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 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 

Agnico Eagle Mines looks expensive against its earnings at 15x next year's estimates, versus the roughly 13x gold miners usually get. At $188.12 it sits above a $142.94-$181.92 fair range, which is 13x next year's $12.49 EPS give or take 12%, and would be outright expensive above $224.90. This is a read of valuation levels only, off reported earnings and estimates, with no fundamental work. x.com 

Gold miners have not yet priced in what record gold prices mean for the sector, and the window to get in is shrinking. Newmont beat Q1 profit estimates even though output fell, showing the gold price tailwind is covering operational shortfalls; earnings should rise further when production normalizes. The majors have pricing power they have not had in years and operating leverage is building, while most investors remain in tech. 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 

Newmont is basically levered gold with little potential for discovery upside, and it is likely to pay high prices buying other companies. x.com 

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.com 

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 

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 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