Gold stocks tend to be considered the defensive backbone of a portfolio. But which companies are actually generating shareholder value today? In a time of rising inflation, geopolitical tensions and diversification towards copper, miners are becoming much more than just a "bet on gold". In this analysis, we dissect the four biggest players - Barrick, Newmont, Agnico and Kinross - by profitability, valuation, growth potential and risk. If you're looking for a place to park capital with a view to real returns, this is the read for you.

What every investor should know:

• Barrick (GOLD) has one of the highest free cash flow yields in the industry - over 9%, and adds growth exposure to copper through the project Reko Diq in Pakistan.
• Kinross (KGC) surprises - despite its smaller scale, it delivers FCF yields over 10% and is under pressure from activist investors to improve returns on capital.
• Newmont (NEM) as the world's largest gold miner, offers stability and a strong dividend (~3.3%)albeit…