3 Overlooked Precious Metals Stocks to Quadruple Your Money by 2032

2024-07-18

Unlocking the Treasure Trove: Precious Metals Stocks Set to Soar

Investing in precious metals stocks can be a lucrative and strategic move for savvy investors. While these assets have long been viewed as a hedge against inflation, their true growth potential often remains untapped. With the recent surge in gold and silver prices, coupled with ongoing economic uncertainties, the precious metals sector presents a compelling opportunity for those seeking long-term success.

Unearth the Hidden Gems: Precious Metals Stocks Poised for Exponential Growth

Wheaton Precious Metals: A Streaming Giant Redefining the Precious Metals Landscape

Wheaton Precious Metals (NYSE:WPM) stands out as a premier precious metals stock to consider in 2024 and beyond. As a streaming company, WPM is less exposed to the operational risks inherent in traditional mining, providing it with a distinct advantage. This unique business model allows Wheaton to maintain high-profit margins and capitalize on the rising commodity prices. In the first quarter of 2024, the company reported a 38% year-over-year (YOY) increase in revenue to 7 million, accompanied by a 47% YOY surge in net earnings to 4 million, or 36 cents per share. Wheaton's portfolio of high-quality assets and predictable cost structure have contributed to its stock outperforming many of its mining peers, making it a compelling long-term investment opportunity.

Harmony Gold: A South African Powerhouse Poised for Greatness

Harmony Gold (NYSE:HMY) is a lesser-known precious metals mining company that is poised for a breakout year in 2024. As the largest gold mining company in South Africa, Harmony has demonstrated its operational excellence and sustainable mining practices since its founding in 1950. The company's high-grade asset portfolio and strong cash flows have significantly boosted its profitability in the last year, and its robust balance sheet and extensive reserves allow it to weather economic storms. In 2023, Harmony produced 1.46 million ounces of gold, and CEO Peter Steenkamp has guided for more than 1.55 million ounces in FY24. This steady increase in production has significantly improved the company's average recovered grades for gold, as well as its operating cash flow. With gold prices surging towards ,500 an ounce, HMY stock is a top precious metals stock to consider.

Fortuna Mining: A Diversified Powerhouse Primed for Explosive Growth

Fortuna Mining (NYSE:FSM) is another precious metals stock with considerable long-term growth prospects. Over the last few years, the company has seen an acceleration in revenue growth and has strengthened its liquidity. Additionally, its rebranding efforts have positioned it well to capitalize on the rising prices of silver and gold. Fortuna Mining currently operates five mines across Argentina, Burkina Faso, Mexico, Peru, and Cote d'Ivoire, with additional exploration opportunities in Senegal, Africa. This diversified pipeline of mining projects across multiple regions sets the stage for sustained growth in the years ahead. In Q1 FY24, Fortuna Mining reported a 28% YOY increase in revenue to 5 million, and a remarkable 141% YOY surge in net earnings to .25 million, with gold production up 20% from the year prior. Furthermore, the company has significantly reduced its long-term debt, which fell 42% YOY in the first quarter. These positive developments position Fortuna Mining as a standout precious metals stock with the potential to outperform the market through 2032.

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