SA Asks: What's the best gold play for investors right now?

[Golden ingot and bull on graph. Bull market trend in gold.]
Bet_Noire

Gold, the perennial safe haven, is once again in the spotlight, with prices hitting an all-time high of over $4,000 per ounce earlier this week.

We asked Seeking Alpha analysts Samuel Smith [https://seekingalpha.com/author/samuel-smith] and Taylor Dart [https://seekingalpha.com/author/taylor-dart] what they thought was THE BEST GOLD PLAY RIGHT NOW FOR INVESTORS.

Samuel Smith [https://seekingalpha.com/author/samuel-smith]: To maximize gains from continued upside in the gold price, miner plays like VanEck Gold Miners ETF (NYSEARCA:GDX [https://seekingalpha.com/symbol/GDX]) and VanEck Junior Gold Miners ETF (NYSEARCA:GDXJ [https://seekingalpha.com/symbol/GDXJ]) are compelling choices given that an increase in gold prices has an outsized impact on their profits.

While B2Gold (NYSE:BTG [https://seekingalpha.com/symbol/BTG]) has more than doubled since we bought it earlier this year at High Yield Investor, it remains a compelling gold mining investment opportunity, given that it is undervalued relative to many of its peers and has numerous growth catalysts (Goose ramp-up, Fekola expansion project, and attractive long-term production potential from Gramalote).

Once prepaid gold deliveries are completed by the middle of next year, Goose fully ramps up, and capital expenditures begin to subside in 2026, BTG will likely see significant free cash flow growth, assuming gold prices remain elevated. This could lead to an increase in buybacks and/or dividends, potentially catalyzing shares materially higher in the process.

Taylor Dart [https://seekingalpha.com/author/taylor-dart]: Over the past year, several gold producers of varying quality have exploded off their lows given the ascent we've seen in gold prices that has resulted in exponential margin expansion. However, with money often flowing into the producers first and the developers second, there's a small handful of developers still on the sale rack. And while not all developers are created equal, as many own weaker assets and/or operate in less attractive jurisdictions, Liberty Gold (OTCQX:LGDTF [https://seekingalpha.com/symbol/LGDTF]) is one name that stands out as quality at a very attractive price.

The company's flagship asset is its Black Pine Project in Idaho, home to a 4.2+ million ounce and growing gold resource with attractive grades for a run-of-mine oxide heap leach operation. Following capital raises that have seen participation from Centerra Gold (CGAU [https://seekingalpha.com/symbol/CGAU]) and Wheaton Precious Metals (WPM [https://seekingalpha.com/symbol/WPM]), and despite the stock's recent rally, Liberty Gold trades at a fully diluted market cap of just ~$300 million, or just 0.35x its estimated net asset value of $830 million using a conservative $3,100/oz gold price and 8% discount rate.

At a $3,500/oz gold price, Black Pine's NAV increases to an estimated $1.14 billion, leaving Liberty Gold trading at just 0.26x NAV despite owning a Tier-1 jurisdiction project capable of producing ~183,000 ounces per year (first 5 years) at sub $1,300/oz costs with a considerable mine life (~20 years).

Importantly, this P/NAV multiple values its Goldstrike Project (gold + antimony) in Utah at zero for conservatism, with investors expected to get a spin-out of this asset over the next twelve months. So, with Liberty Gold offering nearly 200% upside to its fair value estimate of US$1.20/share and trading at barely 1x FY2030 EV/FCF estimates ($3,500/oz gold price assumption) or just 0.90x 2030 EV/FCF estimates at a $3,800/oz gold price assumption, I continue to see Liberty Gold (OTCQX:LGDTF [https://seekingalpha.com/symbol/LGDTF]) as a steal at current levels for patient investors looking for gold exposure without paying a lofty price, with the bonus of a spin-out in its #2 asset, Goldstrike.

* Top Gold ETFs [https://seekingalpha.com/comparison/9679-Gold-ETFs?source=acquisition_campaign_google&campaign_id=21762080808&internal_promotion=true&utm_source=google&utm_medium=cpc&utm_campaign=21762080808&adgroup_id=179728323976&utm_content=751190440760&ad_id=751190440760&keyword=gold%20etf&matchtype=e&device=c&placement=&network=g&targetid=kwd-1004023817&utm_term=179728323976%5Ekwd-1004023817%5Ee%5E751190440760%5E%5E%5Eg&gad_source=1&gad_campaignid=21762080808&gbraid=0AAAAACup1PxHbtNpS8K5vERjraQjD_x7-&gclid=CjwKCAjwup3HBhAAEiwA7euZuqALIQ9gfrDPh-w30eilONRGH09CUZAs0Qa9tKlxLgQoS3y-e6mIEhoCquoQAvD_BwE]
* Top Gold Stocks [https://seekingalpha.com/screeners/9409af15bd-Top-Gold-Stocks]

MORE ON VANECK GOLD MINERS ETF, VANECK JUNIOR GOLD MINERS ETF, ETC.

* Gold Market Commentary: Stick, Twist Or Double Down? [https://seekingalpha.com/article/4828916-gold-market-commentary-stick-twist-or-double-down]
* Gold ETF Flows: September 2025 [https://seekingalpha.com/article/4828631-gold-etf-flows-september-2025]
* Gold's Acceleration Reveals Vanishing Calm, Coming Change [https://seekingalpha.com/article/4828588-gold-acceleration-reveals-vanishing-calm-coming-change]
* 'Debasement trade' powers gold and bitcoin to record highs: WSJ [https://seekingalpha.com/news/4502640-debasement-trade-powers-gold-and-bitcoin-to-record-highs-wsj]
* Gold hits $4,000 for first time as economic jitters, shutdown fuel record rally [https://seekingalpha.com/news/4502511-gold-hits-4000-for-first-time-as-economic-jitters-shutdown-fuel-record-rally]