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Key Points

Precious metals have historically been seen as a hedge against geopolitical uncertainty and rising costs.

Mining stocks offer leveraged upside to rising precious metals prices but are also vulnerable in other ways.

Agnico Eagle Mines and Wheaton Precious Metals are better positioned if fuel costs remain elevated.

• 10 stocks we like better than Agnico Eagle Mines ›

Geopolitical tensions are heating up, and many around the world are turning to safe-haven investments, such as gold and silver. In recent years, central banks in China, India, and Turkey have been buying record amounts of gold as they seek to diversify away from U.S. dollars. Not only that, but precious metals have historically been viewed as a hedge against further inflation and rising budget deficits.

Two precious metals mining stocks that can also hedge against inflation are Agnico Eagle Mines (NYSE: AEM) and Wheaton Precious Metals (NYSE: WPM). These stocks benefit from rising precious metals prices and also have some insulation from the rise in fuel costs that traditionally hurt miners. Here's what investors need to know.

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Agnico and Wheaton are more insulated from rising fuel prices

Mining companies benefit from rising precious metals prices and can give investors a leveraged way to play those price increases. That's because they can sell their precious metals at higher prices while costs remain relatively fixed, translating into higher profit margins.

However, miners aren't immune to price shocks, and the recent Iran conflict and closure of the Strait of Hormuz have pushed oil prices higher. As a result, miners who rely heavily on diesel for their mining operations have seen their costs rise.

Agnico Eagle is an appealing miner with high-quality, low-cost mines in Canada, Finland, and Australia. Not only is it insulated from jurisdictional risks, but it also utilizes grid electricity from low- and zero-emissions sources rather than on-site diesel generators.

Its Kittilä Mine in Finland is the largest gold mine in Europe, and in 2023, it signed a clean electricity agreement, ensuring that 100% of the mine's electricity comes from renewable wind or nuclear sources. At its Abitibi Hub in Quebec, it is connected to the Quebec hydrogrid, providing cheap, clean industrial power. In places where it does have diesel-powered mines, it is aggressive in hedging, making it less vulnerable when oil prices spike.

Wheaton Precious Metals has even less exposure to fluctuating oil prices. That's because its bread and butter is streaming agreements, where it provides cash up front to a mining company in return for the miner agreeing to sell a fixed percentage of their future production to Wheaton at a predetermined, discounted price.

Wheaton has contractually defined costs per ounce averaging $650 for gold and $12.50 for silver through 2030, providing the company with upside from any further rises in precious metals while mitigating rising fuel and labor costs.

Two stocks to own if you believe inflation will persist

Geopolitical tensions worldwide are high, and rising budget deficits, supply shortages, and other pressures could contribute to persistent inflation in the coming years. With this much uncertainty ahead, it's no wonder investors are diversifying into precious metals to hedge against further inflation.

If you're optimistic on the long-term outlook for gold and silver prices, Agnico Eagle Mines and Wheaton Precious Metals are two top precious metals stocks that can be smart additions to your portfolio today.

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Courtney Carlsen has positions in Wheaton Precious Metals. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.