Is Wheaton Precious Metals Stock a Buy in April?

By Courtney Carlsen – Apr 15, 2026 at 3:55AM ESTKey PointsRising geopolitical tensions, increasing budget deficits, and central bank buying have driven the prices of gold and silver higher.

Wheaton Precious Metals' streaming business model gives it upside from rising prices while insulating it from rising costs. The company forecasts record production in 2026 and robust growth over the next several years.Over the past couple of years, precious metals have gone on a tear. In late January, gold reached $5,500 per ounce, while silver peaked at $121 per ounce. Precious metals prices surged as investors and central banks increased their holdings amid ongoing fears of geopolitical shocks and currency debasement. Precious metals have retreated from their highs earlier this year, but geopolitical uncertainty hasn't gone away. If you're bullish on the long-term prospects for gold and silver, Wheaton Precious Metals (WPM +2.13%) is one stock to consider buying in April. Here's why. Image source: Getty Images.

Wheaton Precious Metals' business model is largely insulated from rising costs Investing in precious metals stocks can be risky. That's because miners have to manage significant volatility in the spot prices of gold and silver, but they are also vulnerable on the expense side. Mining requires significant energy and labor costs, and recent increases in fuel prices have weighed on those in the industry.

Wheaton Precious Metals is a precious metals streaming company, meaning it provides up-front capital to miners in exchange for the right to purchase some portion of the mine's future production at a fixed, low cost. As a result, the company is not exposed to rising labor, fuel, and equipment costs that can plague traditional miners. ExpandNYSE: WPMWheaton Precious MetalsToday's Change(2.13%) $3.08Current Price$147.91Key Data PointsMarket Cap$67BDay's Range$146.26 - $149.2852wk Range$75.42 - $165.76Volume135KAvg Vol2.6MGross Margin72.17%Dividend Yield0.47% Investing in Wheaton gives investors leverage to rising precious metal prices, as its business model magnifies earnings when spot gold and silver prices go up. The company has contractually defined costs per ounce averaging $650 for gold and $12.50 for silver through 2030, providing it with predictable fixed costs. Meanwhile, 80% of its production is from mines operating in the lowest half of their cost curves. Having fixed costs is a huge advantage, especially amid the current backdrop of the ongoing war in Iran and the closure of the Strait of Hormuz. Fuel can be a significant expense for miners, and as fuel prices rise, miners will see that eat into their profit margins. Wheaton's precious metal production is growing rapidly Wheaton's total production in the fourth quarter was 205,000 gold equivalent ounces (GEOs), and management projects this production will reach 1.2 million GEOs by 2030, a 50% increase from current levels. Looking to 2026, the company expects to produce between 860,000 and 940,000 GEOs. One driver of this increase was its agreement with BHP to acquire BHP's 33.75% stake in silver production at the Antamina Mine in Peru. Wheaton now has a 67.5% stake in assets in this region, which will add 70,000 GEOs annually starting this month. One thing to keep in mind is that Wheaton's earnings could plummet if spot prices of gold and silver decline meaningfully from here. If you think the bull run in precious metals is over, it's best to avoid the stock. However, if you are bullish on future gold and silver prices, particularly as geopolitical tensions escalate and budget deficits widen, investing in Wheaton Precious Metals is a potentially smart way to capitalize on this.Read NextApr 6, 2026 •By Matt DiLalloIs Wheaton Precious Metals a Good Inflation Hedge?Mar 31, 2026 •By Robin Hartill, CFPBest Cobalt Stocks in March 2026 and How to Invest in ThemApr 15, 2026 •By Sean WilliamsBargain Alert: I More Than Doubled My Position in a Brand-Name Turnaround Stock That's Trading at a 37% Discount to Its Book ValueApr 14, 2026 •By Joe TenebrusoWhy Bloom Energy Stock Surged TodayApr 14, 2026 •By Leo SunThese 2 Dividend Kings Are My Top Buys for April 2026Apr 15, 2026 •By Bram BerkowitzIf You're Building a Retirement Portfolio, This Financial Stock Belongs in ItAbout 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 MentionedWheaton Precious MetalsNYSE: WPM$147.69(+1.98%)+$2.86*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.