Gold Has Gone Sideways, But These 3 Stocks Haven’t

Key Points

• Gold is trading roughly flat year to date in 2026, while gold miners and metals streaming companies have outperformed the metal itself.
• Coeur Mining, Alamos Gold, and Wheaton Precious Metals have each posted recent share price gains, supported by strong free cash flow, dividends, and buybacks.
• Each company faces distinct challenges, including reduced guidance from Coeur and Alamos and Wheaton's dependence on gold and silver spot prices.

The price of gold briefly dipped surrounding the Federal Reserve's recent announcement of its first interest rate hike in three years, but quickly rebounded. After the incredible multi-quarter rally in recent years, gold has had a more tumultuous 2026 so far, but is essentially trading flat year to date (YTD). The same is not true, however, for a number of companies involved in the gold production industry—both miners and metals streaming firms—all of which have outperformed the precious metal itself over the same period.

While a confluence of factors is likely to impact the price of gold through the end of the year, from central bank buying trends and evolving geopolitics to ongoing inflation, higher interest rates, and changing U.S. dollar strength, investors may feel that a position in one or more of these companies is more stable than buying up more bullion or gold futures.

Coeur's Transformation Is Ongoing and Significant

Coeur Mining NYSE: CDE drew investor attention earlier in the year for its strong performance and share price under $20; it is now trading just above that threshold, but despite not being quite as cheap, its impressive growth may very well still warrant consideration. Coeur’s latest earnings report in August was promising in multiple ways. Despite a moderate revenue miss and a more significant earnings per share (EPS) miss, Coeur still reported record quarterly performance with $1.1 billion in revenue, adjusted EBITDA at a sizable $478 million, and healthy free cash flow.

The company's major acquisitions and expansions are underway and should contribute to H2 2026 performance, even as inflation has threatened to undercut profits. What may have scared investors is that Coeur's guidance was cut due to these operational headwinds, but fundamentally, the company still offers many compelling attributes as a business. In the meantime, its growing pile of cash has made it possible to launch a new dividend and share buyback program. Looking at Coeur's situation from just a couple of years ago, when it faced major debt challenges, and comparing it to today—with free cash flow sufficient to return value to shareholders—it may be clearer why CDE shares are up about 7% in the last month.

Alamos Gold Nears Completion of Its Major Expansion Project

Shares of Alamos Gold Inc. NYSE: AGI have risen by nearly 10% in the last month as work is nearing completion of the company's major Island Gold Phase 3 expansion. Island Gold already delivered record quarterly production in Q2 2026, reaching 67,500 ounces, and is likely to continue expanding production through the end of the year and beyond.

This has undoubtedly helped Alamos Gold generate significant free cash flow—$144 million last quarter alone—and beef up its buybacks and dividend payments accordingly. The firm has a solid $1.2 billion in overall liquidity, giving it plenty of room to continue multiple expansion projects that could generate 1 million ounces in annual production by 2030.

Short-term headwinds apply, however, and the company has recently trimmed its full-year production guidance following a seismic event at one of its sites. Beyond that, cost guidance has also increased due to the rehabilitation work necessary to bring those operations back into order, as well as labor costs, among other factors. This may be why, despite recent share price wins, AGI shares are down about 7% YTD—although analysts see much more than that in potential upside going forward.

Wheaton Benefits From Lack of Involvement in Production

Wheaton Precious Metals Corp. NYSE: WPM provides a different access point for investors looking to diversify beyond mining stocks. This firm provides financing to mining companies and retains the right to purchase a portion of production at preset prices. Metals streaming has been good business for Wheaton recently; shares are up nearly 29% YTD and about 14% in the last month alone.

The benefit of Wheaton's model is that it can reap the rewards of precious metals rallies without having to deal with the higher costs of mining during a period of inflation. The company's second-quarter earnings report had many highlights, including approximately 85% year-over-year (YOY) revenue growth, an 86% increase in net earnings, and $650 million in operating cash flow. Wheaton has boosted its appeal to investors by converting much of that growth into dividend payments, with the latest quarterly dividend representing an 18% YOY increase.

Analysts do see less upside potential for this company, although they still remain largely bullish. Because its success is directly tied to the price of gold and silver, investors may want to monitor spot prices more closely when considering this stock.