2 Mining Stocks to Buy in 2026 to Hedge Inflation

By Courtney Carlsen – Apr 15, 2026 at 2:05PM ESTKey PointsPrecious 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. 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 (AEM 2.47%) and Wheaton Precious Metals (WPM +0.12%). 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. Image source: Getty Images. 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. ExpandNYSE: AEMAgnico Eagle MinesToday's Change(-2.47%) $-5.44Current Price$214.50Key Data PointsMarket Cap$110BDay's Range$213.66 - $220.1452wk Range$103.38 - $255.24Volume52KAvg Vol2.9MGross Margin56.39%Dividend Yield0.75% 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. ExpandNYSE: WPMWheaton Precious MetalsToday's Change(0.12%) $0.17Current Price$147.87Key Data PointsMarket Cap$67BDay's Range$144.61 - $149.3052wk Range$75.42 - $165.76Volume49KAvg Vol2.6MGross Margin72.17%Dividend Yield0.47% 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.Read NextApr 7, 2026 •By Lyle DalyThe Largest Materials Companies by Market Cap in April 2026Mar 18, 2026 •By James Halley2 Mining Stocks to Buy in MarchApr 15, 2026 •By Rich SmithWhy Tesla Stock Popped on WednesdayApr 15, 2026 •By Leo Sun3 Stocks With Monster Potential to Hold Through the Next Decade of UncertaintyApr 15, 2026 •By Leo SunIf You Buy Fluor (FLR) Stock Today, Here's the Bull Case for the Next 5 YearsApr 15, 2026 •By Jack DelaneyWhat to Look for Before Buying a Pharma StockAbout the AuthorCourtney Carlsen is a contributing Motley Fool stock market analyst covering financial, real estate, industrial, and energy stocks.

Before The Motley Fool, Courtney was a lead senior auditor for the State of Florida. He holds a master’s degree in accounting from the University of Florida.TMFCourtCarlsenStocks MentionedAgnico Eagle MinesNYSE: AEM$214.50(-2.47%)-$5.44Wheaton Precious MetalsNYSE: WPM$147.75(+0.04%)+$0.06*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.