Are you looking for exposure to the gold price while it sits around US$5,000 an ounce?
If you are, then it could be worth hearing about which ASX gold stocks analysts at Bell Potter are recommending to clients.
Here's what the broker is saying about two popular options:
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Genesis Minerals Ltd (ASX: GMD)
This gold miner has caught the eye of Bell Potter. It thinks its shares are undervalued compared to peers, especially when you consider its strong long-term production growth outlook.
The broker has a buy rating and $9.90 price target on its shares. Based on its current share price of $6.54, this implies potential upside of 51% for investors over the next 12 months. It commented:
We remain positive on the outlook for gold, given the ongoing tensions in the Middle East which has seen the commodity recover from recent lows of ~US$4,130/oz up to spot of ~US$4,746/oz (+15% from the low, -7.9% MoM). The GDX appears to have outperformed the underlying commodity, with MoM decline of only -3.16% and a rally from the low in Mar-26 of ~23%. On a 12m forward EV/EBITDA basis GMD has contracted to ~6.2x NTM EBITDA vs its peak of ~8x in Sep-25. This places GMD slightly above Northern Star (NST, Buy TP$35) (5.1x NTM) but below Evolution (EVN, Buy TP$16.60) (7.1x NTM) in our mid-large cap gold coverage.
The upcoming (1QFY27) long-term guidance targeting 500kozpa is likely to focus on two aspects we believe: (1) development of Tower Hill and a standalone 3.5-4Mtpa mill which should offset higher cost processing at Leonora and (2) development for Lady Julie (MAU transaction) which would supplement the Laverton mill with higher grade tonnes.
Northern Star Resources Ltd (ASX: NST)
Another ASX gold stock that Bell Potter is positive on is Northern Star. While its performance has underwhelmed this year with two guidance downgrades, the broker believes management's recent buy-back is a big positive.
Bell Potter has a buy rating and $35.00 price target on the gold miner's shares. Based on its current share price of $24.48, this implies potential upside of 43% for investors.
NST announced the commencement of an on market Buy-back scheme of up to A$500m, representing ~1.6% of issued capital. The buy-back is separate from the dividend payout policy of 20-30% of cash earnings and will commence on the 23rd of April. The buy-back has minimal impact on our EPS estimates going forward, however the signalling of value in the underlying business is of more importance. As noted above, we see NST as hitting the bottom of production and earnings downgrades, with some margin compression to come from the impact of fuel prices.
