The moves come after another winning day on Wall Street, with the S&P 500 and Nasdaq reaching new intraday and closing record highs on Wednesday.
The outlook for gold mining stocks is finally brightening, with companies 'starting to rebuild investor confidence/trust,' UBS analysts led by Daniel Major wrote Tuesday. Looking ahead, 'balance sheets are in great shape and if the gold price remains in the current range, we expect the run-rate of buybacks to accelerate in 2H25,' UBS wrote.
Companies' own internal growth projects will likely accelerate in the midst of long-term gold price assumptions that are increasing faster than cost or capital spending projections, resulting in better internal rates of return. Moreover, the mergers and acquisitions are likely to heat up, the bank said. As evidence, UBS pointed to recent outperformance after many years of underperformance for the miners. Gold stocks, represented by the VanEck Gold Miners ETF , have outperformed the price of gold by more than 40% so far in 2025, and by 15% in the past three months, when gold has done little. In the last 90 days, Gold Fields is up about 40% and AngloGold Ashanti by 30%, while Newmont Corp . is ahead 30% and Kinross Gold by 25%, the UBS report said. GDX 3M mountain VanEck Gold Miners ETF in the past three months. — Scott Schnipper
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