Lately, have you been flooded with news of “gold hitting new all-time highs” every time you check financial news? That’s right, at the start of 2025, the gold market has been like a runaway bull, with prices repeatedly breaking records. Several key factors are driving this gold rush: heightened safe-haven demand due to geopolitical tensions (like the Russia-Ukraine war and conflicts in the Middle East), coupled with market expectations of an impending interest rate cut by the Federal Reserve (Fed), has slightly diminished the US dollar’s appeal, allowing gold, the “hero in turbulent times,” to take center stage once again. Furthermore, central banks worldwide have been buying gold voraciously, as if stockpiling, which has further tightened the supply-demand relationship.
Seeing gold prices surge like this, are you also tempted to jump in and make a profit? But hold on! Rushing to a jewelry store to queue for gold bars and ornaments might not be the most efficient strategy. Today, Evan is here to introduce you to a smarter, more explosive investment vehicle—gold-related stocks. This article will take you deep into which are the leading gold-related stocks and how to invest in them, so you’re no longer just watching from the sidelines but are an active participant in this golden feast!
Key Takeaways of This Article:
Simply put, gold-related stocks are the shares of publicly listed companies whose “business is closely tied to the gold industry supply chain.” Imagine the entire process from digging gold out of the ground to it becoming the gold ring on your finger—it involves a long chain of activities:
Upstream: Exploration and Mining. These are the true “gold diggers,” responsible for extracting raw gold ore from mines, such as the global mining giant Newmont.
Midstream: Smelting and Financing. Companies in this category might be those that refine ore into high-purity gold, or they might specialize in providing capital to miners in exchange for royalties or a share of the profits.
Downstream: Processing and Sales. This is the segment most people are familiar with, including jewelry brands and retailers who process gold into various products and sell them to consumers.
When the price of gold (XAU/USD) rises, the revenue and profits of these companies usually increase as well, which in turn drives up their stock prices. However, it’s important to remember that stock prices are not 100% synchronized with gold prices. A company’s operational performance, management capabilities, production costs, and other factors are also crucial in influencing its stock price. You could say that investing in gold-related stocks is like investing in gold with leverage—both the volatility and potential returns can be greater than simply holding physical gold!
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If you want to invest in gold-related stocks, Wall Street is undoubtedly your main arena. It is home to the world’s largest and most influential gold mining companies. We’ve categorized them into upstream, midstream, and downstream to make it easy for you to understand!
These companies directly control the “veins of gold” and are the foundation of the gold industry.
These companies don’t mine themselves but instead provide financing to miners in exchange for a share of future gold production or royalties—a very clever business model.
| Company Name | Ticker | Industry Sector | YTD Performance (2025) |
| Newmont Corporation | NEM | Upstream Mining | +30.57% |
| Barrick Gold Corporation | GOLD | Upstream Mining | +18.10% |
| Kinross Gold Corporation | KGC | Upstream Mining | +38.77% |
| Alamos Gold Inc. | AGI | Upstream Mining | +27.21% |
| Franco-Nevada Corp. | FNV | Midstream Royalties | +31.49% |
| Wheaton Precious Metals | WPM | Midstream Royalties | +35.18% |
Compared to the US market, Taiwan has fewer options for gold-related stocks, and most are concentrated in the field of “precious metal recycling and reuse,” making them urban miners, so to speak. This means their business is not only affected by gold prices but also closely linked to the economic climate of the semiconductor and electronics industries.
| Stock Name | Code | Dividend Yield | 1-Year Performance |
| Solar Applied Materials | 1785 | 3.52% | +26.5% |
| Jin Yi Ding | 8390 | 3.96% | +7.7% |
| Jia Long | 9955 | – | -6.5% |
At this point, you might be asking, “If I’m bullish on gold, why not just buy a gold ETF or gold bars? Why invest in the more complex gold-related stocks?” Good question! Both have their own merits and are suitable for investors with different risk appetites. Let’s have a showdown!
| Comparison Point | Gold-Related Stocks |
Physical Gold / Gold ETF |
| Potential Return | Higher. Stock price gains can far exceed the gold price itself (leverage effect), and some companies pay dividends. | Relatively stable, closely tracking gold price fluctuations, with returns mainly from price appreciation. |
| Risk & Volatility | Higher. In addition to gold prices, they are affected by company operations, market sentiment, financial reports, etc., leading to high volatility. | Relatively lower, considered a traditional safe-haven asset, with price fluctuations that are more moderate than individual stocks. |
| Influencing Factors | Gold prices, company operating costs, management capabilities, exploration results, overall stock market performance. | Global economy, geopolitical events, US dollar exchange rate, interest rate policies, inflation expectations. |
| Suitable For | Aggressive investors seeking high returns, who can tolerate higher risk and are willing to research individual stocks. | Conservative or moderate investors seeking asset preservation and hedging, who do not want to take on individual stock risk. |
CashbackIsland Summary: If you’re seeking excitement and excess returns, choose gold-related stocks. If you want to sleep soundly and preserve your assets, gold ETFs or physical gold are your best friends. There’s no absolute right or wrong, only what’s suitable for you!
There’s no time like the present! If you want to hop on this golden train, there are two main ways: “buy a basket” or “pick a single winner.”
If you don’t want to spend time researching individual company reports and want to diversify your risk, investing in gold mining ETFs (Exchange-Traded Funds) is an excellent choice. It’s like buying a “gold-related stock gift basket,” bundling dozens of the world’s top gold-related companies into one investment.
If you have conducted in-depth research and have confidence in a specific company, buying its stock directly is certainly an option. You can purchase US-listed gold-related stocks through a domestic broker’s sub-brokerage service or by opening an overseas brokerage account directly. As for Taiwanese stocks, they can be traded through a standard Taiwanese stock account.
Here are a few popular trading platforms among investors:
| Platform | Features | Best For |
| Mitrade | Offers CFD trading, allowing trades on spot gold and stocks, supports leverage, low entry barrier. | Small-scale traders, investors who want to use leverage. |
| Interactive Brokers | One of the world’s largest online brokers, diverse products, low fees. | Professional and experienced investors. |
| Firstrade | Commission-free trading for US stocks and ETFs, user-friendly Chinese interface. | Beginners in US stocks, investors active in both Taiwanese and US markets. |
In summary, in a global environment filled with economic uncertainty and rising geopolitical risks, gold’s safe-haven appeal will only shine brighter. And gold-related stocks, as an investment tool highly correlated with gold prices and offering leverage, undoubtedly provide an excellent opportunity for investors. Whether you choose to diversify through ETFs or select promising individual leading stocks, you can be part of this golden feast.
Looking ahead, stimulated by high gold prices, miners have a stronger incentive to expand production capacity. Additionally, the introduction of new technologies like AI is reducing mining costs, providing a solid foundation for the long-term growth of gold-related stocks. Of course, high returns come with high risks. Be sure to do your homework and assess your risk tolerance before investing. With the right strategy, gold-related stocks can definitely be the most dazzling part of your investment portfolio!
Not necessarily 100% in sync. While the price of gold is the biggest influencing factor, the stock prices of gold-related companies are also affected by their own operational status (such as mining costs, management efficiency), financial health, market expectations for their future, and even the performance of the overall stock market. Sometimes, the price of gold may rise, but if a company announces negative news like a strike or a mining disaster, its stock price could fall.
The entry barrier can be very low. For US stocks, many brokers support “Fractional Shares,” meaning you might only need a few dollars to buy a small portion of a stock. If you’re investing in a gold mining ETF, the price per share is typically in the tens of dollars, which is relatively affordable. In Taiwan, the minimum investment for a Taiwanese gold-related stock is the price of one lot (1000 shares) or a single share.
It depends on your investment style and risk appetite. An ETF (like GDX) provides a basket of stocks, effectively diversifying the operational risks of any single company. It’s suitable for investors who don’t want to spend too much time researching individual stocks and are seeking market-average returns. Buying individual stocks, on the other hand, offers higher potential returns but also more concentrated risk. It’s suitable for investors who have in-depth knowledge of specific companies and are willing to take on higher risk in exchange for excess returns.
Absolutely! The stock markets of major gold-producing countries usually have high-quality gold-related stocks. For example, the Toronto Stock Exchange (TSX) in Canada is a major hub for mining companies, and many miners listed in the US (like Barrick Gold, Kinross Gold) are also listed there. Additionally, Australia (ASX), South Africa (JSE), and London (LSE) also have many noteworthy gold mining companies.
The impact is very direct.
Rate Cuts: This is bullish for gold and gold-related stocks. A rate cut lowers the opportunity cost of holding gold (a non-yielding asset) and may also lead to a weaker US dollar. Both of these factors tend to push up the US dollar-denominated price of gold, which in turn drives up the prices of gold-related stocks.
Rate Hikes: This is bearish for gold and gold-related stocks. A rate hike makes interest-bearing assets like the US dollar and US bonds more attractive, potentially causing funds to flow out of the gold market. This puts pressure on the price of gold, and the stock prices of gold-related companies may decline as a result.
