The massive 2020 gold rally peaked in early August and has trended sideways to down for the past six weeks, but that may be changing. According to its website, the giant SPDR Gold Shares (NYSEARCA: GLD) exchange-traded fund (ETF), which actually holds physical gold, added 32 tons of the precious metal since last Friday. Assuming that this huge number is accurate, the increase more than wipes out the 20 tons of outflow that occurred since gold’s August 6 peak.

Many on Wall Street see this as a very important development, as demand from investors has driven the huge rally in gold this year, and a return of inflows to the fund after six weeks of outflows could mean a resumption in the rally. Gold is a precious metal commodity, and many investors want to hold physical gold as a hedge against an overall decline in economic conditions, as well as against inflation. Some may use it as a method of portfolio diversification.

Given the impending election, the ongoing social disturbances across the country, issues with China and a host of other reasons, it makes sense for investors to take advantage of the recent dip and add exposure to the sector.

We screened the BofA Securities research universe looking for gold-mining stocks rated Buy. The following five have pulled back nicely from August highs and are offering solid entry points. It is important to remember, though, that no single analyst report should be used as a sole basis for any buying or selling decision.

Agnico Eagle Mines

This is one of Wall Street’s most preferred North American gold producers. Agnico Eagle Mines Ltd. (NYSE: AEM) is a senior Canadian gold mining company that has produced precious metals since 1957. Its eight mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these regions, as well as in the United States and Sweden.

The company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983, and it reported a solid second-quarter earnings beat with production higher and costs lower, driven by LaRonde. Commercial production of 383,000 ounces was 6% higher.

Shareholders receive a 1.01% dividend. The BofA Securities price target for the shares is $90, and the Wall Street consensus target is $85.93. Agnico Eagle Mines stock closed Tuesday’s trading at $78.94 per share.

B2Gold

This is a small-cap gold stock for aggressive investors looking for sector exposure. B2Gold Corp. (NYSE: BTG) is a global, growth-oriented mid-tier gold producer whose primary assets include gold mines located in Nicaragua (La Libertad and El Limon), the Philippines (Masbate) and Namibia (Otjikoto) and Mali (Fekola).

In 2020, B2Gold continued exploration drilling near Fekola and the Anaconda area with an $18 million program in Mali that focused on exploration at the Cardinal and FMZ zones near the Fekola deposit, which demonstrated potential for additional gold deposits within 3 kilometers of the Fekola mill, expanding the mineral resources within the Anaconda area, including the Mamba zone, and further testing the sulphide zones.

The 2020 and 2021 full-year forecasted earnings estimates for B2Gold recently have been increased, by a penny per share to $0.50 for the former and by two cents to $0.52 per share for the latter.

Shareholders receive a 2.42% dividend. The BofA Securities has an $8.50 price target, above the $7.50 consensus figure. The last B2Gold stock trade on Tuesday was reported at $6.62.

Barrick Gold

This is another top company in the sector and, despite the recent massive Buffett purchase, it is still offering a solid entry point. Barrick Gold Corp. (NYSE: GOLD) and Randgold Resources completed their merger on January 1, 2019. This created the world’s largest gold company in terms of production, reserves and market capitalization.

Barrick Gold holds a 50% interest in the Veladero mine located in the San Juan Province of Argentina; 50% interest in the KCGM, a gold mine located in Australia; 95% interest in Porgera, a gold mine located in Papua New Guinea; 50% interest in the Zalda­var, a copper mine located in Chile; and 50% interest in the Jabal Sayid, a copper mine located in Saudi Arabia.

Barrick also owns gold mines and exploration properties in Africa and gold projects located in South America and North America. It also has a strategic cooperation agreement with Shandong Gold Group.

Second-quarter earnings beat consensus estimates, and the quarterly dividend was hiked 14% to $0.08 a share. Barrick Gold maintained 2020 guidance of 4.6 million to 5.0 million ounces and guided second-half gold output to be in line with the first half of 2.4 million ounces.

After the recent dividend increase, Barrick Gold stock investors receive a 1.13% yield. The $36 BofA Securities price target compares with the $33.06 consensus target and Thursday’s close at $28.77.

Kirkland Lake Gold

This off-the-radar company offers investors very solid upside potential. Kirkland Lake Gold Ltd. (NYSE: KL) is a Canadian domiciled gold producer with three cornerstone operating mines located in Canada and Australia: Detour Lake, Fosterville and Macassa. It also owns and operates the Holt Complex, which includes three wholly owned mines and several assets in the Northern Territory of Australia.

In 2019, the company produced 974,615 ounces of gold at operating cash cost and all-in sustaining cost of $284 and $564 an ounce. That compares nicely with the current spot price of $1,900.

Its most recent earnings beat was due to lower taxes and depreciation. For 2020, Kirkland maintained its operating guidance pointing to higher gold output in the second half of 2020 and costs that were better than plan. The analysts feel the company is trading at a sizable discount to the peer gold producers, a level too excessive given its low costs and capital allocation.

Shareholders receive a 1.02% dividend. BofA Securities have set a large $64.75 price target. No consensus target was available, but Tuesday’s close was $49.02 per share.

Wheaton Precious Metals

This precious metals royalty stock makes good sense for more conservative accounts looking to have exposure to the sector. Wheaton Precious Metals Corp. (NYSE: WPM) is a Canadian precious metals streaming company with approximately 60% of its revenues from the sale of silver and 40% from gold.

Under the terms of long-term contracts, the company purchases silver and gold from a variety of mines, including Goldcorp’s Penasquito mine in Mexico, Vale’s Salobo mine in Brazil, the Lundin Mining Zinkgruvan mine in Sweden, and Glencore’s Antamina and Yauliyacu mines in Peru, then sells the silver and gold into the open market.

Shareholders receive a 0.80% dividend. The BofA Securities price target is a whopping $64.50. The consensus target is set $57.31, and Wheaton Precious Metals stock closed at $49.99 on Tuesday.

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Proper asset allocation should always include at least a single-digit percentage holding of precious metals like gold and silver. Not only do they hedge inflation over the long term, but they can really help if the market does go into correction or bear market mode, as they tend to trade inverse to markets.

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