The case for gold and gold miners is compelling for two reasons. Firstly, gold can serve as a strategic hedge against inflation. Secondly, some top miners extract silver, copper, and other essential commodities for industrial applications, both of which have recently reached all-time highs. Spot gold has exploded above the highs set in the summer of 2020, and in 2025, it had its best year since 1979. From a technical perspective, the gold market is showing signs of a potential massive breakout to the upside. But according to Christopher Wood at Jefferies, Bitcoin may have peaked, and the threat of Quantum computing to the integrity of the cryptocurrency giant may be existential. Bitcoin was once considered a possible hedge against other investments, but that line of thinking could be on the way out, and it could be just the rocket fuel needed to push gold into the stratosphere.
The threat generated by Quantum computing to Bitcoin is because, according to published reports, Quantum computing poses a significant long-term threat to Bitcoin’s security, primarily by potentially breaking the Elliptic Curve Digital Signature Algorithm (ECDSA) that secures user funds, allowing attackers to derive private keys from public keys to steal Bitcoin, a risk highlighted by institutions like BlackRock and the Federal Reserve. Jefferies recent research report noted this when presenting Christopher Wood’s thoughts on this issue.
Christopher considers the competitive threat that quantum poses to Bitcoin a potentially existential one. Estimates suggest 20-50% of Bitcoins in circulation today could be vulnerable to theft if cryptographically relevant quantum computers become a reality. He finds it likely that preemptive actions are taken to preserve Bitcoin’s integrity. He believes a “burn” approach (destroying vulnerable Bitcoins) could increase the value of remaining coins by creating supply constraints. He continues to believe that Bitcoin peaked in the post-halving cycle last October but noted that it is probably due for a countertrend rally. That said, he highlighted that the existential issue raised by quantum to Bitcoin can only be long-term positive for gold since it remains the historically stress-tested store of value. Chris views gold as the best hedge, if not the only one, on ever-rising geopolitical risks.
Market veteran Ed Yardeni, one of the most respected voices on Wall Street, noted this when discussing the potential for gold at $10,000 per ounce.
Ed Yardeni stated that if gold continues on its current path, it could reach $10,000 before the end of the decade. More specifically, Yardeni’s key predictions include $5,000 per ounce by 2026 and $10,000 per ounce by 2028. In the long term, analysts expect gold to trade between $10,000 and $16,150 over the next 10 years.
We did some digging and found out that the most powerful structural force is the global shift in reserve holdings. Central bank gold holdings amount to nearly 36,200 tonnes and account for almost 20% of official reserves, up from around 15% at the end of 2023. Diversification away from USD reserve holdings, while still moderate, has been accelerating in recent years, according to published sources. Central banks continue to increase the percentage of gold in their international reserves, fundamentally reshaping the global economic landscape. This is a potential structural reallocation that creates sustained and immense buying pressure.
We noted earlier this year that the price of Gold has far outstripped the gains for the top miners in the space. We have five companies that all pay dependable dividends, providing investors with an excellent way to participate in what could be the biggest commodities rally ever. All five are also rated Buy by the top Wall Street firm we cover.
Agnico Eagle Mines
This top company, one of Wall Street’s most preferred North American gold producers, offers a small 0.80% dividend. Agnico Eagle Mines Limited (NYSE: AEM) is a Canada-based senior gold producer with a diversified portfolio of long-life, high-quality assets across Canada, Australia, Finland, and Mexico, supported by a strong pipeline of exploration and development projects that provide meaningful growth optionality.
The company’s cornerstone operations include the Canadian Malartic Complex, Detour Lake, Fosterville, Goldex, Kittilä, La India, LaRonde Complex, Macassa, Meadowbank Complex, Meliadine, and Pinos Altos, complemented by strategic exploration properties such as Barsele, Hope Bay, Hammond Reef, Morelos Sur, and projects in Australia’s Northern Territory.
The Canadian Malartic Complex is strategically located near Malartic, Quebec, approximately 25 km west of Val-d’Or. Fosterville is a flagship high-grade, low-cost underground mine near Bendigo, Australia. The company also controls 100% of its significant Quebec land position (128,680 hectares), which includes promising projects such as Marban Alliance, Horizon, Alpha, Launay, and Peacock.
Citigroup has a Buy rating with a $256 target price.
Barrick Gold
This stock, another top contender in the sector, offers a still promising entry point and a 1.20% dividend yield. Barrick Mining Corp. (NYSE: B) and Randgold Resources completed their merger on Jan. 1, 2019, propelling them to the forefront as one of the world’s largest gold companies by production, reserves, and market capitalization.
The company is a global gold and copper producer engaged in mining, exploration, and development across some of the world’s most significant mineral districts.
Barrick Gold operates a diversified portfolio of gold mines in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Papua New Guinea, Tanzania, and the United States, as well as copper operations in Zambia, Chile, and Saudi Arabia.
Key assets include Nevada Gold Mines, Kibali, Loulo-Gounkoto, Pueblo Viejo, Veladero, Bulyanhulu, North Mara, Porgera, Lumwana, Jabal Sayid, and Zaldívar—anchored by large-scale, long-life operations with both underground and open-pit mines.
Jefferies has a Buy rating with a $55 target price objective.
Franco-Nevada
Franco Nevada has increased its current 0.62% dividend annually for 18 consecutive years since its 2008 IPO. It operates with a debt-free balance sheet: this top royalty and streaming company profits from gold mining without the operational risks of mine development. Franco-Nevada Inc. (NYSE: FNV) is a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally.
The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals, and also sells crude oil, natural gas, and natural gas liquids.
While the company is one of the leading gold-focused royalty and streaming companies with the largest and most diversified portfolio of cash-flow producing assets, its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Traits that some of the others don’t offer.
UBS has a Buy rating with a $270 target price.
Newmont Corporation
Newmont Corporation is the world’s largest gold mining entity, yielding a modest 0.88%, and is a timely buy for more conservative accounts. Newmont Corporation (NYSE: NEM) is a gold company and a producer of copper, zinc, lead, and silver with operations and/or assets in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea.
The Company’s operations include:
- Brucejack
- Red Chris
- Penasquito
- Merian
- Cerro Negro
- Yanacocha
- Boddington
- Tanami
- Cadia
- Lihir
- Ahafo
- NGM
The Brucejack operation includes four mining leases and six core mineral claims, covering 8,169 acres, and 337 mineral claims covering 298,795 acres.
The Red Chris operation includes five mining leases covering 12,703 acres and 199 mineral claims, totaling 164,903 acres. 6 Penasquito includes 20 mining concessions for operations comprising 113,231 acres and 60 mining concessions for exploration of 107,456 acres.
The Merian operation includes one right of exploitation encompassing an area of 41,687 acres.
Raymond James has an Outperform rating with a $130 target price.
Wheaton Precious Metals
This precious metals company makes good sense for more conservative accounts looking to have exposure to the sector and pays a 0.48% dividend. Wheaton Precious Metals (NYSE: WPM) is a Canadian-based precious metals streaming company with approximately 60% of its revenues from the sale of silver and 40% from gold, and provides upfront financing to miners in exchange for the right to purchase a portion of future production.
The company holds roughly 35 streaming and five royalty agreements, spanning a diversified portfolio of gold, silver, palladium, platinum, and cobalt from 18 operating mines and 28 development projects.
Key operating assets include Antamina, Blackwater, Constancia, Cozamin, Los Filos, Marmato, Neves-Corvo, Peñasquito, Salobo, San Dimas, Stillwater & East Boulder, Sudbury, Voisey’s Bay, and Zinkgruvan.
Bank of America has a Buy rating with a $144 price target.
The SPDR Gold Shares ETF (NYSE: GLD) is one of the best pure plays on Gold for investors. The trust that sponsors the fund holds physical gold bullion and some cash. Each share represents one-tenth of an ounce of gold. The fund does not pay dividends.
Proper asset allocation should always include a single-digit percentage holding in precious metals like gold and silver. Not only do they hedge inflation, which could be huge now and over the long term, but they can also help if the market goes into a correction or bear market, as they tend to trade inversely to markets trading down.
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