Although the gold sector has been on fire recently, don't worry if you missed out on these gains.
That's because the team at Bell Potter doesn't believe that it is too late to jump on board the gold train.
In fact, it has just upgraded three ASX 200 gold stocks to buy ratings today on the belief that they are being undervalued.
Image source: Getty Images
What is the broker saying?
According to the note, the broker highlights that Aussie gold stocks are underperforming their US counterparts, which isn't normal. It said:
The underperformance of Aussie gold equities has been getting our attention over the last couple of months. Specifically, the disconnect that has emerged between ASX-listed producers and the North American / global names that dominate the offshore indices. Turns out that this disconnect is a significant departure from historic trading patterns. Looking back, the only disconnect in the last 10 years is the two-way volatility (which quickly reverted) at the onset of the COVID pandemic.
Bell Potter also points out that there is no fundamental reason for this disconnect and sees potential for it to reverse in time. It adds:
We have not identified any fundamental drivers unique to ASX-listed gold producers and that have only emerged in June 2025 that would explain why this disconnect should be sustained. A possible catalyst is the release of FY26 production and cost guidance across the sector being below market expectations, but higher costs and soft production growth are also seen in key North American stocks, both now and within the 5-year timeframe of our chart. We also don't see that exchange rate differentials, concerns around capital allocation, jurisdiction exposures, tax-loss selling on the ASX or increasing labour and power costs provide a fundamental or sustainable justification for this underperformance.
3 ASX 200 gold stocks upgraded
The note reveals that Bell Potter has upgraded Capricorn Metals Ltd (ASX: CMM), Evolution Mining Ltd (ASX: EVN), and Regis Resources Ltd (ASX: RRL) shares this morning.
All three have been upgraded from hold to buy ratings with price targets significantly higher than before.
Capricorn Metals is now a buy with a $13.10 price target (from $10.80), Evolution is a buy with a $10.55 price target (from $8.15), and Regis Resources is a buy with a $6.30 price target (from $4.90).
Commenting on Capricorn Metals, the broker said:
A sector leader on margins, low costs (FY26 guidance 115-125koz at AISC A$1,530-A$1,630/oz), project development and delivery to guidance. Current production rate of ~120kozpa relatively low and from a single mine. However, production expansion at Karlawinda and development of a new mine at Mt Gibson is planned to double production to ~300kozpa, ramping up from mid-FY27. Debt free, unhedged and fully funded, on our forecasts.
