Is Barrick Gold Among Top 10 Gold Stocks to Buy?
0h ago|4 min read1Standard
Fazen Markets Editorial Desk
Collective editorial team · methodology
gold-mining
Fazen Markets Editorial Desk
Collective editorial team · methodology
Trades XAUUSD 24/5 on autopilot. Verified Myfxbook performance. Free forever.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. Vortex HFT is informational software — not investment advice. Past performance does not guarantee future results.
Barrick Gold Corporation, one of the world's largest gold mining companies, was named in a list of the 10 best gold mining stocks for investors to consider. This analysis, published on 17 May 2026, coincides with sustained, record-level gold acquisitions by global central banks. The sector's fundamental backdrop is being reshaped by monetary authority demand, which reached 290 tonnes in the first quarter of 2026.
Central bank gold buying has been a dominant theme for several years, but the pace in 2026 marks a structural shift. The 2023 annual total of 1,037 tonnes was a multi-decade high, yet Q1 2026 demand suggests an annualized rate exceeding 1,100 tonnes. This persistent demand provides a price floor for gold, directly benefiting producers' revenue and cash flow models.
The current macro environment of elevated geopolitical tensions and lingering inflation concerns continues to fuel safe-haven demand. Real yields, while positive, have not fully suppressed gold's appeal as a non-sovereign asset. This dichotomy is a key driver for both central bank reserve diversification and institutional portfolio hedging.
The catalyst for the specific focus on mining equities is the convergence of strong underlying metal prices and improved operational discipline. After a decade of capital misallocation and project overruns, major miners like Barrick have prioritized debt reduction, shareholder returns, and project execution. This operational turnaround makes them more attractive vehicles for capturing gold's upside than in previous cycles.
Barrick Gold's operational and financial metrics provide a baseline for the sector. The company produced 4.05 million ounces of gold in 2025, with all-in sustaining costs (AISC) reported at $1,315 per ounce. With gold trading above $2,400 per ounce in May 2026, this implies a strong margin of over $1,085 per ounce. The company's market capitalization stood at approximately $42 billion on 17 May.
Comparing key producers reveals a stratified sector.
| Company (Ticker) | 2025 Production (Moz) | Q1 2026 AISC ($/oz) | Market Cap ($B) |
|---|---|---|---|
| Newmont (NEM) | 5.5 | 1,450 | 55 |
| Barrick (GOLD) | 4.05 | 1,315 | 42 |
| Agnico Eagle (AEM) | 3.3 | 1,200 | 35 |
Barrick's production scale is second only to Newmont, while its cost profile is more competitive. The sector's performance has diverged from the broader equity market; the NYSE Arca Gold BUGS Index (HUI) is up 18% year-to-date, versus the S&P 500's gain of 8% over the same period. This 10-percentage-point outperformance highlights dedicated capital flows into the gold equity complex.
The central bank bid creates a favorable environment for low-cost, high-margin producers. Companies like Agnico Eagle Mines and Franco-Nevada, a leading royalty company, stand to gain disproportionately from stable or rising gold prices due to their superior margins and low capital intensity. Conversely, higher-cost producers and those with significant political risk in their asset base may underperform despite the bullish gold backdrop.
A key risk to the thesis is operational. Mining is inherently prone to cost inflation, labor disputes, and geological challenges. A significant miss on production guidance or a spike in capital expenditures could swiftly erase the premium afforded by higher gold prices. a sharp, sustained rise in real interest rates could eventually dampen gold's investment appeal, pressuring equity valuations.
Positioning data from futures markets and ETF flows indicates that institutional investors are establishing or adding to long positions in physical gold ETFs like GLD and IAU. This is complemented by direct equity purchases in the largest miners, suggesting a two-pronged approach to gaining gold exposure. Short interest in the major gold miners remains near multi-year lows, indicating a lack of strong conviction in a bearish counter-trade.
The immediate catalyst for the sector is the Federal Open Market Committee meeting on 17 June 2026. Any signal of a dovish pivot or heightened concern over economic growth would likely weaken the U.S. dollar and support gold prices, providing a tailwind for miner equities. Conversely, a hawkish hold could introduce short-term volatility.
Investors should monitor the $2,350 per ounce level for spot gold, which has acted as recent support. A sustained break below this level could trigger profit-taking in mining stocks. On the upside, a weekly close above $2,500 would likely catalyze a new leg higher for the sector, with producers like Newmont and Barrick testing their 52-week highs.
Company-specific catalysts include Barrick Gold's second-quarter earnings report, scheduled for late July 2024. Guidance on production costs at key assets like Nevada Gold Mines and the Pueblo Viejo expansion will be critical for validating its status as a top-tier operator. Results from the Reko Diq project feasibility study, expected in Q3 2024, will also influence long-term growth projections.
Gold bullion, such as bars or ETF-backed physical metal, offers direct exposure to the gold price with minimal operational risk. Gold mining stocks, like Barrick, offer leveraged exposure to gold prices through company earnings, but carry additional risks including management execution, cost inflation, and geopolitical factors. Historically, mining stocks exhibit higher volatility than the metal itself, amplifying both gains and losses.
Central bank purchases do not directly contract with miners. Instead, they absorb a significant portion of annual above-ground gold supply, reducing available metal for other investors and creating sustained upward pressure on the global price. Since a miner's revenue is ounces sold multiplied by the gold price, this structural demand supports higher average realized prices, expanding profit margins and free cash flow.
The primary metrics are all-in sustaining costs (AISC), which measure the total cost to produce an ounce of gold; proven and probable reserves, indicating the mine's lifespan; and net debt to EBITDA, showing financial health. For tier-one miners like Barrick, a sustained AISC below $1,300 per ounce, reserve life exceeding 10 years, and a net debt to EBITDA ratio under 1.0 are markers of a high-quality operator.
Barrick Gold's operational scale and cost profile position it as a core holding for exposure to sustained central bank gold demand.
Vortex HFT is our free MT4/MT5 Expert Advisor. Verified Myfxbook performance. No subscription. No fees. Trades 24/5.
Trade 800+ global stocks & ETFs
Start TradingSponsored
Open a demo account in 30 seconds. No deposit required.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.