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 

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 

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 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

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 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 

Gold miners' record margins and sustained central-bank gold buying support the sector's bullish setup. Average AISC margins reached $3,076/oz in Q1, up 134% year over year, per the World Gold Council; gold remains above $4,100/oz. Central banks bought a record 289 tonnes in Q2. The watched bull-flag trigger for GDX is $89.76. x.com 

Gold miners look like most of the damage is done: gold is down over $1,500 from its top and miners about 40%, with sentiment and positioning near capitulation. Gold's Daily Sentiment Index fell to 14% bullish, speculative open interest is below the late-2015 bottom, the miners' bullish percent index hit 0% and gold's RSI is the lowest since October 2023. Gold could still fall on Hormuz, dollar strength and seasonality, but Chinese buying, de-dollarization and miners' cash flows remain. x.com 

Wheaton Precious Metals is UBS's clearest buy in a mining sell-off driven by the dollar and rates rather than fundamentals. Per UBS, gold, copper and mining stocks fell more than 20% as a stronger dollar and higher rate expectations overwhelmed the safe-haven bid. UBS also points to Wheaton's 70% volume growth path to 2030 and a 30% discount to its five-year EV/EBITDA. x.com