Gold is trading near $4,300 per ounce in mid-December 2025, after another year of steady gains and repeated new highs. The sector is showing clear signs of life — margins are expanding, institutional flows are picking up, and juniors are starting to raise money again at reasonable terms.
For investors with a few years of experience, this feels familiar: the quiet buildup before a real gold bull market takes hold.
The difference between those who capture the full upside and those who chase late is simple: preparation. The best time to build your watchlist is now — before the headlines scream "gold mania" and every newsletter pushes the same five names.
After decades investing in this sector, I've learned that a thoughtfully constructed watchlist built during the "boring" phase is the foundation of any successful gold investment strategy - the truly boring phase, was the bear market when the sector was totally hated - but let's walk through exactly how to build a watchlist.
Why Build Your Watchlist Now?
Gold bull markets don't announce themselves with fanfare. They start with structural shifts — central bank buying, negative real yields, supply constraints — that slowly build momentum.
By the time retail piles in and juniors are up 500%, the easy money is already made.
Building your watchlist early lets you:
Accumulate at reasonable valuations
Avoid FOMO-driven mistakes
Position in quality before the crowd discovers it
The goal isn't to own 50 names. It's to own 8–12 that score highest on the criteria that have historically mattered in bull markets.
Step 1: Define Your Gold Investment Portfolio Structure
Before adding a single ticker, decide your framework.
A balanced gold investment portfolio for learning investors typically looks like:
40–50% Core Producers/Seniors: Margin expansion machines (low AISC, strong balance sheets)
30–40% Developers/Near-Producers: Higher torque as projects de-risk
10–20% Pure Juniors/Explorers: Discovery leverage (highest risk/reward)
0–10% Royalties/ETFs: Downside protection
This gives you participation across the cycle while keeping risk manageable.
Step 2: The 7 Filters for Your Watchlist
These are the non-negotiable criteria I apply before any name makes my list.
Jurisdiction Safety First
Tier-1 only: Canada (Ontario, Quebec, BC), Nevada, Western Australia.
Almost everything else gets an automatic pass, no matter how cheap.
Management Track Record
Has the team previously delivered a >$500M exit?
Repeat winners matter more than flashy bios.
Low All-In Sustaining Costs (or Path to Low Costs)
For producers: <$1,300/oz AISC at current prices.
For developers: Feasibility showing <$1,200/oz in base case.
Resource Quality and Growth Potential
High-grade where possible (>5 g/t open-pit equivalent).
District-scale potential over small deposits.
Tight Share Structure
<150M fully diluted shares preferred.
Avoid chronic diluters with >20% annual share creep.
Cash Runway or Cash Flow 18 months burn at planned pace, or positive operating cash flow.
Clear Catalyst Calendar
Defined news flow in next 12–18 months: drills, resource updates, studies, production ramps.
Run every candidate through these seven. If it fails two or more, move on.
Step 3: Where to Find the Best Gold Stocks to Buy Early
Don't rely on hot tips or Reddit.
Sources I use:
SEDAR+ filings (technical reports, MD&A)
Company presentations from recent conferences
Fraser Institute mining survey for jurisdiction rankings
SEDI for insider buying patterns
Peer comparison tables (EV/oz, P/NAV)
Focus on names trading at:
Producers: <0.8× NAV
Developers: <$75/oz EV
Explorers: <$30/oz EV
These levels have historically marked attractive entry points before bull market re-ratings.
Step 4: The Best Gold Stocks to Invest In — Categories to Watch
Here are the buckets I prioritize when building a watchlist before the crowd arrives.
Core Producers
Low-cost, Canadian-focused names generating real cash flow. They lead the re-rating when margins expand.
Look for: Sub-$1,200 AISC, dividend growth, reserve replacement.
Near-Term Developers
Projects with feasibility studies, fully funded, first production in 12–36 months.
These offer the best risk/reward — more leverage than seniors, less risk than pure explorers.
High-Grade Explorers in Proven Camps
Red Lake, Timmins, Golden Triangle, Nevada trends.
Discovery cost matters: Teams adding ounces at <$40/oz historically outperform.
Royalty Companies
Defensive exposure with upside. Zero operational risk, growing dividends.
Step 5: How to Maintain and Use Your Watchlist
Building it is half the battle. Using it well is the rest.
Review quarterly: Remove names that fail filters (e.g., excessive dilution)
Rank by conviction: Tier 1 (core buys), Tier 2 (opportunistic), Tier 3 (monitor)
Set price alerts: Buy zones based on valuation targets
Add on weakness: Tax-loss season, sector corrections
Take partial profits on strength: When allocation exceeds target
How to Build a Gold Portfolio: Practical Example
Let's say you have $100K to allocate to gold:
$45K Core Producers (3–4 names)
$35K Developers (2–3 names)
$15K Juniors (4–6 names, smaller positions)
$5K Royalties/Physical
Dollar-cost average over 6–12 months. Rebalance annually.
Which Stock Is Best to Invest In Gold?
There's no single "best" — it depends on your risk tolerance and timeline.
But the highest-conviction setups right now combine:
Expanding margins
De-risking catalysts
Reasonable valuations
Proven teams
Focus on those four, and you'll avoid most mistakes.
Common Watchlist Mistakes to Avoid
Owning too many names (dilutes conviction)
Chasing recent performers
Ignoring share structure
No clear exit plan
All juniors, no producers
The Bottom Line
A gold bull market rewards preparation more than prediction.
The best gold stocks to invest in aren't the ones making headlines today. They're the ones quietly meeting rigorous criteria while trading at discounted valuations — waiting for the sector re-rating.
Build your watchlist now, using the filters above. Review it regularly. Add patiently.
When the real move comes — and history suggests it's building — you'll be positioned with quality, not chasing momentum.
The opportunity is in the preparation.
Stay focused,
CanadianMiningReport.com
P.S. If you'd like the exact watchlist I'm building for the current setup (with scores against these filters), I share it inside The Wealthy Miner community — along with real-time updates as I add or trim positions. Join us if you're ready for that level of detail.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.