A Top Gold Stock to Buy Right Now

Gold prices are soaring this year and they've recently reached the $2,000 U.S. per ounce mark for the first time in history. And with the COVID-19 pandemic still weighing on global economies and countries enduring recessions as a result of it, there's potential for the price of gold to continue climbing higher as investors looking for safer places to put their money.

That could make it an opportune time for investors to start putting some gold stocks in their portfolio. One option is Kirkland Lake Gold (TSX:KL)(NYSE:KL). Shares of the Ontario-based gold miner are up more than 25% since the start of the year.

The company's coming off a strong second quarter where it recorded sales of $581 million U.S, more than double the prior-year period's tally of $281.3 million U.S. Net earnings of $150.2 million U.S. were also up 44% year over year. It was a solid performance and part of the reason for the strong quarter was that the company's average realized price per ounce sold increased from $1,320 U.S. a year ago to $1,716 U.S.. And the higher that gold prices go, the stronger Kirkland's numbers will look.

The stock's currently trading at around 18 times its earnings and three times its book value. It's not an expensive buy given its impressive sales numbers. And with the bullishness surrounding gold right now, it's not a surprise that Kirkland's stock is trading at all-time highs.

The company raised its dividend payments earlier this year and shareholders are now earning $0.125 U.S. every quarter. On an annual basis, that equates to a yield of around 0.93%.