Gold investors have had quite the ride in 2026.

The precious metal started the year on a tear, hitting a record US$5,595 an ounce in January before plunging about 30% to a one-year low near US$3,875 by the end of October.

Wars, stubborn inflation, and rising interest rates all took their toll, wiping out much of the year's earlier gains and leaving investors wondering whether gold's historic rally had finally run its course.

Most major banks and market analysts don't think so.

While few expect a smooth ride, the general outlook for 2027 remains positive, with central banks continuing to stockpile gold, governments struggling with mounting debt, and mining companies unable to bring new supplies to market fast enough.

A Reuters survey of 30 analysts and traders in late October put the median forecast for gold's average price in 2027 at US$4,650 an ounce. Goldman Sachs sees gold reaching US$5,400 by the end of next year, while J.P. Morgan has said US$6,300 is possible in 2027.

Those are encouraging numbers for gold investors, although much will depend on what happens with inflation, interest rates, and the U.S. dollar.

When interest rates rise, investors can earn better returns from bonds and other investments that pay interest. Gold doesn't offer that kind of income. A stronger U.S. dollar also makes it more expensive for buyers in other countries.

Still, some of the world's biggest gold buyers kept buying.

According to the World Gold Council, central banks bought 321 tonnes of gold in the third quarter, 42% more than a year earlier. That brought their purchases for the first nine months of 2026 to 675 tonnes.

Investment funds that hold physical gold also returned to the market, adding another 211 tonnes during the third quarter.

For all the turbulence in gold prices, governments and large investors clearly haven't lost their appetite for the metal.

And there is another reason analysts believe prices could remain strong.

The world's mines simply cannot produce much more gold overnight.

Finding a new deposit is one thing. Getting the permits, raising the money, and building a mine can take a decade or longer. Even with gold prices at historic highs, global mine production increased by just 3% in the third quarter of 2026, according to the World Gold Council.

That leaves the market with a relatively tight supply of new gold at a time when demand from central banks and investors remains strong.

For Ryan Iverson, portfolio manager at Capital Event Management (CEM), the opportunity heading into 2027 goes beyond owning the metal itself.

“Some of the most interesting opportunities could be in the companies actually mining gold or getting ready to mine it,” Iverson said.

Scores of gold companies participated in CEM’s six capital events during 2026, making gold the largest sector represented at the events that also featured companies from diverse sectors, including silver, copper, uranium, critical minerals, AI and quantum technology, and health and life sciences.

“Many of these companies worked out their mine plans when gold was selling for US$2,400 to US$3,600 an ounce,” Iverson said.

“Now, with gold around US$4,000, the numbers look much more compelling.”

If prices hold near current levels or climb further in 2027, projects that looked promising a year or two ago could become considerably more valuable, with the potential to generate stronger profits.

But higher gold prices alone won't guarantee success.

“The real test in 2027 will be whether these companies can keep their costs down, move their projects forward, and turn those higher gold prices into real returns for investors,” Iverson said.

The following companies are drawn from CEM's 2026 participating issuers. Their inclusion reflects expected business milestones rather than share-price forecasts or investment rankings.

Skeena Resources (TSX: SKE | NYSE: SKE), which trades as Skeena Gold & Silver, enters 2027 with one of the clearest opportunities to turn a major mining investment into a producing operation.

Its Eskay Creek gold and silver project in northern British Columbia was more than 70% complete by late September 2026, with the company already stockpiling ore ahead of its planned production start.

The mine is expected to begin producing in the second quarter of 2027, with projected average annual output of approximately 450,000 gold-equivalent ounces during its first five years. That includes the value of its silver production converted into an equivalent amount of gold.

For investors, the attraction is the prospect of significant revenue at a time when gold prices remain historically strong.

But moving from construction to commercial production is one of the most demanding stages for any mining company. Delays, equipment problems, and unexpected expenses can quickly affect profitability. Skeena has already raised its construction budget to US$659 million, from US$560 million in its 2023 feasibility study.

Skeena is on track to become a major gold and silver producer, with initial production expected in the second quarter and commercial production in the third. Eskay Creek is also set to become Canada's largest silver mine. Investors will be watching how quickly the company ramps up production, keeps costs within its increased budget, and begins generating significant cash flow from the mine.

Banyan Gold (TSXV: BYN) spent 2026 advancing one of North America's largest undeveloped gold deposits at its AurMac project in the Yukon.

With more than 8.6 million ounces of gold already identified, the company has the advantage of a substantial resource in a region with existing road access, although its economic study is expected to assume the mine generates its own power because grid capacity cannot yet be relied on.

A C$58-million financing (C$54.3 million of which closed in September), including participation from Franco-Nevada, has strengthened its ability to advance the project, with the company expecting to have approximately C$100 million in cash. Franco-Nevada had already paid C$52.2 million earlier in the year for a royalty on AurMac.

The next major step is its first economic assessment, targeted for the end of 2026.

That study will provide investors with a clearer picture of how much it could cost to build a mine, how much gold could be produced annually, and whether the project could generate attractive returns.

Management is also looking to expand the resource beyond 10 million ounces.

Banyan is moving closer to establishing the full value of its massive AurMac gold deposit. Its first economic study, due by the end of 2026, will put an initial price tag on AurMac, while a 70,000-metre drill program aims to push the resource past 10 million ounces. Franco-Nevada's royalty purchase and share investment show that larger players are already paying attention.

Westhaven Gold (TSXV: WHN) heads into 2027 with a major financial partner helping advance its Shovelnose gold project in southern British Columbia.

Dundee Corporation has agreed to provide up to C$85 million to earn a 60% interest in Shovelnose and three other Westhaven properties in the Spences Bridge Gold Belt, giving Westhaven access to funding for further exploration and development.

The arrangement reduces the immediate need to raise money by issuing additional shares, although Westhaven would retain a smaller ownership interest in the project.

Its earlier economic study, using a gold price of just US$2,400 an ounce, estimated an after-tax project value of approximately C$454 million.

With gold trading substantially higher, investors will be watching closely for updated calculations.

Westhaven expects to release a new resource estimate early in 2027, followed by a more detailed pre-feasibility study during the second half of the year.

Westhaven is positioned to unlock more value from its Shovelnose gold project through expanded resources and a pre-feasibility study, due in the second half of 2027, that could show significantly stronger returns at higher gold prices. Dundee's funding is expected to carry the project through its engineering studies, although Westhaven will still need to fund its 40% share of construction, with a construction decision possible by the end of 2029.

Scottie Resources (TSXV: SCOT) emerged as one of CEM's standout gold companies in 2026, earning repeated recognition from investors attending its conferences.

Its Scottie Gold Mine project in British Columbia's Golden Triangle combines high-grade gold deposits with a development plan designed to keep construction costs relatively low.

The company proposes to sort mineralized material at the site and ship it directly to overseas smelters, avoiding the expense of constructing a conventional processing plant.

Its earlier economic assessment estimated a project value of approximately C$216 million using gold at US$2,600 an ounce. At US$4,200 gold, that estimated value rises to about C$668 million under the study's assumptions.

Scottie is preparing a full feasibility study for the first half of 2027, a major step toward deciding whether to build the mine.

The company is also advancing permitting, financing plans, and its engagement with the Nisga'a First Nation. Federal and provincial regulators have decided the project does not need an environmental assessment. Metals trader Ocean Partners has taken an 11% stake and committed US$25 million toward construction financing.

Scottie is moving closer to turning its high-grade gold project into a producing mine. The feasibility study due in the first half of 2027 will decide whether Scottie builds the mine. With no environmental assessment required and construction funding from Ocean Partners lined up, Nisga'a approval and the rest of the financing are the key remaining hurdles before targeted production in 2028.

White Gold (TSXV: WGO) entered the final months of 2026 with its first economic study completed and a major mining company already among its shareholders.

The company's Yukon properties contain approximately three million ounces of gold across four deposits, with Agnico Eagle holding a strategic investment in the business.

Its first economic assessment, filed in September, outlined a potential open-pit mine operating for 9.4 years and producing approximately 188,000 ounces annually.

Using a gold price of US$3,600 an ounce, the study estimated an after-tax project value of C$1.86 billion. At US$4,500 gold, that figure increases to approximately C$2.9 billion.

Importantly, the assessment included less than two-thirds of the company's identified resources and none of the drilling completed during 2026.

White Gold's largest drilling campaign to date has also produced encouraging early results, including what the company described in October as the strongest intercept ever drilled at its VG deposit below 125 metres of vertical depth.

White Gold is positioned to expand its Yukon gold resources and strengthen the economics of a future mine. Results from 44 holes still awaiting assays, and a resource update that includes drilling left out of the first study, could increase the project's value and draw greater interest from major mining companies, including strategic investor Agnico Eagle.

Tiger Gold (TSXV: TIGR) is preparing an ambitious expansion of its Quinchía gold project in Colombia after consolidating full ownership of the property.

The project contains approximately two million ounces of identified gold, and its earlier PEA economic study outlined annual production of about 140,000 ounces per year over a ten years mine life. With its new discovery at Ceibal, Management is now examining the possibility of a significantly larger operation producing more than 250,000 ounces annually.

The company projects it could potentially double resources this year from its drilling to approximately four million ounces. A series of important catalysts are expected early in 2027. These include an updated resource estimate for the Tesorito deposit in January, a maiden resource estimate for the new Ceibal discovery anticipated for mid-Q1 and an updated PEA economic study covering three deposits expected towards the end of Q1.

The results could substantially change the size and potential profitability of the proposed operation.

Tiger Gold is looking to significantly expand its Quinchía gold project in Colombia. New resource estimates and an updated economic study expected by the end of the first quarter of 2027 could pave the way for a much larger and potentially more profitable mining operation.

Onyx Gold (TSXV: ONYX) represents the exploration side of the gold market, where successful drilling can significantly change a company's prospects.

Its Munro-Croesus project lies east of Timmins, Ontario, one of Canada's best-known gold mining regions.

The company is carrying out an extensive 110,000-metre drilling program focused on expanding its Argus discovery, where gold mineralization has been identified more than 700 metres below the surface. The program is expected to be completed by the end of 2026.

During 2026, Onyx also strengthened its position by acquiring additional properties around the discovery. Gold Fields, one of the world's largest gold producers, has been a strategic shareholder since 2025.

Unlike companies preparing to build mines, Onyx has yet to publish an official resource estimate showing how much gold its main discovery contains.

That makes the company more speculative, but it also leaves considerable room for its value to change as drilling establishes the size of the deposit.

Onyx Gold is looking to build on its drilling success at the Munro-Croesus project in Ontario. More promising results and a potential first resource estimate could establish the size of its Argus discovery and deepen the interest of strategic investor Gold Fields and other major producers in the region.

Founders Metals (TSXV: FDR) has attracted significant attention through its Antino gold exploration project in Suriname, South America.

Gold Fields, one of the world's largest gold producers, has invested approximately C$127 million and acquired just under 20% of the company, providing financial support for an extensive exploration program.

In September, Founders also completed the consolidation of 100% ownership of Antino, and it now controls a mineral district covering about 1,000 square kilometres.

The company has continued drilling rather than rushing to publish its first official gold resource estimate. That strategy reflects management's belief that further discoveries could increase the overall size and value of the project.

A maiden resource estimate, for which management has not set a date, would give investors their first formal measurement of the gold discovered across the project.

Gold Fields' involvement adds another dimension because major producers often seek promising deposits that could eventually become new mines.

Founders Metals could take a major step forward with its first gold resource estimate and further discoveries at its Antino project in Suriname. Strong results could increase the project's value and encourage Gold Fields, which already owns almost 20% of the company, to deepen its involvement.

Talisker Resources (TSX: TSK) offers investors exposure to an established mining district where gold production is already underway.

Its Bralorne project in British Columbia has a long history, with the surrounding mining district having produced more than four million ounces of gold.

Talisker reported mining approximately 4,900 ounces through August 2026 and has an ore purchase agreement with Ocean Partners to sell substantially more mineralized material as operations expand.

Its economic assessment, released in September, estimated an after-tax project value of approximately C$1 billion using gold at US$3,500 an ounce, with average production of about 110,000 ounces a year over 14 years.

The company's immediate challenge is to demonstrate that it can increase output consistently while keeping costs under control.

Another important issue is the confidence level of its resource estimates. Much of the proposed mining plan relies on gold that still requires additional drilling to confirm its quantity and quality.

Talisker Resources is looking to ramp up gold production at its historic Bralorne mine in British Columbia. Higher output, a key permit application expected in January 2027, and further drilling to confirm its gold resources could strengthen the project's long-term prospects and help the company generate more revenue.

K2 Gold (TSXV: KTO) enters 2027 with an opportunity to demonstrate the potential of its Mojave gold project in California after years of waiting for permission to drill.

The company received federal drilling approval in April 2026, ending a review process of roughly three and a half years that had delayed exploration.

Early drilling has identified high-grade gold close to the surface, an encouraging sign because shallow deposits can sometimes be developed into relatively inexpensive open-pit mines. Recent holes have returned results such as 39.62 metres grading 5.35 grams of gold per tonne.

K2 also has more than C$27 million in cash as of August, providing funds to continue exploration without immediately returning to investors for additional financing.

The central question is whether the promising early results represent isolated pockets of high-grade gold or part of a much larger deposit.

Further drilling will help determine whether the property's two principal mineralized zones connect and whether enough gold exists to justify more advanced studies.

K2 Gold is looking to build on promising early drilling results at its Mojave project in California. Results from the rest of its 14,000-metre drill program could reveal a much larger gold deposit and move the company closer to its first resource estimate, potentially attracting greater investor interest.

CEM launches 2027 with the 13th Annual AlphaNorth Capital Event, January 22–24, at the Grand Hyatt Baha Mar in Nassau, Bahamas.

AlphaNorth connects emerging public companies in mining, technology, biotech, and special situations with influential investors through exclusive, pre-scheduled one-on-one meetings designed to uncover investment opportunities, forge valuable connections, and fuel growth.

Three days. Powerful connections. Fresh investment opportunities.

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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