Ultime notizie per VanEck Gold Miners ETF (ARCA:GDX)

VanEck Gold Miners ETF

VanEck Vectors Gold Miners ETF

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The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.

Newmont Corp

Agnico Eagle Mines Ltd

Gold Fields Ltd

Zijin Mining Group Co Ltd

Northern Star Resources Ltd

Anglogold Ashanti Plc

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MicroSectors Gold Miners -3X Inverse Leveraged ETNs

VanEck Junior Gold Miners ETF

GOLDEX RES CORP by Goldex Resources Corp.

Goldex Resources Corp

MicroSectors Gold Miners 3X Leveraged ETN

Tidal Trust II YieldMax Gold Miners Option Income Strategy ETF

Gold has long been a cornerstone of personal finance strategies, prized for its role as a hedge against inflation and economic uncertainty. Investors have two primary avenues to gain exposure to gold: purchasing physical gold or investing in gold exchange-traded funds. 
Each approach offers unique advantages and drawbacks, making the right choice dependent on financial goals, risk tolerance and <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44836846/wall-streets-mood-turns-bleak-as-global-recession-fears-mount-fund-managers-slash-us-exposure">investment horizon.</a>
Physical Gold: Physical gold refers to tangible assets, such as gold bars, coins and jewelry. An investment in physical gold is appealing to some investors as it is independent of banks or financial institutions with no digital records or intermediaries involved. Gold's intrinsic value and historical role as a store of wealth also make it appealing for generational wealth transfer.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/global/25/04/44841158/hongkong-post-stops-us-package-service-china-e-commerce-stocks-drop">Hongkong Post Stops US Package Service, China E-Commerce Stocks Drop&nbsp;</a>
"Amidst the recent stock market turbulence, we're seeing renewed interest in tangible, physical assets that exist outside traditional financial structures," Tim Schmidt, the founder of Gold IRA Custodians,<a href="https://www.cnbc.com/2025/04/11/is-this-a-good-time-to-buy-gold-experts-weigh-in.html"> told </a>CNBC.&nbsp;
However, the costs of secure storage and insurance can be high and the market for physical gold can be relatively illiquid with transactions sometimes incurring delays before a buyer or seller can be found. Also, physical gold does not generate interest or dividends so returns can only be realized when the gold is sold.&nbsp;
Gold ETFs: Investing in a gold-focused <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44836076/gold-fund-inflows-smash-record-with-80-billion-in-2025-these-etfs-are-riding-the-3300-surge">exchange-traded fund </a>can provide investors with exposure to gold's price movements without the need to own or store the metal directly.&nbsp;
"For most [investors], I would say a gold bullion-backed ETF makes the most sense," Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute, told CNBC.
Both the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>), are backed by physical gold bullion held in secure vaults, and each share represents a specific amount of gold. 
Investors can also find exposure to gold through the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), tracking the performance of the NYSE Arca Gold Miners Index, and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) which focuses on smaller, early-stage gold miners, offering higher growth potential but increased volatility. 
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Personal Finance

Gold Hits New Record Highs As Safe-Haven Demand Climbs: 2 Ways To Invest

Wall Street ended the week on a strong note, with major indices posting their best weekly performance in years, as traders appeared confident that the escalation in the U.S.-China trade war — which led to triple-digit tariff increases on both sides — would be resolved in the near term.
Not even a shocking University of Michigan survey on consumer sentiment — revealing the most pronounced stagflation concerns in decades — nor fears of stress in the Treasury market were enough to curb the surge in dip-buying activity that emerged in the final <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">day of the week.</a>
<h1 class="wp-block-heading">Wall Street Rallies, Treasury Stress Fades</h1>
The S&amp;P 500 index, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed at 5,363, up 1.8% on the day and 5.7% for the week, marking its best weekly performance since October 2023.
From its lows earlier in the week, the index jumped 11% and now sits just four percentage points below the level it held prior to President Donald Trump's tariff announcement on April 2.
The Nasdaq 100 index, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), also rose 1.8% on Friday, bringing weekly gains to 7.5% — its strongest performance since November 2022.
Since Monday's lows, tech stocks have surged 13% and are now about three percentage points below pre-tariff levels.
The Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), rose 1.6%, extending weekly gains to 4.9%, the best week for blue chips since October 2023.
From the week's lows, the Dow has gained about 10%, and it currently trades nearly five percentage points below the level prior to the tariff news.
Materials were the best-performing sector on Friday, with the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) closing 3.5% higher, buoyed by strong rallies in mining stocks.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) jumped 5.7% on the day and nearly 20% for the week, reaching levels last seen in 2012, as gold prices continued to break record highs.
Tensions in the Treasury market, which had triggered concern in Washington earlier in the day as the 30-year yield hit 5% and the 10-year surpassed 4.5%, eased by the close. The 30-year yield retreated sharply to 4.85%, while the 10-year settled at 4.47%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) ended in the green, up 0.54%.
Oil prices rose 2.1% to $61.50 a barrel, and copper climbed 4.8%, signaling easing fears about global economic conditions.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also reflected the improved risk sentiment, rising more than 5% to $83,850.
<h1 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>)</td>
<td>+9.74%</td>
</tr>
<tr>
<td>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>+7.67%</td>
</tr>
<tr>
<td>Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>)</td>
<td>+7.63%</td>
</tr>
<tr>
<td>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>)</td>
<td>+6.89%</td>
</tr>
<tr>
<td>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>)</td>
<td>+6.42%</td>
</tr>
</tbody>
</table>
</figure>
<h1 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Performers</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>)</td>
<td>+10.02%</td>
</tr>
<tr>
<td>Fastenal Co.</td>
<td>+6.41%</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>+5.49%</td>
</tr>
<tr>
<td>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td>
<td>+5.20%</td>
</tr>
<tr>
<td>Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>)</td>
<td>+4.83%</td>
</tr>
</tbody>
</table>
</figure>
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</ul>
Photo: <a href="https://www.shutterstock.com/g/BOY+Suttiphong">Sutthiphong Chandaeng</a> via Shutterstock

Equities

Government

Large Cap

Macro Economic Events

Regulations

Sector ETFs

Bonds

Broad U.S. Equity ETFs

Treasuries

Econ #s

Economics

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$BTC

AMAT

AVGO

SPDR Dow Jones Industrial Average ETF Trust

FAST

MPWR

MRNA

MSTR

iShares Trust Barclays 20+ Year Treasury Bond Fund

Stocks Notch Best Week In Years As Dip Buying On Tariff Crisis Gathers Momentum

Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) received an upgrade from UBS from Neutral to Buy, setting a 12-month price target of $60 per share. The bank cited a significantly more favorable <a href="https://www.benzinga.com/topic/gold">gold market outlook</a> and the company's improved capital return potential following strategic divestments.
UBS sees gold trading at $3,500 per ounce in 2026, up 23% from its prior estimates. The bank says the macro environment closely mirrors previous periods of financial turmoil, such as the global financial crisis and the COVID-19 pandemic, when gold outperformed following initial selling pressure. Thus, UBS sees gold as increasingly attractive in a world of heightened geopolitical and economic uncertainty.
Newmont, the world's largest gold producer, has underperformed the spot price and the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) by roughly 40% over the past five years, leading to a valuation discount.
UBS sees 2025 production guidance of 5.6 million ounces as conservative and believes improving execution could positively surprise the market. The bank's analysts highlighted the <a href="https://www.benzinga.com/news/asset-sales/25/01/43250305/newmont-completes-425-million-asset-sale-focuses-on-british-columbia-growth">post-Newcrest merger divestment plan</a>, which is expected to generate $3.2 billion in cash by Q2 2025.
UBS estimates that $3 billion will be returned to shareholders via buybacks in 2025, creating a compelling high single-digit distribution yield, particularly as the company moves below its $5 billion net debt target in the first half of 2025.
However, operational challenges remain. Newmont has missed production and cost guidance for five consecutive years and its sprawling portfolio across nine countries adds complexity.
Although welcoming Newmont's focus on top assets, UBS sees the "rightsized" gold miners producing 1-2 million ounces annually with 3-5 Tier 1 assets and 1-2 growth projects in the current environment. Newmont's 7.5 million ounces over 11 assets far exceed that, as its efficient management and sustained reserve growth become increasingly complex.
Still, UBS sees strong free cash flow (10% yield in 2026) and potential for additional projects such as Red Chris in British Columbia, although large-scale capex is more likely in 2027–2028. While Newmont has a mixed operational track record, the bank argues that modest improvements in costs or production—if achieved—would represent positive surprises, given conservative market assumptions.
Price Watch: As of 3 PM ET, Newmont was the best-performing S&amp;P 500 stock, rising 9% to $55.53.
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Newmont Soars With A New $60 Price Target, Leads S&P 500 Higher

As tensions in geopolitics rise and global markets seesaw, investors are flocking to gold — not in bullion form, but through <a href="https://www.benzinga.com/etfs">ETFs that provide hassle-free access</a> without storage woes. 
As <a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44748769/gold-fever-grips-wall-street-these-etfs-are-striking-it-rich">gold prices reach 18-month highs</a> and uncertainty lingers thickly over U.S.-China trade relations, gold-backed ETFs are witnessing a record high demand.
The gold mania hasn&#8217;t been confined to the precious metal itself. Gold miners are also getting in on the action. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) zoomed to its best level since 2012, surging 6.11% at last check Friday. 
Largest holding in the fund, Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) is up more than 9% today. It jumped 25% this week alone, — its most optimistic weekly gain in 1998 — as investor demand expanded beyond bullion to the miners that dig it.
A number of other gold miner ETFs also showed impressive performances for the day:
<ul>
<li>iShares MSCI Global Gold Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RING#NASDAQ">RING</a>) took the lead with a 6.39% increase at mid-day.</li>
<li>Sprott Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) closely followed with a 5.87% increase.</li>
<li>Global X Gold Explorers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOEX#NYSE">GOEX</a>), which invests in exploration-oriented miners, went up 4.75%.</li>
<li>VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>), which invests in smaller-cap gold miners, went up 5.13%.</li>
</ul>
In March alone, physically backed gold ETFs across the world collected $8.6 billion in inflows, the World Gold Council reported. That brought first-quarter inflows to $21 billion — the second-largest on record, behind only the frenzied second quarter of 2020 at the pandemic&#8217;s peak.
North American investors spearheaded the rush, contributing $12.9 billion—or about 76% of the quarter&#8217;s total. The action is part of a wider flight to safety as equity and bond markets totter in the face of renewed volatility.
The renewed gold rush follows just days after President Donald Trump imposed sweeping tariffs on 60 nations. 
Some countries were granted a 90-day respite — the EU among them. But China was struck with a 125% tariff increase. Beijing&#8217;s retaliatory move with an 84% tariff renewed the threat of an all-out U.S.-China trade war. While markets faltered, gold rose 3.3% on Wednesday and another 1.6% on Thursday, rising to within $50 of its historic high. Spot gold last traded at $3,117.15 an ounce in London.
Even a stunning rebound in equities hasn&#8217;t dimmed the yellow metal&#8217;s sheen — the S&amp;P 500 surged almost 10% on hopes for tariff relief. Yet, investors continue to hedge with gold as they prepare for more economic uncertainty and potential Federal Reserve intervention. A falling dollar and growing expectations for rate cuts only fuel the momentum.
The widespread surge in large-cap, junior, and exploration-centric gold mining ETFs highlights investor belief in depth within the precious metals sector. With volatility emerging as the new standard, physical gold and its equities-based counterparts are retaking their strategic safe-haven roles.
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Image: Shutterstock

GOEX

RING

SGDM

Gold Miners Go Parabolic: GDX Hits 2012 Highs, Newmont Soars 9%

Wall Street regained momentum, reversing early-session losses and pushing major indexes into positive territory by midday trading in New York, as investors welcomed upbeat bank earnings and cooler-than-expected inflation data, while largely shrugging off trade war concerns after China raised tariffs on <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">U.S. goods to 125%.</a>
Producer prices cooled to 2.7% year-over-year in March, well below the 3.3% consensus, while the monthly figure declined by 0.4% — the steepest drop since 2023. 
A day earlier, consumer prices also eased more than expected. However, both inflation reports predate the implementation of new trade tariffs. The University of Michigan's latest consumer sentiment index fell sharply to 50.4, its lowest since June 2022 and below expectations. 
Meanwhile, inflation expectations surged: short-term projections hit their highest since 1990, and long-term views reached levels last seen in 1981, underscoring growing concerns over persistent price pressures. In the bond market, the 30-year Treasury yield retreated to 4.90% after briefly touching 4.99% during intraday trading. 
The dollar pared some losses, though it remained near its lowest level since April 2022, based on a trade-weighted index. 
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) topped first-quarter earnings estimates and issued upbeat guidance, lifting its shares nearly 3% and outpacing peers. 
Gold prices extended their rally, jumping 1.9% to a record $3,230 per ounce — poised for their strongest weekly gain since March 2020. The surge in bullion and silver — with the latter rising over 3% on Friday — sparked strong gains in mining stocks. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) soared 5.5% on Friday and nearly 20% for the week, heading for its highest level since December 2012. 
Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), the world's largest gold miner, jumped 9% on the day and 25% on the week, marking its best weekly performance since 1998.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,623.30</td>
<td>1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,333.87</td>
<td>1.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,056.72</td>
<td>1.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,838.01</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:40 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rallied 1.3% to $531.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 1.2% to $400.45.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;soared 1.5% to $452.67.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.4% to $182.36.</li>
<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 2.3%; the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 0.1%.</li>
</ul>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Newmont Corp. </td>
<td>+8.73%</td>
</tr>
<tr>
<td>Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>)</td>
<td>+7.55%</td>
</tr>
<tr>
<td>Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>)</td>
<td>+6.87%</td>
</tr>
<tr>
<td>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>)</td>
<td>+6.83%</td>
</tr>
<tr>
<td>The Mosaic Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>)</td>
<td>+6.12%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Worst 5 Losers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Charles River Laboratories International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>)</td>
<td>-6.25%</td>
</tr>
<tr>
<td>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td>
<td>-6.19%</td>
</tr>
<tr>
<td>SanDisk Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDK#NASDAQ">SNDK</a>)</td>
<td>-3.93%</td>
</tr>
<tr>
<td>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td>
<td>-3.23%</td>
</tr>
</tbody>
</table>
</figure>
Read now: 
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<li><a href="https://www.benzinga.com/25/04/44762609/producer-inflation-sharply-drops-yet-treasury-yields-rise-heres-why-a-fed-rate-cut-in-may-could-be-back-on-the-table">Inflation Cools, Yields Continue To Climb: Why Markets Aren&#8217;t Ruling Out A May Rate Cut</a></li>
</ul>
Photo: emin kuliyev/Shutterstock

NCLH

SNDK

Select Sector SPDR-Consumer Discretionary

Wall Street Rebounds, JPMorgan Jumps On Strong Q1 Earnings: What's Driving Markets Friday?

Mining may be down, but not out. The sector has been the worst hit since the <a href="https://www.benzinga.com/topic/tariffs">new U.S. tariffs</a> were announced.
JPMorgan analyst Dominic O'Kane says, "<a href="https://www.benzinga.com/markets/commodities">mining was best performing sector</a> exiting last 3 recessions," and he expects another sharp recovery to unfold after the slide.
With the sector already pricing in a worst-case scenario, the setup for a V-shaped bounce is taking shape.
<h2 class="wp-block-heading">Extreme Weakness, But What's Priced In?</h2>
Metals and mining have been the worst-performing sector since new U.S. tariffs were announced, shedding 13% just last week. That adds to an eye-watering 50% underperformance versus MSCI Europe since January 2023. But O'Kane argues the damage is largely in the price: mining stocks already discount a recession scenario, with commodity prices 15–20% below current levels—such as iron ore at $80/ton and copper at $7,500/ton.
Still, fair value estimates suggest that miners have a serious upside even if metal prices stay flat. JPMorgan sees more than 50% total shareholder return over a two-year horizon. Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), for example, offers >65% upside, Antofagasta plc (OTCPK: ANFGF) >50% upside and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) >65% upside from current price levels.
Read Also: <a href="https://www.benzinga.com/25/04/44682458/coppers-rout-sees-a-massive-intraday-price-swing-fundamentals-havent-changed-expert-says">Copper&#8217;s Rout Sees A Massive Intraday Price Swing, &#8216;Fundamentals Haven&#8217;t Changed,&#8217; Expert Says</a>
<h2 class="wp-block-heading">What Could Flip The Switch? China Stimulus In Q3</h2>
In the past three global downturns &#8211; 2009, 2016 and 2020 &#8211; miners bottomed ahead of the broader market and went on to outperform by roughly 100% in the next 12 months. This time, the catalyst could once again be China.
JPMorgan economists expect a RMB one trillion fiscal stimulus to be unveiled in the third quarter, which would align with the historical bottoming pattern of ~four months post-selloff.
In 2020, that timeline shrank to just one month as stimulus arrived fast and hard.
That said, this time is different: the expected 0.7% of GDP stimulus is far smaller than 2008's massive ~12% package, and no China property rescue is on the horizon.
Still, the setup remains favorable.
<h2 class="wp-block-heading">How To Play The Rebound: Stocks, ETFs</h2>
O'Kane's top stock picks are copper and gold-centric: Antofagasta and Lundin Mining Corp (OTCPK: LUNMF) lead his copper recommendations, while Rio Tinto offers a diversified bet with a high free cash flow yield.
On the gold side, Fresnillo plc (OTCPK: FSNPF), Hochschild plc (OTCPK: HCHDF) and Anglogold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) are rated Overweight.
Several ETFs offer targeted exposure to this thesis for US-based investors. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) and the iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) give broad access to copper and diversified miners.
Those seeking gold exposure can look to the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) or the iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>).
These vehicles provide exposure to many of the stocks JPMorgan favors and may be well-positioned for a recovery trade.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44442794/gold-etfs-face-off-gld-vs-gdx-as-they-steadily-climb-amid-bullion-boom">Gold ETFs Face Off: GLD Vs. GDX As They Steadily Climb Amid Bullion Boom</a></li>
</ul>
Photo: Shutterstock

Analyst Color

ANFGF

COPX

HCHDF

LUNMF

PICK

JPMorgan's Mining Stock Picks For A 'V-Shaped Recovery,' Analyst Sees 50% Returns Over Two Years

Gold&#8217;s meteoric rise<a href="https://www.benzinga.com/government/regulations/25/03/44434672/gold-nears-3100-mark-as-us-accelerates-repatriation-amid-tariff-fears-and-securing-domestic-reserves"> above the $3,000 per ounce</a> mark has greatly impacted <a href="https://www.benzinga.com/etfs">gold-linked ETFs</a>, which have given investors different channels to ride the bullion&#8217;s rise.​
SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): The gold price-tracking ETF has gained over 13% for the year. The fund offers exposure to the price of gold through physical bullion holdings, serving as protection against inflation and economic uncertainty. Also, with a beta of as low as 0.19, GLD appears more favorable among risk-averse investors.
VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>): Providing exposure to gold miners, GDX has fared better than physical gold ETFs, with a year-to-date gain of over 28%. The fund invests in a portfolio of leading gold mining stocks, offering leveraged exposure to the price action of gold. Leading gold mining names are present in this ETF, such as Agnico Eagle Mines Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) and Gold Fields Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>). However, investors should be cautious about potential equity risk based on company performance and overall market volatility. ​The beta of GDX at approximately one (0.95%) makes it better for investors with more risk tolerance.
Also Read: <a href="https://www.benzinga.com/25/03/44379640/looking-beyond-big-tech-where-to-find-diversification-without-sacrificing-growth">EXCLUSIVE: Expert Sees Gold At $3,500 As Rally Picks Up Steam, &#8216;Diversification Without Sacrificing Growth&#8217; She Says</a>
Key Drivers Behind The Gold Rally
There are indeed several factors that have made the historic spike in gold possible. Rising hostilities, such as the recent Israel-Gaza clashes, have amplified global uncertainties, prompting investors to seek safe-haven assets such as gold.
Again, concerns regarding the persistence of inflation and a potential stagflationary environment have seen gold gain popularity. The recent Federal Reserve comments to hold rates steady at the moment and reduce rates twice this year have raised hopes for interest rate reductions by the end of the year, which has sustained gold prices.
Furthermore, Priority Gold says that consistent buying by central banks has been behind the gold demand, which has driven its price gains.
In summary, gold&#8217;s record rally has delivered significant profits for mining and physical gold ETFs. Depending on personal tolerance for risk and investment objectives, one can choose between straight exposure using vehicles like GLD and leveraged exposure from mining ETFs like GDX.
Read Next:
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a></li>
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Photo: Shutterstock

Gold ETFs Face Off: GLD Vs. GDX As They Steadily Climb Amid Bullion Boom

Equinox Gold's (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/EQX#AMEX">EQX</a>) <a target="_blank" href="https://www.benzinga.com/news/legal/25/02/43938698/equinox-gold-buys-calibre-mining-for-1-8-billion-creating-canadas-second-largest-gold-producer" rel="noreferrer noopener">$1.8 billion acquisition</a> of Calibre Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXBMF#OTC">CXBMF</a>) has hit a hurdle. A top shareholder in both companies publicly opposed the plan, citing synergy concerns.
"We are not supportive of this transaction. We don't see any synergies between any of the companies' operations," Imaru Casanova, a portfolio manager at Van Eck, said <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-03-18/top-calibre-investor-opposes-equinox-s-1-8-billion-takeover-bid" rel="noreferrer noopener">per</a> Bloomberg's report on Tuesday.
"Both operate in the Americas, but in vastly different locations," she clarified, arguing that the deal dilutes Calibre's quality and potential, particularly as the company advances its flagship Valentine project in Canada.
According to Bloomberg, Van Eck is the largest Calibre shareholder, holding an 8.52% stake, and the second-largest Equinox shareholder, with an 8.86%.
Equinox announced the all-stock acquisition of Calibre last month as part of its strategy to consolidate gold assets and boost annual production. Equinox operates across Canada, Mexico, Brazil, and the United States, while Calibre's assets are primarily located in the United States and Nicaragua, Bloomberg writes.
Under the proposed structure, Calibre shareholders would receive shares of Equinox instead of cash at a 22% premium. The merger aims to create a mid-tier gold producer with a combined annual output of approximately 1.2 million ounces, placing it among the top 15 global producers.
The deal-making activity is unsurprising given the record-high gold prices, which have encouraged miners to expand. Gold broke the <a target="_blank" href="https://www.benzinga.com/25/03/44325928/gold-smashes-through-3000-mark-as-markets-brace-for-turbulence-and-fed-signals" rel="noreferrer noopener">milestone price of $3,000</a> per ounce last week, driven by central bank purchases and investor demand for safe-haven assets.
Jeffrey Gundlach, CEO of DoubleLine, recently predicted that gold could reach $4,000 per ounce, citing the sharp increase in central bank buying and ongoing geopolitical risks. Meanwhile, analysts at Macquarie have raised their price target to $3,500 per ounce by the third quarter of 2025.
With gold outperforming in 2024, Equinox reported a record year. It produced 621,893 ounces of gold and generated $1.5 billion in revenue, with an operating cash flow of $430 million. Looking ahead to 2025, Equinox expects to produce between 635,000 and 750,000 ounces, with an all-in-sustaining cost (AISC) between $1,455 and $1,550 per ounce.
Thus, even using the upper AISC estimate and assuming an average realized price of $3,000 per ounce, Equinox would generate around $1.1 billion in gross profit, maintaining last year's production level, making a good acquisition a lucrative proposal.
Still, given the lack of geographical proximity to unlock the synergies, Van Eck's opposition might shape investor sentiment, as approval requires support from two-thirds of both companies' shareholders.
Price Watch: VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up 32.81% year-to-date.
Read Next:
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand" target="_blank" rel="noreferrer noopener">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a></li>
</ul>
Image via Shutterstock

Guidance

CXBMF

GLDM

OUNZ

SGOL

Calibre Mining's Largest Shareholder Opposes Equinox's $1.8 Billion Acquisition

Gold hit a fresh record high on Thursday, with spot gold <a href="https://www.benzinga.com/25/03/44325928/gold-smashes-through-3000-mark-as-markets-brace-for-turbulence-and-fed-signals">crossing $3,000 per ounce</a>, up 1.8%. It has surged 13% in 2025, outperforming all major asset classes. On Friday, spot gold pared some of the gains and was trading at $2,982.73 as of 11:50 a.m. EST.
Needless to say, <a href="https://www.benzinga.com/etfs">gold ETFs</a>, which offer investors exposure to gold without owning the metal, have gained from this rally. Some top-performing gold ETFs include:
SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): Tracks spot gold prices closely and has an expense ratio of 0.4%. It has risen 12% year-to-date, illustrating the strong demand for gold as a safe-haven asset.
iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>): Follows the performance of the price of gold bullion. It carries an expense ratio of 0.25%. The ETF has climbed 12% YTD, closely mirroring gold's price action.
VanEck Vectors Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>): Focuses on gold mining stocks and carries an expense ratio of 0.5%. The ETF has gained 23.5% YTD, benefiting from rising gold prices and improved miner profitability.
VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>): Targets smaller, high-growth mining firms. The ETF has surged 22.8% YTD as speculative interest in smaller miners has picked up.
Also Read: <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44331708/billionaire-hedge-funder-adds-mining-stocks-before-gold-makes-record-highs-gold-will-go-up-paulson-says">Billionaire Hedge Funder Adds Mining Stocks Before Gold Makes Record-Highs: &#8216;Gold Will Go Up,&#8217; Paulson Says</a>
<h1 class="wp-block-heading">Surging Gold ETF Inflows</h1>
Investor interest in gold ETFs is on the rise. The World Gold Council <a href="https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2025/03">reported </a>recently that global physically-backed gold ETFs saw $9.4 billion in inflows in February, the highest since March 2022. This marks three consecutive months of strong inflows, pushing total assets under management (AUM) to $306 billion. Holdings have also risen to 3,353 tonnes, the highest since July 2023. 
North American flows rebounded after two months of outflows, while Asian demand remained strong and European inflows narrowed. 
<h1 class="wp-block-heading">Why Is Gold Soaring?</h1>
Simply, economic uncertainty and geopolitical risks are driving gold's rally.
President Donald Trump's administration has reignited trade war fears by threatening tariffs. The <a href="https://www.benzinga.com/government/regulations/25/03/44308014/gold-hits-record-highs-as-trade-war-fears-fuel-safe-haven-demand-mining-stocks-soar">Atlanta Federal Reserve's GDPNow model projects</a> a 2.4% contraction for the U.S. economy in the first quarter of 2025, and JPMorgan raised the probability of a recession to 40%.
A key unknown factor is also influencing gold prices. 
"A large and unknown player is driving gold's recent rally," said Ross Norman, CEO of Metals Daily Ltd., speculating that this could explain the unusual movements in gold prices.
Macquarie Group analysts are bullish, forecasting gold at $3,500 per ounce by the third quarter. "We view gold's price strength to date, and our expectation for it to continue, as primarily being driven by investors' and official institutions' greater willingness to pay for its lack of credit or counterparty risk," Macquarie wrote.
With trade tensions, recession fears and global uncertainty, demand for gold, and naturally, gold ETFs, is expected to stay strong. As price targets rise, investors seeking a hedge against volatility may find gold ETFs a compelling option.
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Photo: Shutterstock

Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand

Gold extended its rally on Friday, surging past the $3,000 mark in early trading, driven by escalating trade tensions, economic uncertainty, and expectations of a Federal Reserve rate cut.
Spot gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), traded at $3,004 per ounce at 7:30 a.m. ET, rising 1.78% and marking its third consecutive session of gains.
The VIX index, which is also known as the fear gauge, is up 63% in the last 12 months and up 39% year-to-date.
Related: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/03/44300810/us-producer-inflation-stalls-in-february-as-services-costs-drop-eggs-price-skyrockets" rel="noreferrer noopener">US Producer Inflation Stalls In February As Services Costs Drop, Egg Prices Skyrocket</a>
Rising recession risks, renewed trade war threats from former President Donald Trump, and unusual market dynamics fuel the rally. Analysts point to hidden buyers and increasing demand for safe-haven assets as key drivers.
Gold, which is also seen as a safe-haven asset, usually trades in an inverse relationship with the VIX. When the market experiences fear, the money moves in gold for safety.
February&#8217;s weaker-than-expected PPI and CPI reports <a target="_blank" href="https://www.benzinga.com/news/econ-s/25/03/44307019/latest-inflation-data-excludes-tariffs-trump-policy-changes-2025-will-be-much-more-volatile-year-economist-says" rel="noreferrer noopener">raised hopes for 2025 rate cuts</a>, but economists caution that rising tariffs and volatile food prices could challenge ongoing disinflation trends.
Experts warn that markets remain highly reactive to geopolitical developments, with inflation volatility, trade tensions, and shifting global alliances creating uncertainty about the economic path ahead.
Meanwhile, Bitcoin is <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/25/03/44314127/gold-hits-all-time-highs-while-bitcoin-disappoints-did-fed-chair-jerome-powell-jinx-the-digital-gold" rel="noreferrer noopener">underperforming</a> as gold surged to a record high, casting renewed doubts on its status as &#8220;digital gold.&#8221;
The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), which tracks the price of gold, rose 0.49% to $276.48 in the premarket. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 1.02% premarket, and The VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) gained 1.08%.
Mining Stocks Soar Premarket: Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) rose 1.71%, B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>) up 0.69%, Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) +1.84%, Franco-Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>) up 0.71% and Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) rose 1.23%.
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Photo via Shutterstock

Gold Breaches $3,000 Mark On Market Turbulence And Fed Signals

Gold's strong rise continues, with the precious metal hitting a fresh record on Thursday as investors rush to shield their portfolios from mounting trade<a href="https://www.benzinga.com/topic/tariffs"> tensions and economic uncertainty.</a>
Spot gold as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) traded at $2,969 per ounce at 10:52 a.m. ET, gaining 1.2% and marking its third consecutive session of gains. The metal surged 13% so far in 2025, outpacing every other major asset class.
The S&amp;P 500 — tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — is down 5.2%, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has lost 12% and the U.S. dollar index has slipped 4% year-to-date.
<h1 class="wp-block-heading">Why Is Gold Soaring?</h1>
Gold's rally is driven by a cocktail of economic and geopolitical risks. President Donald Trump's administration has reignited fears of a global trade war, by threatening countries with high tariffs. 
Meanwhile, signs of economic weakness are becoming more pronounced. The Atlanta Federal Reserve's GDPNow model projects a 2.4% contraction for the U.S. economy in the first quarter of 2025, while JPMorgan has raised its probability of a recession this year to 40%.
&#8220;A large and unknown player is driving gold's recent rally,&#8221; Ross Norman, CEO of Metals Daily Ltd. said. This could explain why the metal is defying normal trading patterns and pushing higher despite fluctuating bond yields and currency movements.
&#8220;As the trade war started by President Trump worsens, there is no wonder why gold continues to be one of the best-performing assets right now,&#8221; veteran market strategist Ed Yardeni said.
<h1 class="wp-block-heading">Where Does Gold Go From Here?</h1>
With risk aversion dominating sentiment, analysts are raising their gold price forecasts. Joni Teves of UBS Investment Bank, speaking on CNBC's &#8220;Squawk Box,&#8221; said, &#8220;Risk aversion created by the geopolitical landscape, particularly tariffs, is still going to work in favor of adding gold to the portfolio.&#8221; 
UBS expects gold to reach $3,100 per ounce by the end of the year.
Macquarie Group analysts are even more bullish, forecasting gold could hit $3,500 by the third quarter.
"We view gold's price strength to date, and our expectation for it to continue, as primarily being driven by investors' and official institutions' greater willingness to pay for its lack of credit or counterparty risk," the organization wrote.
<h1 class="wp-block-heading">Mining Stocks Soar On The Heels Of Gold Rally</h1>
The gold rally has breathed new life into mining stocks, though many remain well below past highs.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) jumped 3.2% but is still trading 35% below its 2011 peak. The VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) also gained 3.2% but remains 70% below its 2010 record.
Among individual stocks, Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) climbed 5.1%, B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>) advanced 4.8%, Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) added 3.8%, Franco-Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>) gained 3.1% and Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) rose 2.7%.
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Photo: Shutterstock

Mid Cap

Gold Hits Record Highs As Trade War Fears Fuel Safe-Haven Demand: Mining Stocks Soar

Franco-Nevada Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>) shares are trading higher premarket on Monday after the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/n44214573/franco-nevada-reports-q4-and-year-end-2024-results" rel="noreferrer noopener">company reported fourth-quarter results</a>.
Revenue rose 6% year over year (+30% Y/Y excluding Cobre Panama) to $321.0 million, beating the consensus of $305.85 million.
The company saw strong production from Candelaria, new assets, and benefiting from record gold prices. The company sold 120,063 GEOs in the quarter, down 21% Y/Y, owing to impact of the production halt at Cobre Panama.
As of December 31, 2024, Franco-Nevada held 6,216 stream gold ounces and 150,000 stream silver ounces in inventory.
Adjusted EBITDA increased 9% Y/Y to $277.4 million in the quarter. Adjusted EPS of&nbsp;$0.95&nbsp;exceeded <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the street view of $0.89</a>.
Operating cash flow stood at $243.0 million. As of December 31, 2024, cash and cash equivalents came in at $1.45 billion.
The company disclosed a dividend per share of&nbsp;$0.38 effective first quarter of 2025, representing an annual increase of 5.6%.
Paul Brink, CEO said, &#8220;Post year-end, we also announced a financing package to support Discovery Silver&#8217;s acquisition of Newmont&#8217;s Porcupine Complex in&nbsp;Timmins. Together, the transactions have the potential to add 85-95K&nbsp;GEOs per annum to our medium-term production profile. These new additions, along with a number of new mine starts, contribute to the strong growth outlined in our 2025 guidance and outlook over the next five years.&#8221;
&#8221;We are encouraged that President Mulino has indicated a willingness to discuss Cobre Panama this year and that sentiment in&nbsp;Panama&nbsp;now appears more supportive of restarting the mine.&#8221;
Outlook: The company expects revenue for 2025 to be <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">higher by 25% Y/Y</a>.
Franco-Nevada expects a 14% Y/Y increase in Precious Metal GEOs and a 7% Y/Y increase in Total GEOs for 2025, excluding contributions from Cobre Panama.
For 2028, the company targets precious Metal GEOs to rise to between 400,000 and 440,000 GEOs, and Total GEOs to increase to between 505,000 and 565,000 GEOs, reflecting an 18% and 15% growth, respectively, compared to 2024.
For 2029, Precious Metal GEOs are projected to reach between 375,000 and 415,000 GEOs, and Total GEOs to grow to between 490,000 and 550,000 GEOs, representing an 11% and 12%, respectively, compared to 2024.
The five-year outlook anticipates the start of production at Valentine Gold, Stibnite, Eskay Creek, Castle Mountain Phase 2, the Coroccohuayco project at Antapaccay, the planned underground expansion at Candelaria, and the long-term expansion of Magino.
Investors can gain exposure to the stock via&nbsp;VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: FNV shares are up 1.06% at $144.80 premarket at the last check Monday.
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Earnings

Dividends

Franco-Nevada Reports Solid Q4 Earnings Amid Record Gold Prices, Eyes 25% Revenue Growth In 2025

Gold climbed to fresh highs early on Feb. 20 as investors flocked to the ultimate safe-haven asset amid rising geopolitical <a href="https://www.benzinga.com/topic/gold">tensions and economic uncertainty</a>. 
Spot bullion hit a new record of $2,954.84 an ounce earlier on Thursday before paring some of its gains. Amidst this surge, <a href="https://www.benzinga.com/etfs">ETFs tied to gold</a> are gaining traction, offering investors a way to capitalize on the yellow metal's bullish momentum.
The optimism around gold has sent several ETFs soaring, with the WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/GDMN#BATS">GDMN</a>) leading the charge. The ETF has gained over 25% in the past month. While such a sharp rise might give some investors pause, many analysts believe the rally still has legs.
Also Read: <a href="https://www.benzinga.com/news/25/02/43798394/trumps-treasury-secretary-eyes-750-billion-gold-windfall-but-could-selling-reserves-crash-the-market">Trump&#8217;s Treasury Secretary Eyes $750 Billion &#8216;Gold Windfall&#8217;—But Could Selling Reserves Crash the Market?</a>
Nigel Green, CEO of deVere Group, sees the revaluation of US gold reserves as a potential disruptor. ETF Trends quoted him stating that "re-marking gold to its real market value could be a transformative financial event." This is particularly relevant for investors considering GDMN, which not only provides exposure to gold futures but also includes shares of mining companies—an asset class highly correlated to spot gold prices.
SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is another ETF that one might keep an eye on. As the largest physically backed gold ETF, GLD provides direct exposure to gold prices. Given the current macroeconomic uncertainty and strong central bank buying, GLD remains a go-to option for investors seeking a straightforward way to participate in the metal&#8217;s price movements.
Another on the list is VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), which focuses on gold mining companies that tend to have leveraged exposure to gold prices. If the rally continues, gold miners could see substantial profit boosts, making GDX an attractive pick for those looking for amplified gains beyond spot gold.
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43767224/gold-soars-as-trump-trade-of-2025-what-investors-should-know">Gold Soars as &#8216;Trump Trade&#8217; of 2025: What Investors Should Know</a>
<h2 class="wp-block-heading">What&#8217;s Fueling The Rally?</h2>
Broader geopolitical concerns are playing a major role in the metal's ascent. Uncertainty over Trump's stance on Ukraine are making investors jittery. The US President recently suggested that Ukrainian President Volodymyr Zelenskiy should move swiftly toward a peace deal with Russia, warning that "he is not going to have a country left" otherwise. With mounting fears that Washington could withdraw its support for Ukraine, traders are looking to gold as a hedge against geopolitical instability.
Gold's rise has been further fueled by Trump's disruptive trade policies, which continue to send shockwaves through global markets. According to Bloomberg, Goldman Sachs <a href="https://www.bloomberg.com/news/articles/2025-02-20/gold-holds-near-record-as-geopolitical-fears-drive-haven-demand?sref=TBDibEcD">raised </a>its year-end gold target to $3,100 an ounce, citing stronger-than-expected central bank buying as a key driver.
Meanwhile, escalating trade frictions between the US and Europe in the backdrop of Trump's tariff threats are affecting the global gold market. The resulting price surge in New York has triggered a rush to transport bullion from London across the Atlantic. In one of the largest physical gold movements in years, major banks like JPMorgan Chase and HSBC are capitalizing on the price differential, flying gold from Swiss refineries and London vaults to the US. The Wall Street Journal <a href="https://www.wsj.com/finance/commodities-futures/why-dealers-are-flying-gold-bars-by-plane-from-london-to-new-york-86824199">reported </a>that JPMorgan alone is set to deliver $4 billion worth of gold this month, to grab the arbitrage opportunity created by regional pricing disparities.
Adding to the intrigue, US Treasury Secretary Scott Bessent sought to quash speculation that the government might revalue its bullion holdings, stating that such a move is "not what I had in mind" when discussing plans for a sovereign wealth fund. Bessent confirmed that he has no plans to visit Fort Knox, the secure facility that houses much of the US gold reserve, stating that "all the gold is there" and that any senator is welcome to verify it. Trump, on his part, has emphasized his administration's commitment to ensuring that these reserves are properly accounted for.
China is another major factor in the mix that investors should monitor. Beyond the People's Bank of China's aggressive bullion purchases, Beijing recently approved a policy allowing insurance companies to invest in gold. Nigel Green said that this move is expected to unleash billions of dollars in fresh demand, further stoking the rally, according to ETF Trends.
With central banks continuing to amass gold at a historic pace, trade tensions disrupting global supply chains, and geopolitical risks mounting, gold's rally appears far from over. And for investors looking to capitalize on this momentum, ETFs like GDMN, GLD and GDX could be a &#8216;golden&#8217; opportunity.
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</ul>
Photo: Shutterstock

GDMN

Bullion Boom: Gold ETFs Gain As Geopolitical Storm Fuels Surge

With President Donald Trump's trade war rhetoric reaching new heights, <a href="https://www.benzinga.com/topic/gold">gold has emerged</a> as the go-to asset for savvy investors. 
Its 7% surge since his inauguration and <a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43728557/time-to-lock-in-gold-gains">recent record highs</a> make it the ultimate "Trump trade" of 2025. But for U.S. investors, this golden rally presents a unique opportunity to profit, not just from the metal itself but from a selection of stocks and ETFs poised to benefit.
<h2 class="wp-block-heading">Gold's Bullish Surge: Why It's Happening</h2>
Gold's rally isn't just fueled by political uncertainty. Trump's aggressive tariff policies are creating inflationary pressures, and as global growth slows, gold acts as a safe-haven. 
Central banks and traders are shifting their focus to the yellow metal, further driving up its value. 
Analysts are now targeting $3,000 per ounce, with UBS and Citigroup revising their forecasts upward, <a href="https://www.ft.com/content/fb53df86-c6f0-4550-ab84-222b3a6282f4">reported</a> Financial Times.
Read Also: <a href="https://www.benzinga.com/25/02/43710503/bank-of-america-sees-gold-hitting-3500-as-demand-surges-on-increased-policy-tensions">Gold Could Reach $3,500 As Demand Rises On &#8216;Increased Policy Tensions,&#8217; Says Bank of America</a>
<h2 class="wp-block-heading">Top Gold ETFs To Consider</h2>
For those looking to capitalize on gold's rally without holding the physical asset, ETFs offer a convenient route:
<ul>
<li>SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): The largest gold ETF in the world, GLD tracks the price of gold bullion and is a reliable option for investors looking to ride the surge.</li>
<li>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>): Another solid choice, IAU provides a lower-cost way to gain exposure to gold's movements.</li>
<li>VanEck Vectors Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>): GDX targets gold mining companies, which are expected to see growth as gold prices rise.</li>
</ul>
<h2 class="wp-block-heading">Gold Stocks Set To Benefit From Trump Trade</h2>
For those willing to venture into individual stocks, gold mining companies offer an even more leveraged play on the precious metal's climb:
<ul>
<li>Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>): The world's second-largest gold miner, Barrick is benefiting from the surge in gold prices, with strong earnings expected to follow.</li>
<li>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>): As the largest gold producer in the U.S., Newmont stands to profit from the rising price of gold and growing demand for safe-haven assets.</li>
<li>Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>): Another player to watch, Kinross has seen its stock price benefit from higher gold prices, making it a solid addition to the gold-investment portfolio.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/news/earnings/earnings-beats/25/02/43689153/kinross-gold-delivers-record-breaking-2024-reaffirms-stable-production-output">Kinross Gold Delivers Record-Breaking 2024, Reaffirms Stable Production Output</a>
<h2 class="wp-block-heading">Takeaway For U.S. Investors</h2>
Gold's status as the ultimate hedge against trade tensions and inflation means U.S. investors should be taking a closer look at gold stocks and ETFs. 
With gold prices expected to continue rising, these assets offer an opportunity to capitalize on what looks to be a long-term trend.
Read Next: 
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</ul>
Image: Shutterstock

Gold Soars as 'Trump Trade' of 2025: What Investors Should Know

Barrick Gold Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) shares are trading slightly higher after it reported fourth-quarter revenue of $3.645 billion, up 8% quarter over quarter, missing the <a href="https://www.benzinga.com/pressreleases/25/02/g43651239/barrick-delivers-strong-year-end-performance-while-advancing-key-growth-projects" target="_blank" rel="noreferrer noopener">consensus of $3.978 billion</a>. 
Gold production stood at 1,080 thousand ounces (+15% Q/Q), and gold sales were 965 thousand ounces (flat Q/Q).
The average realized gold price rose&nbsp;7% Q/Q&nbsp;to&nbsp;$2,657 per ounce, and all-in-sustaining costs (AISC) fell 4%&nbsp;Q/Q to&nbsp;$1,451 per ounce in the quarter.
Copper production surged 33%&nbsp;Q/Q to 64 thousand tonnes, and the average realized copper price declined 7% Q/Q&nbsp;to&nbsp;$3.96 per pound.
Adjusted EPS of&nbsp;46 cents beat <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;41 cents</a>.
At the end of the year, cash and cash equivalents stood at&nbsp;$4.07 billion, and debt was&nbsp;$4.73 billion.
Capital expenditure increased 21%&nbsp;Q/Q to&nbsp;$891 million, and operating cash flow stood at&nbsp;$1.39 billion.&nbsp;
President and chief executive&nbsp;Mark Bristow&nbsp;said, &#8220;During the fourth quarter, we made steady progress in ramping up operations at Pueblo Viejo, improving recovery, despite lower production on the back of a slight decrease in grade.&#8221;
&#8220;At Veladero and Nevada Gold Mines, we boosted production and we closed the gaps at Kibali while strengthening the management team there. Additionally, we completed two major feasibility studies to advance the transformational Lumwana and Reko Diq projects, and also significantly increased our reserves and resources.&#8221;
&#8220;While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick&#8217;s fundamental value proposition has never been stronger.&#8221;&nbsp;
Barrick declared a fourth-quarter dividend per share of 10 cents, payable on March 17, to shareholders of<a href="https://www.benzinga.com/pressreleases/25/02/g43651222/barrick-reports-share-repurchases-and-declares-q4-dividend" target="_blank" rel="noreferrer noopener"> record as of February 28, 2025</a>.
Barrick repurchased 28.675 million shares during the year. The company&#8217;s Board of Directors approved a new share repurchase program of up to $1.0 billion.
As part of this move, Barrick had discontinued the share repurchase program announced on February 14, 2024, under which it had repurchased<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/g43651224/barrick-announces-new-share-buyback-program" rel="noreferrer noopener"> $498 million in common shares</a>.
FY25&nbsp;Outlook: The company expects attributable gold production in the range of 3.15–3.5 million ounces (excluding production from temporarily suspended Loulo-Gounkoto) and AISC in the range of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">1,460 &#8211; 1,560&nbsp;per ounce</a>.
For 2025, attributable capital expenditure&nbsp;is expected to be&nbsp;$3.100 billion &#8211; $3.600 billion.
The company sees attributable copper production of 200,000–230,000 tonnes in 2025, led by higher production at Lumwana.
Investors can gain exposure to the stock via&nbsp;Sprott Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and&nbsp;VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: GOLD shares are up 0.23% at $17.11 premarket at the last check Wednesday.
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Image via Shutterstock.

Buybacks

Barrick Gold Q4: Higher Realized Gold Prices, Revenue Miss, New Stock Buyback And More

Gold's momentum shows no signs of slowing. The bullion – as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – continued its record-breaking run, closing at $2,860 per ounce on Wednesday, hitting the fifth straight winning session as central banks and investors pour into the metal, seeking safety amid escalating geopolitical <a href="https://www.benzinga.com/news/econ-s">tensions and economic uncertainty</a>.
In a report shared Wednesday, the World Gold Council highlighted that total gold demand, including over-the-counter investment, rose 1% year-over-year in the fourth quarter, setting a new record of 4,974 tons for 2024. 
Central banks have been leading the charge, purchasing over 1,000 tons of gold for the third consecutive year, with buying accelerating sharply in the fourth quarter to 333 tons.
&#8220;Central banks and investors drive market strength.Demand in value terms reached previously unseen levels,&#8221; the World Gold Council wrote. 
<h3 class="wp-block-heading">Why Are Central Banks Rushing To Buy Gold?</h3>
The surge in central bank gold purchases signals a strategic shift in global finance, with institutions seeking to reduce reliance on the U.S. dollar amid heightened geopolitical risks. 
The latest tensions between the U.S. and China, fueled by Donald Trump's proposed 10% import tariffs and China's retaliatory restrictions on U.S. energy imports, have only reinforced gold's status as a hedge.
Further compounding concerns, President Trump suggested the possibility of sending U.S. forces to the Gaza Strip, adding another layer of uncertainty that has investors flocking to the yellow metal.
&#8220;We believe this gold price action reflects a significant shift in the dynamics of the gold markets over the past two years,&#8221; said Imaru Casanova, portfolio manager at VanEck. &#8220;Central banks worldwide have emerged as a major driver of gold demand and gold prices, buying record amounts of gold bullion since 2022.&#8221;
<h3 class="wp-block-heading">Miners Play Catch Up, Still Undervalued Despite Gold&#8217;s Rally</h3>
Despite bullion's remarkable ascent, some of the world's largest gold miners have underperformed significantly.
John Ciampaglia, CEO of Sprott Asset Management, said, &#8220;Some of the bellwethers, the largest gold miners in the world, struggled last year. Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) and Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) underperformed gold quite significantly. I think that isn&#8217;t very clear for a lot of investors because the reason that you invest in gold stocks is for their operating leverage.&#8221;
Yet, miners have recently started catching up. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rallied 2.2% on Wednesday, marking its highest level since late October and extending its winning streak to six weeks &#8211; the longest since July 2020. Year-to-date, gold mining stocks have outperformed all other industries, surging 18.9%.
Top-performing gold miners within the GDX ETF on Wednesday included: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>1-day %chg</th>
</tr>
</thead>
<tbody>
<tr>
<td>SSR Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>)</td>
<td>11.03</td>
</tr>
<tr>
<td>Calibre Mining Corp. NASDAQ: СХВ)</td>
<td>6.08</td>
</tr>
<tr>
<td>Zhaojin Mining Industry Company Limited</td>
<td>6.07</td>
</tr>
<tr>
<td>Aris Mining Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARMN#NASDAQ">ARMN</a>)</td>
<td>4.42</td>
</tr>
<tr>
<td>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</td>
<td>3.68</td>
</tr>
<tr>
<td>Newmont Corporation</td>
<td>3.65</td>
</tr>
<tr>
<td>Westgold Resources Limited</td>
<td>3.42</td>
</tr>
</tbody>
</table>
</figure>
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ARMN

SSRM

Gold Extends Records As Central Banks Rush To Buy Bullion, Miners Eye Sixth Straight Winning Week

Gold surged past $2,790 in Thursday morning trading, setting a new all-time high after eclipsing its late October 2024 peak. Central bank actions and rising demand for safe-haven assets <a href="https://www.benzinga.com/markets">fueled the metal's climb.</a>
Several major central banks have signaled a more dovish stance on inflation in recent hours, leading speculators to anticipate lower borrowing costs ahead—providing further support for gold prices. 
Furthermore, speculation over higher U.S. tariffs is leading to greater demand for gold by central banks, with disruptions affecting trading in London.
<h3 class="wp-block-heading">Fed Holds Steady, While Other Major Central Banks Ease Borrowing Costs</h3>
The Federal Reserve held interest rates steady on Wednesday and refrained from offering clear guidance on future moves. 
Yet, Fed Chair Jerome Powell struck a noticeably less hawkish tone compared to his stance in December.
Powell welcomed the latest inflation readings for January and did not rule out the possibility of rate cuts, stating that weaker labor market conditions or faster-than-expected disinflation could justify easing monetary policy.
Powell further stated that interest rates remain &#8220;meaningfully above neutral,&#8221; suggesting there is room for potential cuts.
&#8220;We remain comfortable with our forecast that the FOMC will deliver two more 25bp cuts in June and December this year and one more in 2026,&#8221; Goldman Sachs economist David Mericle wrote in a note Thursday. 
Market-based expectations continue to point toward two additional Fed rate cuts by the end of 2025, with the first move likely coming in June. 
On Wednesday, the Bank of Canada announced a 25-basis-point rate cut to 3%, citing inflation's broad convergence toward the 2% target. Policymakers also noted the potential negative economic effects of rising U.S. trade tariffs.
The BoC further announced the end of quantitative tightening and plans to restart asset purchases in early March to support liquidity and economic activity. 
On Thursday, <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43336153/us-economy-grows-below-q4-estimates-as-consumer-spending-hits-7-quarter-high">U.S. GDP growth for the fourth quarter of 2024</a> came in at 2.3%, missing the 2.6% consensus estimate. 
The same day, both the <a href="https://www.benzinga.com/government/regulations/25/01/43340971/ecb-cuts-interest-rates-by-25-basis-points-as-economy-cools-lagarde-rejects-bitcoin-as-reserve-asset">European Central Bank</a> and Sweden's Riksbank also announced rate cuts.
<h3 class="wp-block-heading">Gold Miners Rally, Central Banks Rush To Gold In London</h3>
Rising gold prices are fueling a rally among metal miners during Thursday trading.
The widely followed VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rallied 4.2% reaching levels last seen in early November 2024. Junior miners, as tracked by the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>), were similarly up by 4.1%. 
In a seminar last week, VanEck portfolio manager Imaru Casanova indicated that central banks are rushing to buy gold. 
"Central banks are emerging as a key demand driver for gold prices," she said. 
As reported by Reuters, gold traders in London are scrambling to borrow bullion from central banks as shipments to the U.S. surge amid speculation of potential import tariffs. 
The Bank of England, which stores gold for central banks, is experiencing delays of up to four weeks for withdrawals—far longer than the usual few days.
The rush is driven by traders hedging risks on COMEX and capitalizing on a price premium between U.S. futures and London spot prices. 
Former Koch Supply &amp; Trading executive Robert Gottlieb told Reuters that the BoE is struggling to handle the increased borrowing requests.
Mining stocks showing a notable surge on Thursday include:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-day Return</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>8.18%</td>
</tr>
<tr>
<td>MAG Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAG#NYSE">MAG</a>)</td>
<td>7.67%</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>7.15%</td>
</tr>
<tr>
<td>Fortuna Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>)</td>
<td>6.96%</td>
</tr>
<tr>
<td>SilverCrest Metals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SILV#NYSE">SILV</a>)</td>
<td>6.72%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:20 p.m. ET</figcaption></figure>
Read Next: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43318325/a-different-powell-emerges-fed-chair-softens-hawkish-tone-on-interest-rates-bitcoin">A Different Powell Emerges: Fed Chair Softens Hawkish Tone On Interest Rates, Bitcoin</a></li>
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Image created using artificial intelligence via Midjourney.

Eurozone

Federal Reserve

SILV

Gold Hits Record High As Central Banks Ease Stance: 5 Mining Stocks Rally

Gold surged to $2,760 per ounce on Jan. 22, hitting an 11-week high and eyeing its <a href="https://www.benzinga.com/markets/commodities">fourth consecutive weekly gain.</a>
The rally is being fueled by mounting geopolitical tensions as Donald Trump returns to the White House, stoking fears of potential trade and diplomatic disruptions with key partners like Mexico, Canada, China, and the European Union. What makes the recent gold&#8217;s rally even more remarkable is that it's happening alongside a stronger U.S. dollar, a dynamic that traditionally weighs on gold prices. 
During a VanEck webinar on Wednesday, portfolio manager Imaru Casanova highlighted a major force driving the bullion market. &#8220;Central banks are emerging as a key demand driver for gold prices,&#8221; she said, while highlighting that Western investors have largely been absent from this rally.
Seasonality is also working in gold's favor. Historically, January has been the best-performing month for the metal. Over the past 24 years, gold has averaged a 2.6% gain in January, outpacing August, the second-best month, which has returned 1.8% on average.
See Also: <a href="https://www.benzinga.com/news/global/25/01/43135622/coffee-prices-soar-to-record-highs-could-starbucks-face-margin-squeeze">Coffee Prices Soar To Record Highs: Could Starbucks Face Margin Squeeze?</a>
<h2 class="wp-block-heading">Gold Miners Surge, But They're Still Playing Catch-Up</h2>
Gold miners have joined the rally, but their performance still lags behind the metal itself. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) has climbed more than 10% in January, setting up its strongest monthly performance since July 2024, when it gained nearly 12%. In relative terms, gold miners are the second best-performing stock industry in January, behind semiconductors which rallied 12%. 
Yet, looking at the bigger picture, miners remain deeply undervalued relative to gold. While gold prices have soared nearly 40% since their 2011 peak, mining stocks are still trading 40% below their all-time highs.
Casanova indicated that the lack of investor interest in gold equities has been one of the main reasons miners have struggled to keep pace with gold. Even as the metal continues to reach new highs, investor demand for gold stocks has remained muted.
The expert highlighted the valuation gap between gold and miners won't last forever. 
One major issue holding back miners is that Western investors have largely abandoned gold as an asset class, despite central banks aggressively buying physical gold. Casanova made it clear: &#8220;Gold stocks have not been able to keep pace with gold because central banks don't buy gold stocks, they buy gold metal.&#8221;
However, that could change in 2025. If institutional investors start returning to gold as a hedge against inflation, economic uncertainty, and geopolitical risks, mining stocks could be set for significant outperformance.
&#8220;We think market participants may no longer be able to ignore that there is a very compelling case for owning gold equities given these valuations,&#8221; Casanova said.
Historically, gold mining stocks have been a leveraged play on gold, meaning they should outperform the metal itself when prices rise. That hasn't happened this time. 
Casanova said, &#8220;When gold price increases, if margins are also expanding, then the cash flow generation of these companies increases at an even lower base than the increase in the whole price.&#8221;
Despite this, gold miners are currently more profitable than ever. In 2024, gold prices averaged $2,400 per ounce, a 23% increase from 2023 levels. At the same time, cost inflation has stabilized, allowing gold producers to maintain profit margins exceeding $1,000 per ounce.
<h2 class="wp-block-heading">Miners Are Choosing Discipline Over Growth</h2>
Instead of focusing on aggressive expansion, mining companies have shifted toward financial discipline. 
As Casanova indicated, the industry has prioritized balance sheet strength, cost control, and returning capital to shareholders through dividends and stock buybacks. &#8220;We see a sector that is really focused on that versus just getting bigger for the sake of getting bigger. We see discipline when it comes to capital allocation, whether it's in the form of returning to investors in the form of dividends or share buybacks, or just being very disciplined with capital allocation,&#8221; she said. That strategy has helped improve operational efficiency and extend mine life, but investors have yet to reward it. 
The key question now is whether this approach will finally start attracting institutional money back into gold equities.
With gold prices holding near record highs, and geopolitical risks escalating, the stage is set for a potential shift in investor sentiment. If Western investors return to gold, mining stocks may finally deliver the outperformance that has long been expected. 
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Image: Shutterstock

Gold's Blowout Rally Puts Spotlight On Miners: Will They Finally Catch Up?

Trump's first day in office brought a wave of executive orders targeting immigration, energy, social policies, and announcing the withdrawal from global agreements like the Paris Climate Accord and <a href="https://www.benzinga.com/topic/donald-trump">the World Health Organization. </a>
Trump also pledged to raise tariffs up to 25% on both Canada and Mexico starting Feb. 1, but fell short of announcing universal tariffs on all imports.
Following Monday&#8217;s market closure for Martin Luther King Jr. Day, investors began assessing how Trump's new policy measures could impact sectors across the board. 
Gold miners and defense stocks outperformed, while solar energy companies were among the hardest hit.
<h3 class="wp-block-heading">Wall Street&#8217;s Winners And Losers After Trump&#8217;s Day 1</h3>
Gold miners were among the standout performers, amid rising trade fears between the U.S. and Canada. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) climbed 2.6% by 1:30 p.m. ET Tuesday. Leading gains were Harmony Gold Mining Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>), up 4.3% and Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>), up 3.1%.
&#8220;While President Trump's Inauguration Day policy announcements on tariffs were more benign than expected, we continue to expect the White House to increase tariff rates on autos and imports from China, and we see other tariff proposals as a risk,&#8221; Goldman Sach&#8217;s analyst Elsie Peng wrote in a note Tuesday.
Defense stocks also surged as Trump's policies emphasized national security and border protection declaring a &#8220;national emergency&#8221; at the southern border with Mexico. The iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>) rose 3.3%.
Other notable movers included the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), up 2%, and the SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), which rose 1.6% as investors bet on increased demand for industrial materials.
Oil and gas exploration companies saw declines despite <a href="https://www.benzinga.com/government/regulations/25/01/43097430/trumps-drill-baby-drill-era-begins-oil-prices-tumble-us-energy-stocks-edge-up">Trump's "Drill, Baby, Drill"</a> push to unleash U.S. energy resources. The SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) dropped 1.1%, signaling concerns about potential oversupply.
Clean energy and solar stocks, however, suffered from Trump's decision to halt offshore wind leasing and withdraw the U.S. from the Paris Climate Accord. 
The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 3.1%, with losses from Daqo New Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DQ#NYSE">DQ</a>), down 6.7%, and First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), which dropped 5.4%. The Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) slipped 1%.
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Photo: Shutterstock

FSLR

iShares Dow Jones US Aerospace & Defense Index Fund

JETS

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

Trump's First Day Sends Gold Miners, Defense Stocks Soaring, Solar Sliding

As metals markets weather volatility, optimism for a &#8220;V-shaped recovery&#8221; is gaining traction. JPMorgan analysts Dominic O&#8217;Kane and Patrick Jones suggest <a href="https://www.benzinga.com/markets/asia/24/12/42692036/billionaire-investors-michael-burry-david-tepper-could-benefit-from-chinas-stimulus-measures">China's expected fiscal stimulus</a> could be the turning point for the sector. 
With metal prices poised for a rebound, they urge investors to &#8220;accumulate positions in oversold miners&#8221; like Anglo American PLC (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTCQX">NGLOY</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTCQX">AAUKF</a>), First Quantum Minerals Ltd (OTCPK:FQVLF) and Lundin Mining Corp (OTCPK:LUNMF).
Exchange-traded funds like the SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), the iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) provide diversified exposure to the metals and mining sector.
<h2 class="wp-block-heading">Mining Stocks Set For Revival?</h2>
The 17% decline in European metals &amp; mining stocks since late September 2024 reflects market caution amid tariff risks and US$/CNY devaluation. However, analysts see this downturn as an opportunity for strategic investment. Anglo American faces near-term challenges, including $2 billion in impairments and delays in its diamond divestment strategy. Despite this, the company may emerge as an M&amp;A target post the Anglo Platinum de-merger.
Lundin Mining and Norsk Hydro ASA (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NHYDY#OTCQX">NHYDY</a>) stand out as resilient picks, with strong fundamentals that may help them weather tariff-related uncertainties. 
Analysts maintain a positive outlook on these names, expecting them to benefit from the broader market recovery.
Read Also: <a href="https://www.benzinga.com/markets/commodities/24/12/42455382/gold-to-shine-bright-in-2025-as-top-investment-bank-predicts-bullish-outlook-amid-trade-tensions">Gold To Shine Bright In 2025 As Top Investment Bank Predicts Bullish Outlook Amid Trade Tensions</a>
<h2 class="wp-block-heading">Gold Stocks Shine Amid Market Turbulence</h2>
Gold continues to prove its mettle as a safe-haven asset, with prices projected to rise to $2,100 per ounce. 
Stocks like AngloGold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>), Hochschild Mining PLC (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/HCHDF#OTCQX">HCHDF</a>), and Fresnillo PLC (OTCPK:FNLPF) remain key picks by the analysts, supported by strong silver production forecasts and rising demand for precious metals.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) are popular ways to get exposure to gold miners&#8217; stocks.
The analysts highlight Fresnillo's silver production strength, placing it on a Positive Catalyst Watch.
<h2 class="wp-block-heading">China's Stimulus: The Tipping Point?</h2>
All eyes are on the March 5 National People&#8217;s Congress, where China is expected to announce fiscal measures that could fuel a surge in metal prices. 
The analysts believe these moves could trigger a sharp market recovery, solidifying the case for accumulating positions in mining stocks before a potential uptrend.
<h2 class="wp-block-heading">The Takeaway</h2>
As metals markets teeter on the edge of revival, accumulating oversold miners may offer strategic value ahead of a &#8220;V-shaped recovery.&#8221; 
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Image created using photos from Shutterstock.

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