Barrick Gold Corporation (NYSE:GOLD) has emerged as a noteworthy investment in the gold sector, particularly as demand for precious metals skyrockets in uncertain economic climates. In light of our comprehensive examination of the 12 best gold stocks to invest in, as recommended by billionaire investors, it’s pertinent to explore how Barrick stands out among its peers.
Historically, gold has been a pillar in global markets, revered not only for its aesthetic appeal but also for its role as a financial safeguard during crises. As geopolitical tensions and inflation weigh on investors’ minds, gold has remained a go-to asset. The allure of gold was evidenced in March 2025 when spot prices reached an unprecedented $2,936.38 per ounce, buoyed by robust central bank purchases and investor anxiety heightened by trade conflicts, particularly between the U.S. and China.
In 2024 alone, gold generated a staggering 43.83% return, outperforming the broader market gains of 20.89%. This surge in performance is underpinned by a remarkable uptick in demand, which hit a historic high of 4,974 metric tons, driven largely by strategic stockpiling from central banks in emerging markets like China and India. The investment landscape has seen a consistent trend towards diversifying away from the U.S. dollar, enhancing gold’s appeal as a store of value.
Investor appetite for gold is reflected in the steep 9% increase in expenditures on gold jewelry, despite an overall decline in demand due to escalating prices. Meanwhile, demand for physical gold in the form of bars and coins remained stable, showing resilience. Moreover, the technology sector also exhibited growth in gold consumption, particularly due to applications in semiconductors and artificial intelligence, with a 7% increase noted this past year.
High-level interest from billionaire investors further illustrates gold’s position in the market. The 2024 UBS Billionaire Ambitions Report highlighted that 40% of affluent investors plan to increase their investments in gold and other precious metals in the coming year. Notable figures like Warren Buffett have opted for mining stocks, while others like Jeff Bezos and Bill Gates have ventured into Africa’s rare metals sector, pointing to an industry-wide pivot towards strategic assets that intersect with technology and sustainability.
For our list of the 12 best gold stocks, we leveraged data on billionaire stock holdings from Insider Monkey. By focusing on the number of billionaire investors and hedge fund holders as key metrics, we determined which stocks are favored in the current market climate. This approach is rooted in research suggesting that tracking hedge fund moves can provide an edge in outperforming the market.
As an active player in the gold industry, Barrick operates on a global scale, boasting projects in countries such as Argentina, Canada, and Tanzania. As of the fourth quarter of 2024, the total stakes held in Barrick by billionaires reached $459.8 million, positioning it as a prime gold investment choice.
Barrick’s financial performance has been robust, reporting an earnings per share of $0.46 for Q4 2024, with adjusted net earnings increasing by 50% year-on-year. This growth trajectory aligns with an 18% rise in operating cash flow, culminating in the highest total cash flow since 2020 at $4.5 billion. Furthermore, Barrick’s commitment to shareholders is evident in its distribution of $500 million through dividends and buybacks during 2024.
Production levels at Barrick have also seen a significant uptick, achieving a 15% increase in quarterly output while simultaneously managing to cut costs. The company’s Nevada assets have shown notable enhancements, although operations at the Loulo-Gounkoto site have faced challenges due to export limitations, necessitating temporary care measures.
Strategically, Barrick is not just focused on immediate returns but is also eyeing long-term growth. Projects like the Pueblo Viejo extension and the Reko Diq copper-gold venture, projected to yield $74 billion in free cash flow, showcase this vision. The Lumwana Super Pit Expansion further exemplifies Barrick’s commitment, extending the mine’s lifespan significantly while planning to increase gold equivalent ounces by 30% by 2030.
In the context of our list, Barrick Gold ranks as the 6th best gold stock, showcasing its appeal among billionaires. While we recognize its potential, we also acknowledge sectors like AI that may present even more lucrative returns within shorter timeframes. For those interested in broader market opportunities, examining burgeoning AI stocks could yield promising results.
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Disclosure: None. This article is originally published at Insider Monkey.
