Are you looking for the best gold stocks on the TSX in 2023? As gold prices continue to rise and the Canadian market remains strong, savvy investors are turning to gold stocks as a lucrative investment option. Most investors have heard of big gold stocks like Barrick Gold and Newmont, but there are plenty of other options on the Toronto Stock Exchange as well.
In this article, we’re going to look at five of the top gold stocks on the TSX in 2023. We’ll discuss each stock’s performance, along with its risk factors and potential upside. By understanding the fundamentals of each stock picking the right one for your portfolio should be a straightforward decision.
First up is Alacer Gold (TSX:ASR). Alacer is a low-cost gold producer focused on the production of gold from its Seliköy mine in western Turkey. The stock has generated an impressive 180% return in 2021 and is widely regarded as one of the top gold stocks on the TSX. The company has strong growth prospects and focuses on preserving its assets and returning capital to shareholders. Its low-cost production strategies help to insulate the business from price fluctuations and its diverse gold reserves provide a further buffer.
Next up on our list is Pretium Resources (TSX:PVG). This low-risk gold stock has provided investors with strong returns in 2021 and is well-positioned for growth in 2023. Pretium has a proven asset base, with two major gold assets: Brucejack and Snowfield, which are expected to increase gold production significantly. It also boasts a strong balance sheet and has strong potential for further capital returns.
SilverCrest Metals(TSX:SIL) is another noteworthy gold stock in 2023. This small-cap stock boasts a market cap of just over $650 million and provides investors with a low-cost way of gaining exposure to the gold market. SilverCrest Metals has a diversified and low-cost portfolio of gold, silver and copper assets across Mexico and Canada. Its Las Chispas project is the company’s primary asset, but is supported by additional projects in the region.
Next is Detour Gold (TSX:DGC). This mid-cap stock has generated a staggering 267% return in 2021, making it one of the best-performing gold stocks on the market. Detour Gold produces gold from the Detour Lake mine in Northern Ontario. The company has strong growth prospects and is expected to benefit from the rising demand for gold in the coming years. Detour Gold’s robust balance sheet and cost structure is also an attractive feature for investors.
Finally, we bring the list to Eldorado Gold (TSX:ELD). Eldorado is a mid-cap gold producer with a market cap of $4.2 billion. The company produces gold from five producing mines in Turkey, Greece, and China. The construction of its Kisladag gold mine in Turkey is expected to significantly increase gold production in the coming years, providing a strong outlook for the company.
These five gold stocks on the TSX offer investors an array of different options for their trading portfolio in 2023. Each of them has strong potential for growth, but it’s important for investors to familiarize themselves with the risk and reward characteristics of each stock. With the right knowledge and research, investors can make informed decisions and realize the full potential of their investments.