Gold Above $4,100: Best ASX Gold Stocks to Buy Now

Gold has powered through $4,141 per ounce, marking a stunning 61% gain over the past year and creating one of the strongest profit environments gold miners have seen in decades. For investors watching ASX gold stocks, this price level represents a watershed moment. The question isn’t whether producers are profitable anymore, but rather which ones are positioned to generate the most significant free cash flow at these elevated levels.
Here’s the thing: not all gold producers benefit equally from high prices. We believe low-cost miners with strong balance sheets are now operating with exceptional margins, while the real opportunity lies in identifying which companies will actually convert these windfall prices into shareholder returns rather than just banking cash.

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Why ASX Gold Miners Are Cashing In

Gold’s climb to $4,141/oz has unlocked exceptional margins for ASX-listed producers, especially those with all-in sustaining costs between $1,600 and $1,800/oz. At these levels, nearly every $100 increase in the gold price translates directly into free cash flow, allowing even mid-tier miners, once marginal at $2,500/oz, to now generate robust profits. This margin expansion is enabling companies to simultaneously invest in growth, reward shareholders, and strengthen their balance sheets without compromise.
Adding to the upside is a favourable currency dynamic: the strong US dollar gold price, paired with a relatively steady Australian dollar, is amplifying AUD-denominated revenues and giving local miners a competitive edge over global peers. While a price correction remains possible if inflation cools or geopolitical tensions ease, ongoing central bank accumulation and anticipated rate cuts suggest gold could comfortably hold above $3,800/oz through 2025.

Three ASX Gold Producers Best Positioned at Current Prices

Northern Star Resources (ASX: NST)

Northern Star stands out as Australia’s production powerhouse, operating major mining centres in Western Australia’s Kalgoorlie and Yandal regions, plus the Pogo mine in Alaska. This geographic diversification matters because it reduces single-mine risk and provides operational flexibility; if one region faces issues, production continues elsewhere.

What makes NST particularly attractive at current gold levels:

• Scale advantage: Market cap exceeding $35 billion provides liquidity and index inclusion
• Free cash flow phase: Bell Potter maintains a buy rating, citing NST entering a “cash harvesting phase” with 21% upside potential
• Capital return potential: Strong balance sheet positions the company to potentially increase dividends or initiate buybacks if prices hold above $4,000/oz

We believe NST offers the best risk-adjusted exposure among ASX gold producers for investors prioritising stability and scale.

Regis Resources (ASX: RRL)

Regis represents what we see as the sweet spot: mid-tier exposure with proven management willing to share windfall profits. The company reported solid Q1 production of 90,400 ounces while maintaining $675 million in cash reserves and remaining debt-free.

Key strengths that matter at current prices:

• Shareholder-friendly: Declared fully franked 5-cent final dividend, demonstrating management’s commitment to capital returns
• Financial flexibility: Debt-free status with strong cash means growth can be funded without dilution
• Growth optionality: 30% stake in Tropicana Gold Mine plus proposed McPhillamys project provides production upside

In our view, Regis is positioned to both increase dividends and fund development, making it particularly attractive for investors seeking income with growth.

Bellevue Gold (ASX: BGL)

For investors seeking leveraged exposure to sustained high gold prices, Bellevue offers a compelling development story with one of Australia’s highest-grade projects at 9.9 grammes per tonne across a 3.1 million ounce resource.

What differentiates Bellevue in today’s market:

• Premium grade: At $4,100/oz gold, high-grade ounces become extraordinarily valuable on a per-ounce basis
• ESG positioning: Achieved net-zero Scope 1 and 2 emissions for H1 CY25, appealing to sustainability-focused investors
• Recent validation: Broker upgrades suggest growing confidence in development execution

The risk here is development timing and execution, but we believe the grade advantage justifies the higher risk profile for growth-oriented portfolios.

The Investor’s Takeaway

Gold above $4,100/oz creates exceptional profit potential for ASX producers, but this suggests the opportunity favours selective positioning rather than broad sector exposure. We believe NST and RRL offer the most compelling risk-reward for investors prioritising immediate cash generation, while BGL provides higher-risk development leverage for growth-focused portfolios.
The key concern is valuation. After a 61% surge, much of the good news may already be reflected in share prices. This indicates conservative investors might consider dollar-cost averaging rather than lump-sum buying. For those already holding gold stocks, current levels offer an opportunity to review position sizing and potentially rebalance.

Bottom line: The fundamental case for gold remains intact with central bank buying and monetary policy support, but we’d favour quality over momentum at these levels. NST offers stability, RRL delivers income with growth, and BGL provides leveraged exposure; choose based on your risk tolerance, not just gold’s price momentum.