Inflation is showing signs of easing; the economy is heating up, and the likelihood that the Federal Reserve will raise interest rates is decreasing. Any of those would be an argument against buying gold. Put them all together; there seems to be a definite bearish case against the yellow metal.
But if this is a bad time to buy gold, the message hasn’t gotten through to the big banks. It is true that some major banks sold a total of 30 tons of gold in Q1 2026. However, much of that was done for strategic, country-specific reasons.
Moreover, it was only a small percentage compared to the 474 tons the big banks bought in the quarter. They don’t sit still. Almost 90% of the major banks surveyed plan to increase their holdings of gold in the next 12 months.
The Reasons to Own Gold Haven’t Changed
Many analysts have warned that gold could fall further after it rose above $5,500 an ounce in early 2026. They got price action right, but many got it wrong.
Gold tends to rise when investors are worried. As 2025 draws to a close, many things concern investors. The economy was running hot, maybe too hot, and investors were worried that inflation would rise.
Gold and interest rates tend to have an inverse relationship, so gold tends to fall when interest rates rise. However, in the last quarter of 2025, the Federal Reserve lowered interest rates twice. One reason for the pressure on the price of the yellow metal in the first quarter was the belief that the next move in interest rates would be an increase.
That seems unlikely now that the conflict between the United States and Iran has ended. The US war machine will need more fuel in US dollars, and those dollars will add to the fragile US national debt.
How Mining Stocks Solve the Gold Storage Problem
Having physical gold and/or silver is always an option. However, it comes with storage and insurance costs that many investors would prefer to avoid. This is where mining stocks can be attractive options. And in 2026, many investors are attracted to mining trading below $5.
That price range is usually home to many small miners. Small-scale miners are often explorers or early-stage developers, making them speculative stocks with binary outcomes associated with drilling and financing results.
Not so with the three stocks highlighted here. Each company are generating real money today, and each has a fair amount of analyst input. Those analysts see a double or triple digit upside in the next 12 months. That means investors can treat these as real positions in a diversified portfolio, not just hypothetical side bets.
Gold Royalty Offers Growth Without Mining Risk
Gold is gold NYSEAMERICAN: GROY not a mining operator. Instead, it collects royalties from mines run by other companies, removing the operational cost risks borne by traditional miners.
Gold Gold Today
- 52 week interval
- $2.37
▼
$5.45
- Target Value
- $5.75
Shares are trading around $2.60, below the consensus price of $5.75. That means a rise of more than 120% from recent levels.
The company recently posted record first quarter revenue of $9.4 million. It also has $13.6 million in cash and zero debt and a $150 million credit facility for real estate purchases. Growth should continue to grow until 2026. Management also reaffirmed guidance of 7,500 to 9,300 gold equivalent ounces, measured toward the back half of the year as new assets ramp up production.
Americas Gold and Silver is a Moving Revolution
Americas Gold and Silver Today
Americas Gold and Silver
- 52 week interval
- $2.18
▼
$10.50
- Target Value
- $9.75
Americas Gold and Silver NYSEAMERICAN: USAS is a Canadian-based miner operating in Mexico and the United States (Nevada). As of the market close on July 14, USAS traded at $4.20. That’s more than 130% below the consensus analyst target of $9.75.
Silver output from its Galena Complex in Idaho and Cosalá Operations in Mexico increased significantly. Combined production rose 76 percent year-on-year, and the company expanded into the processing of antimony, a key mineral tied to US defense supply chains.
That antimony angle gives the USAS a story that goes beyond precious metals. Become a domestic supplier of precious minerals, which can attract investors who look beyond just gold and silver.
B2Gold Is A Stable Producer Still Under $5
B2Gold Today
From 09:50 AM in Mpumalanga
- 52 week interval
- $3.31
▼
$6.28
- Dividend Yield
- 2.11%
- The P/E ratio
- 10.53
- Target Value
- $5.50
Company B2Gold Corp. NYSEAMERICAN: BTG is the most established producer of the three, with revenue in Q1 2026 coming in at $1.16 billion. However, as of July 14, the shares are trading at $3.79, against a consensus price of $5.50.
The 45% upside is impressive, yet the lowest of the three stocks on this list. B2Gold operates multiple open pit gold mines and has posted strong profits and dividend payouts. The company is working to reduce costs by using advanced mining methods at the Fekola Complex, its largest asset. Management continues to increase production at its Otjikoto mine in Namibia, which has recently been connected to the electricity grid.
Analyst opinion is more mixed here than GROY or USAS. Some firms have recently cut targets, even as the broader consensus on the Street remains volatile. That split makes BTG the least volatile of the three picks.
Before you consider Gold Royalty, you’ll want to hear this.
MarketBeat tracks Wall Street’s top and most effective research analysts and the stocks they recommend to their clients every day. MarketBeat identified five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Gold Royalty wasn’t on the list.
Although Gold Royalty currently has a Neutral Buy rating among analysts, top analysts believe these five stocks are the best.
View Five Stocks Here
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