I’ve been watching gold quietly climb all year. Most investors aren’t paying attention because the stock market keeps hitting records. But gold has been doing what it always does when inflation gets stubborn — it goes up.
The last CPI print came in at 3.8% in May. If this week’s number is hot again, rate cuts are off the table for the rest of 2026. That’s bad for stocks. It’s great for gold.
Here are three ways to play it. One is conservative. One is aggressive. One is my favorite kind of investment — boring and profitable.
Newmont (NEM)
Newmont is the largest gold mining company in the world. They operate mines across the U.S., Canada, Australia, South America, and Africa. When gold prices rise, Newmont’s margins expand faster than almost any other miner because their production volume is so large.
The stock was up over 100% in 2025 and has continued to grind higher in 2026. Revenue is north of $18 billion annually. At the time of writing, shares trade around $93. They pay a modest dividend.
Here’s what I like: Newmont doesn’t need gold to go to the moon. At current prices, they’re highly profitable. Every dollar gold goes up from here falls straight to the bottom line. If inflation stays at 3.5% or higher for the rest of the year, Newmont is one of the most straightforward ways to benefit.
The risk is operational. Mining companies deal with labor disputes, equipment failures, and geopolitical surprises. But Newmont has been doing this for decades. They know how to manage the hard parts.
Franco-Nevada (FNV)
Franco-Nevada isn’t a miner. They’re a royalty company. That means they don’t actually dig gold out of the ground. They provide upfront financing to mining companies in exchange for a percentage of future production revenue.
Why does that matter? Because Franco-Nevada doesn’t pay for the costs of running a mine. No equipment. No labor. No environmental liability. They just collect a cut of the gold that comes out.
When gold prices rise, their royalty income rises with zero additional cost. When gold prices fall, their overhead is so low they can weather it better than any traditional miner. It’s the closest thing to a pure bet on gold prices without actually buying gold coins.
At the time of writing, shares trade around $204. The dividend yield is modest but growing — Franco-Nevada has raised its dividend every year for over a decade.
This is the conservative play. Lower downside risk, steady income, and a business model that doesn’t break when mining gets complicated.
Wheaton Precious Metals (WPM)
Wheaton is another streaming company, similar to Franco-Nevada, but with a different portfolio. Wheaton focuses on silver and gold streaming contracts — they provide upfront capital to miners in exchange for the right to purchase a percentage of production at a fixed, low cost.
The fixed-cost structure is what makes this interesting. Wheaton pays roughly $4-5 per ounce for silver that sells for $40+. Their margins are enormous and expand directly with precious metals prices.
If inflation stays sticky and both gold and silver continue higher, Wheaton captures the upside with minimal operational risk. At the time of writing, shares trade around $108. The dividend is modest but consistent.
The Bigger Picture
I’m not predicting a crash. I’m not telling you to sell everything and buy gold. What I’m saying is simpler: if inflation is still running above 3.5% and the Fed isn’t cutting rates, having some exposure to gold isn’t a hedge against disaster. It’s a reasonable position in a world where the cost of money is staying high.
These three stocks give you three different ways to think about that exposure. A pure miner. A gold royalty company. A precious metals streamer. Each one captures the gold trade from a different angle.
Pick the one that fits how you invest. Or pick all three and let them work together.
