Gold royalty and streaming companies remain worth adding even with gold far above $3,200-3,700, because their valuations are low versus history and they can still generate alpha even if gold is unexciting over 3-5 years. Silver and rising industrial demand add support. Unlike miners, which are boom-bust, they earn from mines without operating them. Buying Wheaton Precious Metals, Royal Gold, Osisko and Franco-Nevada is on hold after gold's recent jump. x.com 

Gold miners Agnico Eagle, B2Gold and Newmont are worth buying aggressively because, per Willem Middelkoop (@wmiddelkoop), gold mining shares are dirt cheap again compared with gold. x.com 

Gold miners, unlike gold itself, turn a higher gold price into compounding cash returns. On a path to $8,000 gold, margins would widen far beyond today's roughly $2,400 an ounce even if all-in sustaining costs rose a third to $2,650. Free cash flow per share is at a record of about $15.70, roughly tripled since 2024, and the industry is buying back stock rather than mines, a combination never seen before. Relative to the S&P 500, miners have never been cheaper, not in 2008, 2015 or 2020. x.com  … Show more

Gold miners Coeur Mining, SSR Mining and Newmont benefit from operating leverage with gold at all-time highs. When gold rises, miners' costs stay fixed, so margins expand quickly and EPS explodes. All three passed a screen with debt-to-equity under 0.20, and Coeur's five-year EPS growth is 55%. x.com 

Agnico Eagle is so cheap on a relative basis that there is little reason to buy Newmont. The best-in-class gold miners have never been of higher quality: diversified production, high margins, negligible or negative debt, no risky jurisdictions, strong management, and growth both organic and through M&A. They are extremely cheap at current gold prices, with no gold forecast needed, and low beta. Unlike when they looked cheap in 2011, margins are much fatter and debt and capex lower. x.com  x.com  … Show more

Domestic precious-metal miners are favored, because as gold moves into its next leg up, things will get rough in some places and some governments will get greedy. @CandidMacro adds energy supply issues at mines in Mali and probably Australia. Favorites are Coeur Mining, Hecla Mining, Endeavour Silver, Blackrock Silver and FGOVF. x.com  x.com  x.com 

Newmont fell 10% on the week despite record Q1 free cash flow of $3.1B and a fresh $6B buyback, leaving it at a forward P/E of 9.58 on a $116B market cap. CIBC raised its target to $177 from $112 and Scotiabank to $152 from $114. Cadia is back to 80% capacity, with full normalization expected in Q3 2026. x.com  x.com 

Gold mining stocks are worth owning heavily because the sector is generating extraordinary profits at current metal prices. Per Tavi Costa, gold miners are doing more share buybacks than at any point in history, on a scale never seen before, as a direct result of that profitability. You can't own enough gold stocks in view of what is coming. x.com 

Mining stocks such as Hecla are undervalued and more exciting than the popular optics, memory and packaging trades, because most miners have profit margins about 1.5-2x those of leading tech players. Hecla sits at +42% in 2026 against about 25% for Lumentum. This is not bearish on tech, but investors without miner exposure may soon wish they had it. x.com 

Gold miners, led by Newmont, stand to gain from 2026's rotation into hard assets as inflation stays entrenched. US CPI sits at 3.8%, nearly double the Fed's target, with energy up 18% and natural gas up 28% year over year, leaving cash and paper assets as losers and gold as the ultimate inflation hedge. Central banks in China, India, Turkey and Saudi Arabia are expected to buy nearly 1,000 tons of gold this year. Newmont is the largest blue-chip gold miner on the planet. x.com