Andy Heilman
Principal Owner of MH & Associates
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.comÂ
Gold and silver may benefit if yields ease a little further from their local high for a while longer. The FOMC meeting and minutes could be good for both. x.comÂ
Gold miners have further to fall because gold is acting as just another risk asset. Rising oil, rising yields and a stronger dollar are pressuring gold, silver and the precious-metal miners. x.com x.comÂ
Gold and precious-metals miners are at the start of a new bull market, judging by the crowds and packed meeting schedules at the 2026 Precious Metals Summit in Beaver Creek. buzzsprout.comÂ
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.comÂ
Silver miners are far behind silver and will outperform the metal as it moves up; they are the most undervalued asset on this macro view. Even with silver forecast to nearly triple in 2026, miners could do better than that, though not necessarily by year-end. Silver likely tops this year but doesn't have to, and the existing price targets stand unchanged. x.com x.com x.com x.com x.comÂ
Silver's supply shortfall should ultimately help drive its price higher. A commenter cites a projected 46.3 million-ounce deficit in 2026, the sixth consecutive annual shortfall. Supply should remain tight in coming months, though negative trading and fear of further losses are driving investors to sell for now. x.com x.comÂ
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
Gold and silver are setting up for a metals mania, with the bottom already put in back in July. Gold shows a bullish divergence and an engulfing candle poking into a real breakout, and markets will soon see a 25bps dovish hike as no different from holding rates. Silver has an inverse head-and-shoulders attempting a fresh breakout and is about to outpace the dollar for the first time since last year; the last such rotation saw silver surge 190%. The bear case is $80/oz. x.com x.comÂ
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.comÂ
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
