With Peter Schiff warning about stagflation, soaring U.S. debt and pressure on the dollar, many investors are wondering how to protect their portfolios if confidence in U.S. assets weakens. That fear of being caught offside is real. This article looks at three stocks from a gold focused physical and mining ETF screener that are exposed to these themes and could help you think through your own approach to inflation and currency risk.

The stocks in the article below are only a sample, and the full screen surfaced 155 more companies and funds with equally compelling gold and precious metals narratives that are not covered here. To go deeper into this theme, head straight into the Gold-Focused Physical and Mining ETFs as Dollar and Inflation Hedges screener to identify, analyze and narrow down your highest conviction ideas.

Royal Gold (RGLD)

Royal Gold gives you exposure to gold and other precious metals through streams and royalties rather than running mines. This can fit neatly with a portfolio tilt toward physical and mining assets as potential hedges against inflation and dollar weakness. The business is heavily weighted to streaming income, with about US$1.1b from streams and US$481 million from royalties, so most revenue is tied to contracted interests in producing or developing projects worldwide. Royal Gold is a large player in this space, with a market value of roughly US$21.0b.

Royal Gold may appeal to investors looking for gold exposure without the day to day risks of operating mines, especially at a time when inflation, debt and currency conditions are in focus. The company earns most of its money from long term contracts on producing and developing assets, which can support high margins and relatively stable cash generation, and recent acquisitions have expanded its reach into both gold and copper linked projects. However, it is important to weigh factors such as concentrated exposure to gold prices, the use of debt to fund growth and the valuation the stock trades on. For investors who care about how a royalty model behaves when gold markets change, this is a story that may be of interest.

Royal Gold’s royalty engine could be masking an even bigger story for inflation focused investors. Get the full picture on contract quality, balance sheet strength and hidden pressure points in the analysis report for Royal Gold

Build your own inflation and currency hedge shortlist

Royal Gold and the other two stocks in this article all came out of a single screener, which shows what is possible when you dial in the right filters for inflation and currency risk. Use our flexible Screener to combine your preferred metrics, or start with one of our curated Investing Ideas for ready made shortlists.

Hochschild Mining (LSE:HOC)

Hochschild Mining gives you direct exposure to gold and silver production, which ties closely to the idea of using monetary metals as a potential hedge against inflation and currency stress. The group earns most of its revenue from its Inmaculada underground mine in Peru at about $668 million and the San Jose operation at about $437 million, with Mara Rosa adding around $78 million and other activities a small top up. The stock has a market value of roughly £3.1 billion.

If you are looking at gold and silver as potential protection against dollar and debt worries, Hochschild Mining brings a mix of producing assets, a long operating history and analyst expectations for strong earnings growth, but with real execution and political risk attached. Production has softened through the first half of 2026, while projects such as Mara Rosa and Royropata need smooth delivery, and the company still carries higher risk external borrowings, so operational slips or cost pressure could matter. Analysts remain constructive, and upcoming results could be important in showing whether high returns on equity and cash generation can keep supporting the investment case in precious metals exposure.

Hochschild Mining’s earnings story is still forming, with producing mines and new projects pulling in different directions. Get the full analyst forecasts for Hochschild Mining and the one risk that could flip the script suddenly.

OR Royalties (TSX:OR)

OR Royalties is a Montreal based royalty and streaming company that gives you asset light exposure to gold and other precious metals, which lines up cleanly with an inflation and dollar hedge approach built around metal prices rather than mine operations. It generates about $363 million from acquiring and managing royalties, streams and other interests across a global portfolio, anchored by a 3% to 5% net smelter return royalty on the Canadian Malartic complex in Canada. The stock has a market value of roughly CA$9.0b.

OR Royalties may appeal if you want inflation hedge style exposure to gold prices without running mines, backed by high margin royalties from Canadian Malartic and a growing set of deals across Africa, Australia and the Americas. The company has been growing revenue and cash flow through new acquisitions and higher gold equivalent deliveries, returns cash via a rising dividend and buybacks, and analysts still see room between the current share price and their fair value estimates. The catch is that results are heavily tied to precious metal prices and to partners delivering on big projects like Odyssey and Namdini, so setbacks at a few key mines or a weaker gold price could change the picture quickly.

OR Royalties’ high margin gold streams and global deals suggest a bigger story that many investors may be glossing over. Read the full narrative for OR Royalties and see why one contract detail could change the whole thesis.

Seeking Alternatives Before The Crowd Moves

Fresh themes move fast, and the best entries often appear just as momentum builds. Do not get caught watching while others act on under the radar ideas. Get in early.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.