Should TFSA Investors Buy Gold on a Dip?

It’s no secret that investors globally tend to turn to gold during periods of market uncertainty. Some investors see it as protection against inflation, while others view it as a safe haven during periods of volatility. After touching their all-time highs in January 2026, however, gold prices have pulled back in recent months despite ongoing geopolitical tensions and persistent economic uncertainty.

This decline has led some investors to question whether the rally has lost momentum or if the dip presents a long-term buying opportunity. Historically, gold, just like any other financial instrument, has seen periods of mixed performance even during broader uptrends. For Tax-Free Savings Account (TFSA) investors, this recent weakness in the yellow metal could be a chance to gradually build exposure to gold-related investments at more reasonable valuations.

But instead of buying physical gold, TFSA investors can smartly gain exposure through high-quality gold mining stocks that could offer upside potential and dividend income. In Canada, one fundamentally strong stock from the sector that continues to look attractive is Barrick Mining (TSX:ABX).

Let me explain why this gold stock could still be worth considering for TFSA investors, especially for those looking for long-term protection during uncertain markets.

Barrick remains one of the strongest gold stocks

If you don’t know it already, Barrick Mining is one of the world’s largest gold and copper producers. Its gold operations include mines in countries such as Canada, Argentina, Tanzania, the Dominican Republic, and the United States. The company also has copper operations in Zambia, Chile, and Saudi Arabia, giving it additional exposure to rising global demand for industrial metals.

At the time of writing, Barrick stock traded at $57.28 per share with a market cap of $95 billion. Although its shares have surged by nearly 114% over the last year, the stock has seen a correction in recent months, sliding nearly 14% over the last four months.

The stock also offers a quarterly dividend, with a yield of 4% at the current market price, which could appeal to TFSA investors looking for income and long-term capital appreciation.

Strong geographical diversification continues to support growth

Barrick’s share price strength over the last year has largely been driven by strong operational execution and supportive gold prices. One of Barrick’s biggest strengths continues to be its globally diversified mining portfolio. The company operates across 17 countries and 5 continents, reducing its dependence on any single mine or region while helping support more stable long-term production.

In 2025, Barrick generated about US$17 billion in revenue and US$7.7 billion in operating cash flow. Its free cash flow nearly tripled year-over-year (YoY) to US$3.9 billion, while annual adjusted earnings jumped 92% to US$2.42 per share.

Barrick also strengthened shareholder returns during the year by raising its quarterly base dividend by 40% YoY and returned a record US$2.4 billion to shareholders through dividends and share buybacks.

Why Barrick could still be attractive on a dip

Gold mining stocks can be volatile, especially after strong rallies. But for TFSA investors with a long-term mindset, short-term pullbacks can sometimes create attractive entry opportunities. And Barrick stock currently looks really attractive due to its combination of large-scale operations, strong cash generation, and long-life mining assets.

That’s why, for TFSA investors looking for a mix of defensive exposure, dividend income, and long-term growth potential, this gold stock could still be worth considering.

The post Should TFSA Investors Buy Gold on a Dip? appeared first on The Motley Fool Canada.

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More reading

• The Canadian Companies Thriving During Trade Tensions
• 3 Canadian Stocks to Buy Before Trade Talks Shake the Market
• 3 Canadian Stocks to Buy if Gold Keeps Climbing
• 3 Stocks I Loaded Up on Last Year for Long-Term Wealth
• This Stellar Canadian Stock Is up 114% This Past Year, and There’s More Growth Ahead

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.