After Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Economic Policy Symposium, federal fund futures show an 81% chance of a 25 basis point rate cut in September. Since December 2022, the federal funds rate has remained above 4% to curb inflation. The Federal Reserve itself sparked inflation after the unprecedented increase in the money supply during 2020. However, between 2022 and 2024, the price of gold rose despite the Fed's rate hike cycle. Considering that gold is a hedge against inflation, it may also rise in a loose monetary environment if inflation expectations increase. This scenario is plausible, as the site of the Federal Open Market Committee meeting in July attributed the tariff increases to uncertainty regarding inflation.

Participants noted that there remains a significant amount of uncertainty regarding the timing, magnitude, and permanence of the effects of this year's tariff increases.

In summary, the Federal Reserve is caught between the need to stimulate the economy and tame inflation. Historically, this area has been one of the most bullish for gold, serving as a hedge against both economic weakness and the inflationary consequences of the policies used to combat it. For investors looking to capitalize on this trend, along with dividends, here are the top gold exposures.

Franco-Nevada Corp

In the second quarter of the year, the Canadian company's revenues increased by 42% to $369.4 million compared to the same quarter last year, while net income rose by 210.8% to $247.1 million for the same period. With the price of gold rising from $2,000 to $3,000 between the second quarter of 2024 and the second quarter of 2025, the company's adjusted profit margin before interest, taxes, depreciation, amortization, and deductions increased by 16.1%.

Despite its diverse assets across Canada and the United States, Franco-Nevada Corporation (listed on the NYSE under the symbol: FNV) generates more revenue from South and Central America. In late July, the company acquired the current royalty right in the Arthur gold project, with "the potential to more than double the current resource base."

More royalty streams are expected to flow from the gold mine of Nevada Gold Mines LLC and the Côté Gold Mine in Ontario. With record revenues achieved in the first half of 2025, Franco-Nevada expects total sales for the year to range between 465,000 to 525,000 gold equivalent ounces (GEO).

Franco-Nevada's dividend has increased by 5.6% annually, currently standing at $0.38 per FNV share. Since the beginning of the year to date, FNV's share has risen by 52%, currently priced at $183.48. According to Wall Street Journal forecast data, the average target price for FNV is $192.17 per share. The current price level aligns with the minimum target forecast of $182, while the maximum target price for FNV shares is $210.

Barrick Mining Corp.

Another Canadian mining company, Barrick Mining Corp (NYSE:B), increased its gold production by 5% from the first quarter to the second. Notably, after upgrading its Nevada gold mines, its production increased by 11%, while the Pueblo Viejo mine's production rose by 28% during the same period. Year-over-year, Barrick increased its earnings per share by 124% to $0.47, with total revenues of $3.68 billion.

After exiting the Donlin gold project in Alaska in early June, Barrick received $1 billion in cash. This has raised the company’s cash reserves to $4.8 billion. It is safe to say that Barrick has been reliant on dividends and will remain so in the foreseeable future, currently at $0.15 per share every three months.

The company's ample cash reserves also allow for regular participation in share buybacks, having spent $268 million on share repurchases in the second quarter alone. For the entire year of 2025, Barrick is expected to produce up to 3.5 million tons at a sales cost of no more than $1,560 per ounce.

Since the beginning of the year to date, B's share has risen by 64%, currently priced at $25.53. The average target price for B shares is $27.34, with a bottom forecast of $21 and a maximum price of $36.50 per share.

Newmont Corporation (NYSE:NEM).

Colorado-based Newmont increased its net income to $2 billion in the second quarter, compared to $857 million in the same quarter last year. In Cadia and particularly in Peñasquito, the company increased gold production above expectations at 1,124 thousand ounces. Cash reserves totaled $6.2 billion, with $1.7 billion in free cash flow, and the company reduced its debt by $372 million.

During the second quarter, Newmont Goldcorp Corp repurchased $1 billion in shares, having approved an additional $3 billion for the share buyback program, bringing the total to $6 billion. The company maintained its guidance for the entire year of 2025 at $30.57 billion.

For this quarter, the company significantly exceeded its earnings expectations of $1.18, reporting $1.43 per share. Similarly, its reported revenue of $5.32 billion surpassed expectations of $4.8 billion. Newmont's quarterly dividend is $0.25 per share, having paid out $561 million in the first half of 2025.

Since the beginning of the year to date, NEM's share has risen by 84%, currently priced at $70.79 per share. The average target price for NEM is $73.83, with a lowest forecast price of $63.10 and a target price of $87 per share.

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