The gold bullion markets have been on a roller coaster ride ever since late 2020, with prices soaring before reaching a stable level in early 2021. The rises and dips have continued into the current year, leaving many investors in search of the best possible gold stocks to invest in. Fortunately, the Toronto Stock Exchange (TSX) offers plenty of opportunities for gold-backed stocks, making the decision of which one to choose a difficult one.
That being said, with prices seemingly stabilizing, some of the best possible gold stocks that investors may look to invest in are just around the corner. This article will provide an overview of the five top gold stocks on the TSX in 2023.
First in our lineup is Kirkland Lake Gold LTD (KL). Having shifted its focus from being solely a gold producer to a fully integrated gold mining company, KL has managed to weather the storm of the gold market pretty well.
KL is actively engaged in copper production as well, proving its continued investment in gold and its ability to diversify in case of market downturns. The company primarily mines gold from its deposits in North America, allowing for the costs associated with extracting the precious metal to remain low.
Second, Ottawa-based B2Gold Corp (BTO) is one of the top gold stocks on the TSX. BTO has been on a steady rise, gaining 10% since the start of 2021. The Canadian gold producer also has a presence in other countries across the world, including Nicaragua, Mali, Colombia, and Burkina Faso.
BTO is also focusing on other mineral reserves such as silver and copper in order to remain profitable in the event that gold prices dip. This strategy of diversifying and expanding the scope of investments appears to have paid off for the company as its share price continuously climbs.
Third, IAMGOLD Corp (IMG) is another player in the gold game. The Toronto-based firm is heavily focused on developing operations and growth in South and Central America, Africa, and the Caribbean.
IMG has managed to virtually remain unaffected by the shifts in gold prices, with their operations in WAO intended to sustain the gold stocks performance throughout 2023. The company has also recently acquired several smaller mining companies in order to secure more reserves, solidifying its gold stock presence even further.
Fourth, El Dorado Gold Corp (ELD) is yet another top gold stock on the TSX. The company has stated that their main focus is to explore and develop gold projects, which it does via its operations in the United States and Canada.
ELD is also focusing heavily on diversifying its interests beyond gold, as it is currently developing copper, zinc, and silver mining operations. With such activities in play, the company should be able to provide investors with ample returns as long as it is able to keep its operations afloat and remain profitable.
Finally, Endeavour Mining Corporation (EDV) rounds off the list of the top gold stocks on the TSX. EDV has been on a steady ascent since 2019 and continues to strengthen its presence in the gold production market. The company has operations across West Africa, with a focus on both open-pit and underground mining techniques.
EDV’s operations not only include gold production, but also the exploration of copper and silver. This array of diversified interests in the sector may lead to better returns in the near future, making EDV a promising gold stock on the TSX.
In conclusion, the five top gold stocks on the TSX in 2023 are KL, BTO, IMG, ELD, and EDV. All five companies have adopted a strategy of diversifying their mining interests beyond just gold, giving investors the potential of earning higher returns. Taking the time to research each of these gold stocks in more detail should prove beneficial to the wise investor as we enter the a new year.
Discover the Top 5 Golden Opportunities on the TSX in 2023!
