Gold Miners (Finally) Performing

The largest gold miners (+2 Million oz./yr.) have been having a stellar year as Gold rallies to new highs.

As usual, the most levered companies, $AU & $GFI, have been the out-performers.

Barrick $GOLD still underperforming

Gold Just Had Its Best Day Since 2023

Market Updates

GOLD +0.17% NEM +8.43% ABX +6.20% GFI +3.31% XAGUSD1! PL1!

News

Gold prices, which had tumbled from record highs over the past week, reversed course and rose roughly 3% today, the biggest percentage jump since October 2023.

Spot gold was up 3.4% at $3,085.50/ounce. At $88.10 a troy ounce, gold futures' daily gain was the precious metal's largest in dollar terms since March 24, 2020, when markets were being convulsed by Covid lockdown orders and investors were fleeing into the haven asset.

Today's move came amid a bond market rout overnight and in the morning, followed by a historic surge in stock prices in the afternoon after President Trump’s reversal authorizing a 90-day pause on new tariffs for many countries—except for China which got hit with a 125% rate, effective immediately.

Silver gained 3.1% to $30.80/oz., Platinum slipped 1.2% to $931.87, and Palladium was up 1.9% at $923.75

Shares of top miners Newmont NEM and Barrick Gold ABX up ~8% and 4.9%, respectively

U.S.-listed shares of South African miners: Gold Fields GFI up 7.5%, AngloGold Ashanti AU rises 8.9%, Harmony Gold HAR jumps 13.8% and Sibanye Stillwater SW.N> soars nearly 19%

Shares of Canadian miners: Kinross Gold K and Agnico Eagle Mines AEM up 7.6% and 4.5%, respectively.

____________________________________________________

MasterMetals

@MasterMetals

Gold rally finally attracts investors back to mining stocks after months of outflows

According to LSEG Lipper data, funds investing in physical gold and gold derivatives attracted a net $17.8 billion in 2024, the highest in five years, while funds investing in gold miners lost a net $4.6 billion, the most in a decade. 

Gold mining Funds saw their first net monthly inflow in six months in March, attracting $555.3 million, the highest since November 2023, according to Lipper data.

The Gold ETF's have seen continued interest all around the world:

Global Inflows: Gold ETFs have seen significant inflows in 2025, with a total of

$3000 Gold

Gold’s outperformance continues unabated. It took some time, but we’re finally here!

It would be healthy to see it consolidate at these levels before racing further ahead—but a bull is hard to tame! 

____________________________________________________
MasterMetals
@MasterMetals

Gold Miners waking up!

Nice day for the larger miners -- large cap no longer applies to these minnows... the biggest, $NEM & $AEM @ ±USD50BN each, are still worth less than what the mag 7 lose in a day... pic.twitter.com/1v3bDAVNfg

— MasterMetals (@MasterMetals) February 6, 2025

Break out spreading out among the Gold producers—even $SSRM. Can’t really say the same for $BTG… $AAUC.TO $AEM $LUG.TO $FVI.TO $FSM $EQX $MKO.V $CXB.TO $GMIN.TO $SKE.TO pic.twitter.com/M9ZMsbLdEn

— MasterMetals (@MasterMetals) February 5, 2025

____________________________________________________

MasterMetals

@MasterMetals

$VGCX.TO: PWC details Victoria Gold’s assets & debts

Assets stood at C$824.75 Million, the majority consisting of property, plant & equipment of C$442.6 million and inventory (on the pad?!) of C$224.7 million. Cash, just C$24 Million.

Debts stand at at least C$300 million owed to 424 creditors.

89 Yukon-based companies are owed just under $42 million, representing 50.7% of the total unsecured debt.

#BHP’s Bid for #AngloAmerican is Laden with Potential Pitfalls & Challenges…

Buying $AAL.L means $BHP would gain access to 3 of world’s largest #Copper mines.

Merger would improve BHP’s exposure to copper by ~40%—and more significantly—give it 10% of global copper production.

This, however, is likely to lead to significant anti-trust/competition scrutiny in Peru and Chile—not to mention South Africa. 

#Copper: Higher, Harder, Longer

It's getting harder & more expensive to get #Copper out of the ground

Great report from Bloomberg on the difficulties facing the #Mining industry in meeting the growing need for more Copper.

After more than a century of commercial production at Chile's Chuquicamata reduced the amount of ore that can profitably be extracted from surface, two decades ago state-run Codelco began drawing up plans to build a modern underground mine at the site to tap the riches deep below. The company originally envisioned a $2 billion investment. By the time its board signed off on the project in 2014, the budget had risen to $4.2 billion. At the time of the 2019 ribbon-cutting, it had climbed to $5.5 billion. The latest estimate, including related infrastructure, is $7 billion, making it the biggest outlay Codelco's history.

Those obstacles can drain miners' enthusiasm for new projects. Goldman Sachs Group Inc. estimates the industry needs to spend