 investment right now to start your long-term wealth…

Read more »

Concept of multiple streams of income
Stocks for Beginners

Lock Up This 9.2% Dividend Yield From a Top Royalty Stock

Royalty stocks have a strong advantage when it comes to creating passive income for investors. But this one has the…

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

Is First Quantum Minerals Stock a Good Buy Right Now?

First Quantum is a TSX stock that trades 61% below all-time highs. However, the mining stock still trades at a…

Read more »

nugget gold
Metals and Mining Stocks

The Best Gold Stock to Invest $1,000 in Right Now

Here are two of the best Canadian gold stocks that can yield some eye-popping returns in the long run.

Read more »

nugget gold
Stocks for Beginners

The Ultimate Mining Stock to Buy With $1,000 Right Now

This mining stock just saw a drop, but don't let that keep you from diving in. This miner is due…

Read more »

A plant grows from coins.
Metals and Mining Stocks

Canadian Mining Stocks: Buy, Sell, or Hold?

Explore 2025’s top Canadian mining stocks – gold, uranium, and base metals offer big potential in a dynamic, commodity-driven market.

Read more »

farmer holds box of leafy greens
Metals and Mining Stocks

3 Reasons to Buy Nutrien Stock Like There’s No Tomorrow

Nutrien stock has lost 34% of its value just this year alone and looks incredibly cheap today. Yet, secular trends…

Read more »

Canada national flag waving in wind on clear day
Tech Stocks

Trump Trade: Canadian Stocks to Watch

With Trump returning to the presidency, there are some sectors that could boom in Canada, and others to watch. But…

Read more »