Since the start of 2024, gold prices have risen from US$2,040 to US$3,375 today. Historically, the precious metal has been viewed as a store of value and a hedge against inflation. Moreover, gold has an inverse relationship with bonds and stocks, which further diversifies your portfolio.

Several factors have driven gold prices higher over the past 15 months, including central bank buying from China and India, multiple interest rate cuts from central banks, the ongoing tariff war, and geopolitical tensions.

In addition to buying physical gold or related exchange-traded funds, Canadian investors should consider holding quality gold stocks in their portfolio amid economic uncertainty. Here are two gold stocks you should add to your watchlist in April 2025.

Is this TSX gold stock a buy right now?

Valued at a market cap of $61.6 billion, Newmont (TSX:NGT) is a gold mining giant. The TSX mining stock delivered record free cash flow of US$1.6 billion in the fourth quarter (Q4) of 2024, capping a transformational year that saw the gold giant integrate new assets while divesting non-core operations.

The world’s largest gold producer reported full-year 2024 production of 6.8 million ounces of gold and over 150,000 tonnes of copper, exceeding its production guidance. Moreover, it generated US$2.9 billion in free cash flow for the year.

“2024 was a transformational year for Newmont,” said Tom Palmer, president and chief executive officer. “We took important steps to unlock the value of everything we have done so far on our journey to build a world-class company with an outstanding portfolio of assets.”

Newmont has successfully sold or reached definitive agreements for all six of its non-core operations announced in February last year. It expects to receive about US$2.5 billion in cash proceeds in the first half of 2025 after taxes and closing costs.

Looking ahead, Newmont projects 2025 gold production from its core portfolio to be approximately 5.6 million ounces at an all-in sustaining cost of US$1,620 per ounce. The company raised its gold reserve price assumption to US$1,700 per ounce from US$1,400 previously.

Palmer emphasized that Newmont’s focus is now shifting to improving costs and productivity across its streamlined portfolio. Newmont maintained its US$1 per share annual dividend commitment and has US$1.8 billion remaining in its current share repurchase authorization, having already executed US$1.2 billion in buybacks.

Priced at 14 times forward earnings, the TSX gold stock trades at an 11.6% discount to consensus price targets in April 2025.

Is the TSX stock undervalued?

Valued at $6.2 billion by market cap, IAMGOLD (TSX:IMG) is a gold producer and developer. In Q4, IAMGOLD highlighted production growth and improved financial position, positioning it as a rising mid-tier gold producer with strong Canadian assets.

It produced 667,000 attributable gold ounces in 2024, a 43% increase from the prior year, driven by the successful start-up of its Côté Gold mine in Canada, along with strong performance from its Essakane and Westwood operations.

Its financial results reflected the production gains, with adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) doubling to US$780.6 million in 2024, while net earnings reached $819.6 million, boosted by a reversal of prior impairment on Westwood of $455.5 million.

Looking ahead, IAMGOLD expects Côté Gold to nearly double its output in 2025, forecasting production of 360,000 to 400,000 ounces on a 100% basis. The mine is targeting a throughput capacity of 36,000 tonnes per day by the end of Q4 despite some equipment challenges in early 2025.

The gold miner announced an increase in mineral resources at its Nelligan project in Quebec, now positioning it among Canada’s largest gold deposits, with 3.1 million indicated ounces of gold and 5.2 million inferred ounces.

With approximately 80% of measured and indicated resources now located in Canada, IAMGOLD is positioning itself as a predominantly Canadian producer with the potential for significant free cash flow growth and balance sheet improvement in 2025, particularly if current gold prices persist.

Bay Street expects the company’s adjusted earnings to grow from US$0.55 per share in 2024 to US$0.87 per share in 2026. So, priced at 11.3 times forward earnings, the gold stock is priced at a 14% discount to consensus price targets.

The post 2 Gold Stocks I’d Consider for a $10,000 Investment Amid Economic Uncertainty appeared first on The Motley Fool Canada.

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Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Precious metals like gold and silver can offer portfolio diversification and help lower your investment risk profile. These two commodities are used as a store of value and a hedge against inflation, making them ideal for investors looking to move away from volatile asset classes such as equities.

While you can get exposure to gold and silver by investing in exchange-traded funds that track the commodities, you could also buy and hold shares of precious metal companies that mine these metals.

In this article, I have identified two such TSX mining stocks you can buy with $10,000 in 2025 for inflation protection.

Is this TSX mining stock a good buy right now?

Valued at a market cap of $2.24. billion, Discovery Silver (TSX:DSV) has already returned 194% to shareholders in the past year. A mineral exploration company, Discovery Silver explores and develops polymetallic mineral deposits.

Its flagship property is the Cordero silver project, comprising 26 contiguous claims that cover an area of 34,909 hectares located in Mexico. Last year, Discovery Silver announced a transformational acquisition of Newmont’s Porcupine Complex in a deal valued at US$425 million, creating a new Canadian gold producer with significant upside potential.

The transaction includes upfront consideration of US$275 million, consisting of US$200 million in cash and US$75 million in Discovery equity, plus US$150 million in deferred payments starting in 2027.

The Porcupine Complex, which has produced nearly 70 million ounces since operations began in 1910, is expected to produce around 285,000 ounces of gold annually over the first decade. Discover projects a base case NPV (net present value) of US$1.2 billion using analyst consensus gold price forecasts, or US$2.2 billion at a fixed US$2,700/oz gold price.

Discovery has secured a US$575 million financing package that includes a US$400 million royalty and debt financing from Franco-Nevada, as well as a $247.5 million bought deal offering.

Is this gold mining stock undervalued?

Valued at a market cap of $48 billion, Barrick Gold (TSX:ABX) is among the largest mining companies in the world. In the fourth quarter (Q4) of 2024, Barrick Gold delivered its strongest financial results in a decade, with production increases and cost reductions helping the mining giant meet its guidance.

It reported a 30% increase in EBITDA (earnings before interest, tax, depreciation, and amortization) and expanded EBITDA margins both quarter on quarter and year over year.

Gold production from its mines increased 15% quarter on quarter, with a 3% reduction in cost of sales and a 5% decrease in total cash costs.

“We saw EBITDA increase 30% and EBITDA margins grow both quarter on quarter and for the year,” said Mark Bristow, president and chief executive officer. “Adjusted net earnings per share grew 50% year on year to $1.26.”

However, operations at the Loulo-Gounkoto mine in Mali have been suspended due to ongoing negotiations with the government, resulting in a significant goodwill impairment.

Barrick Gold continued its shareholder return strategy with quarterly dividends of US$0.10 per share and the repurchase of US$354 million of stock in Q4, bringing the yearly total to nearly US$500 million.

Analysts remain bullish on the TSX stock and expect it to gain over 20% in the next 12 months.

The post How I’d Use $10,000 in Gold and Silver Investments as Inflation Protection appeared first on The Motley Fool Canada.

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Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.