3 Canadian Stocks to Buy if Gold Keeps Climbing

Gold has had a wild run, and that is exactly why investors keep watching it. The metal surged through 2025 and hit fresh records in early 2026 as central-bank buying, geopolitical stress, and demand for safe-haven assets all piled in. Even with a sharp pullback in mid-March, some major forecasters still see room for strength ahead, helped by diversification demand and a market that still looks a little nervous.

That does not mean gold will move in a straight line. Higher rates and a stronger dollar can cool things off fast. But if gold keeps trading at elevated levels, Canadian gold stocks tied to production, streaming, and royalties could still have plenty working in their favour.

ABX

Barrick Mining (TSX:ABX) is one of the biggest gold producers in the world, and that scale matters when bullion prices stay high. Over the last year, Barrick completed its name change from Barrick Gold to Barrick Mining, which better reflects its growing copper exposure as well as gold. It also cleared an overhang in Mali, where the government renewed the Loulo licence for another 10 years after a tense dispute. That matters because Loulo-Gounkoto has been one of Barrick’s most important assets.

The numbers look strong. Barrick generated US$6 billion in fourth-quarter revenue and US$17 billion for full-year 2025. Full-year net earnings climbed to US$5 billion, while operating cash flow reached US$7.7 billion. The gold stock also does not look wildly expensive for a miner in this environment, with a market cap around $92.3 billion and a price-to-earnings ratio of 13.8. Barrick’s 2026 gold production guidance of 2.9 million to 3.25 million ounces is a touch softer than 2025, so this is not a no-risk story. But if gold stays strong, Barrick’s scale, cash flow, and diversified asset base still make it an easy fit.

WPM

Wheaton Precious Metals (TSX:WPM) offers a different kind of gold bet. Instead of operating mines, it uses streaming deals to lock in future production at set costs. That gives it leverage to higher gold prices without taking on the full operating headache miners face. Over the last year, Wheaton added to that appeal by acquiring the Spring Valley gold stream and by laying out a long runway for growth, with management projecting about 50% production growth by 2030.

Its latest results were hard to ignore. Wheaton posted record 2025 revenue of US$2.3 billion, record net earnings of US$1.5 billion, and record operating cash flow of US$1.9 billion. Fourth-quarter operating cash flow alone came in at US$746 million. The gold stock now expects 2026 production of 860,000 to 940,000 gold-equivalent ounces, helped by Antamina and several newer assets. The catch is valuation. Data showed a market cap of $80 billion and a price-to-earnings (P/E) ratio of about 40 at writing, so investors are already paying up for quality.

OR

OR Royalties (TSX:OR) is the smaller name here, but that can be part of the appeal. Like Wheaton, it uses a royalty and streaming model, which tends to offer high margins and lower operating risk. Over the last year, it also completed its name change from Osisko Gold Royalties to OR Royalties, and that rebrand came alongside a stronger push to show off its broader pipeline.

The business is getting stronger. OR reported record 2025 revenue of US$277.4 million, record operating cash flow of US$245.6 million, and net earnings of US$206.1 million. It expects 2026 GEOs to range from 80,000 to 90,000, with a five-year outlook that points to 120,000 to 135,000 GEOs by 2030. That is a solid growth profile for a company of this size. The valuation is not dirt cheap, with a market cap of about $9.5 billion and a trailing P/E near 33.9. Still, if gold stays elevated, OR gives investors a more compact, margin-rich way to ride the trend.

Bottom line

If gold keeps climbing, all three gold stocks make sense for slightly different reasons. Gold will not move up every day, and miners can always surprise on costs or operations. But for investors who think the metal still has room to run, this trio looks like a smart place to start.

The post 3 Canadian Stocks to Buy if Gold Keeps Climbing appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Or Royalties. The Motley Fool has a disclosure policy.