Well, it happened. The price of gold has surged all the way past US$4,000 per ounce as of writing. But there’s a lot to unpack here. First off, the reason behind the price of gold rising is more from macro effects as well as institutional demand, making gold a safe-haven asset.
Persistent inflation and the prospect of low or negative real yields make gold more attractive as a store of value. Trade tensions, conflicts and global risk also push investors towards the material. Plus, the central bank is buying, increasing gold reserves as a form of diversification.
But that doesn’t necessarily mean investors should pour all their cash into gold. Yet it doesn’t mean you should ignore it either. That’s why today, we’re going to look at two investments where investors can benefit from gold, while still seeing future growth.
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ABX
First up, we have a gold stock that’s long been a safe investment, no matter the market. Barrick Gold (TSX:ABX) is one of the world’s largest gold and copper miners, with large operations across Nevada, Canada, Latin America, and Africa. Its strength was recently seen during the second quarter, with gold production up 5% over the first quarter, and copper production up 34%!
What’s more, operating cash flow hit $2.5 billion in the first half of 2025, with free cash flow up a whopping 107%! Barrick went on to repurchase $268 million in stock in the second quarter, approving a $0.15 per share quarterly dividend. And with Donlin interest selling for $1 billion, and drilling programs underway, there is continued expansion for investors to watch.
What investors should like about Barrick stock is its material free cash flow growth, substantial buybacks, and the dividend. It shows that management is actively converting improved commodity prices into operational gains and shareholder returns. And that doesn’t look like it’s slowing down, with a pipeline of projects coming through and a solid reserve. Altogether, Barrick stock is having a solid second wind that investors can collect on.
EQX
Then we have Equinox Gold (TSX:EQX), a multi-asset gold producer rapidly scaling through acquisitions and greenfield development. It holds operating mines in Canada, Brazil, the U.S., and Central America, with a focus on growing to top-tier scale. This focus came about during its second quarter, with consolidated production of 219,122 ounces, including from its recent acquisition of Calibre Mining.
Mining rates in the quarter rose 23% quarter over quarter, with cast costs per ounce at about $1,478, improving from the first quarter. While it still holds net debt of $1.37 billion, management stated the third quarter should be a major inflection with full contributions from Calibre as well as its Valentine mine.
Overall, there is a lot of scale coming down the pipeline thanks to its acquisitions as well as near-term production inflection. The company has also seen operational improvement, and cash flow and portfolio actions have increased its strength as a miner. Altogether, Equinox stock looks like a strong gold stock, only getting stronger from recent acquisitions now online.
Bottom line
Together, these are a powerful pair of gold stocks. Barrick offers a lower risk second wind thanks to multi-asset production improvements and strong free cash flow, as well as benefits from buybacks and dividends. Equinox, meanwhile, has a possible second wind, though with a higher upside. Though these hinge on rapid, successful ramp-ups of recent acquisitions. So, as always, be sure to consider your own investment needs and risk tolerance before making any investment.
