Step Aside, Mag 7—Gold Miner ETFs Are Taking Center Stage Now
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 15 2025
0mins
Source: Benzinga
Gold Mining ETFs Performance: The Themes Gold Miners ETF (AUMI) has reached a 52-week high, outperforming the Invesco QQQ Trust ETF (QQQ) by over 40% since July, with a year-to-date increase of 93%. Other ETFs like VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) have also shown significant gains, with GDX up 97.4% YTD and GDXJ over 100% YTD.
Market Influences on Gold: Gold prices are rising due to expectations of a Federal Reserve rate cut, lower Treasury yields, and geopolitical tensions. Goldman Sachs predicts gold could reach $5,000, which may further support the performance of gold miner ETFs as they gain traction over traditional tech stocks amid concerns about an "AI bubble."
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Analyst Views on NEM
Wall Street analysts forecast NEM stock price to rise
14 Analyst Rating
11 Buy
3 Hold
0 Sell
Strong Buy
Current: 93.300
Low
89.00
Averages
110.85
High
125.00
Current: 93.300
Low
89.00
Averages
110.85
High
125.00
About NEM
Newmont Corporation is a gold company and a producer of copper, zinc, lead, and silver with operations and/or assets in the Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea regions. The Company's operations include Brucejack, Red Chris, Penasquito, Merian, Cerro Negro, Yanacocha, Boddington, Tanami, Cadia, Lihir, Ahafo, and NGM. The Brucejack operation includes four mining leases and six core mineral claims which cover 8,169 acres (3,306 hectares) and 337 mineral claims covering 298,795 acres (120,918 hectares). The Red Chris operation includes five mining leases which cover 12,703 acres and 199 mineral claims, encompassing an area of 164,903 acres (66,734 hectares). Penasquito includes 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares). The Merian operation includes one right of exploitation encompassing an area of 41,687 acres (16,870 hectares).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Newmont Reports Record Q1 Earnings Amid Gold Price Decline
- Record Earnings and Cash Flow: Newmont reported record cash flows in Q1 2026, yet the gold price fell into a bear market in June, causing a 14.9% drop in share price, indicating heightened market concerns over future profitability.
- Stock Price Volatility: With production declines and rising costs, Newmont's stock only rose 10% in the first half of 2026, reflecting a sharp shift in investor sentiment towards the gold market, potentially prompting more investors to take profits ahead of the upcoming Q2 earnings report.
- Production Guidance Downgrade: Management has guided for attributable gold production to decrease from 5.9 million ounces in 2025 to 5.3 million ounces in 2026, primarily due to planned mining sequences and lower ore grades at key sites, which will further exacerbate market concerns about profitability.
- Rising Cost Pressures: Newmont's all-in sustaining costs are projected to rise significantly from $1,358 per ounce in 2025 to $1,680 this year, and this cost pressure combined with gold price volatility may lead to greater downside risks for its stock in the future.
See More
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- Stock Volatility: Newmont (NEM) experienced a 14.9% drop in June, primarily due to falling gold prices and rising production costs, which triggered a sudden shift in investor sentiment, erasing an earlier 10% gain.
- Gold Market Correction: Despite gold reaching an all-time high of $5,608.35 per ounce in January 2026, it has since plummeted over 25% since June, contrasting sharply with persistent inflation and geopolitical tensions in the Middle East.
- Production Outlook Downgrade: Management has guided for a decline in attributable gold production to approximately 5.3 million ounces in 2026 from 5.9 million ounces in 2025, while all-in sustaining costs (AISC) are expected to rise significantly to $1,680 per ounce, raising concerns about profitability.
- Strong Financial Position: Despite these challenges, Newmont exited Q1 with a robust net cash position of $3.2 billion and has authorized an additional $6 billion for share buybacks, demonstrating resilience in a volatile gold market and positioning itself as a top stock to buy on dips.
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- Market Divergence: On Thursday, the S&P 500 closed unchanged, while the Dow Jones Industrial Average rose 1.14% to a new all-time high, and the Nasdaq 100 fell 1.61%, indicating a split in market sentiment, particularly due to the ongoing weakness in chip stocks impacting the broader market.
- Employment Data Impact: US nonfarm payrolls rose by 57,000 in June, significantly below the expected 113,000, although the unemployment rate unexpectedly fell to a one-year low of 4.2%, suggesting a stronger labor market than anticipated, which may influence the Fed's interest rate decisions.
- Chipmaker Declines: Chipmakers faced another sell-off on Thursday, with the iShares Semiconductor ETF dropping over 5%, and SanDisk and KLA Corp falling more than 14% and 12%, respectively, reflecting growing market concerns over the sustainability of the AI buildout boom.
- Oil Price Decline Impact: WTI crude oil prices fell to a fresh 4.25-month low as UAE ramped up shipments by 30% in June, restoring exports to pre-war levels, a trend that may further lower inflation expectations and affect market sentiment.
See More
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- Employment Data Impact: US nonfarm payrolls rose by 57,000 in June, significantly below the expected 113,000, with May's figures revised down to 129,000, indicating a slowdown in the labor market that could influence the Fed's interest rate decisions and suppress stock market performance.
- Mixed Market Performance: The S&P 500 index is up 0.10% and the Dow Jones Industrial Average is up 0.85%, while the Nasdaq 100 index is down 0.92%, reflecting cautious sentiment towards tech stocks, particularly amid ongoing weakness in chipmakers and AI infrastructure stocks.
- International Market Dynamics: Overseas stock markets are generally rising, with the Euro Stoxx 50 reaching a new record high, indicating global investor optimism about economic recovery, which may provide support for the US market.
- Oil Price Fluctuations: WTI crude oil prices have fallen over 1% to a fresh 4.25-month low due to increased global supplies, with UAE ramping up shipments by 30% in June, which could impact the performance of energy-related stocks.
See More
Comparative Analysis of AngloGold Ashanti and Newmont
- Significant Revenue Growth: AngloGold Ashanti achieved revenue of $9.7 billion in FY 2025, reflecting a 71% increase year-over-year, with net income nearing $2.6 billion, up 160%, showcasing its strong performance and profitability in the global market.
- Strong Financial Health: As of December 2025, AngloGold's debt-to-equity ratio was approximately 0.3, and its current ratio was about 2.9, indicating robust short-term debt coverage and effective financial risk management.
- Market Leadership of Newmont: As the world's largest gold producer, Newmont reported revenue of approximately $22.7 billion in FY 2025, a 21% increase, with net income close to $7.1 billion, demonstrating its stability and profitability in the industry.
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See More
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- Significant Revenue Growth: AngloGold Ashanti reported a revenue of $9.7 billion for FY 2025, reflecting a 71% increase year-over-year, with net income soaring to nearly $2.6 billion, a 160% rise, showcasing its robust performance and profitability in the global market.
- Strong Financial Health: As of December 2025, AngloGold's debt-to-equity ratio stood at approximately 0.3, and its current ratio was around 2.9, indicating a solid ability to cover short-term liabilities and effectively manage financial risks.
- Beneficial Gold Price Surge: Gold prices have more than doubled since early 2024, and despite a recent dip to the low $4,000 range, they still provide substantial profit margins for both AngloGold and Newmont, with AngloGold's revenue projected to reach $13.2 billion in 2026, a 37% increase.
- Attractive Dividend Yield: AngloGold boasts a forward dividend yield of 5.7%, significantly higher than Newmont's 1.1%, making it more appealing to investors, especially in the context of rising gold prices.
See More
Newmont Reports Record Q1 Earnings Amid Gold Price Decline
- Record Earnings and Cash Flow: Newmont reported record cash flows in Q1 2026, yet the gold price fell into a bear market in June, causing a 14.9% drop in share price, indicating heightened market concerns over future profitability.
- Stock Price Volatility: With production declines and rising costs, Newmont's stock only rose 10% in the first half of 2026, reflecting a sharp shift in investor sentiment towards the gold market, potentially prompting more investors to take profits ahead of the upcoming Q2 earnings report.
- Production Guidance Downgrade: Management has guided for attributable gold production to decrease from 5.9 million ounces in 2025 to 5.3 million ounces in 2026, primarily due to planned mining sequences and lower ore grades at key sites, which will further exacerbate market concerns about profitability.
- Rising Cost Pressures: Newmont's all-in sustaining costs are projected to rise significantly from $1,358 per ounce in 2025 to $1,680 this year, and this cost pressure combined with gold price volatility may lead to greater downside risks for its stock in the future.
See More
Newmont Stock Plummets Amid Falling Gold Prices
- Stock Volatility: Newmont (NEM) experienced a 14.9% drop in June, primarily due to falling gold prices and rising production costs, which triggered a sudden shift in investor sentiment, erasing an earlier 10% gain.
- Gold Market Correction: Despite gold reaching an all-time high of $5,608.35 per ounce in January 2026, it has since plummeted over 25% since June, contrasting sharply with persistent inflation and geopolitical tensions in the Middle East.
- Production Outlook Downgrade: Management has guided for a decline in attributable gold production to approximately 5.3 million ounces in 2026 from 5.9 million ounces in 2025, while all-in sustaining costs (AISC) are expected to rise significantly to $1,680 per ounce, raising concerns about profitability.
- Strong Financial Position: Despite these challenges, Newmont exited Q1 with a robust net cash position of $3.2 billion and has authorized an additional $6 billion for share buybacks, demonstrating resilience in a volatile gold market and positioning itself as a top stock to buy on dips.
See More
Mixed Close for US Stocks as Chipmakers Continue to Decline
- Market Divergence: On Thursday, the S&P 500 closed unchanged, while the Dow Jones Industrial Average rose 1.14% to a new all-time high, and the Nasdaq 100 fell 1.61%, indicating a split in market sentiment, particularly due to the ongoing weakness in chip stocks impacting the broader market.
- Employment Data Impact: US nonfarm payrolls rose by 57,000 in June, significantly below the expected 113,000, although the unemployment rate unexpectedly fell to a one-year low of 4.2%, suggesting a stronger labor market than anticipated, which may influence the Fed's interest rate decisions.
- Chipmaker Declines: Chipmakers faced another sell-off on Thursday, with the iShares Semiconductor ETF dropping over 5%, and SanDisk and KLA Corp falling more than 14% and 12%, respectively, reflecting growing market concerns over the sustainability of the AI buildout boom.
- Oil Price Decline Impact: WTI crude oil prices fell to a fresh 4.25-month low as UAE ramped up shipments by 30% in June, restoring exports to pre-war levels, a trend that may further lower inflation expectations and affect market sentiment.
See More
Mixed Performance in US Stocks as Nasdaq Faces Pressure
- Employment Data Impact: US nonfarm payrolls rose by 57,000 in June, significantly below the expected 113,000, with May's figures revised down to 129,000, indicating a slowdown in the labor market that could influence the Fed's interest rate decisions and suppress stock market performance.
- Mixed Market Performance: The S&P 500 index is up 0.10% and the Dow Jones Industrial Average is up 0.85%, while the Nasdaq 100 index is down 0.92%, reflecting cautious sentiment towards tech stocks, particularly amid ongoing weakness in chipmakers and AI infrastructure stocks.
- International Market Dynamics: Overseas stock markets are generally rising, with the Euro Stoxx 50 reaching a new record high, indicating global investor optimism about economic recovery, which may provide support for the US market.
- Oil Price Fluctuations: WTI crude oil prices have fallen over 1% to a fresh 4.25-month low due to increased global supplies, with UAE ramping up shipments by 30% in June, which could impact the performance of energy-related stocks.
See More
Comparative Analysis of AngloGold Ashanti and Newmont
- Significant Revenue Growth: AngloGold Ashanti achieved revenue of $9.7 billion in FY 2025, reflecting a 71% increase year-over-year, with net income nearing $2.6 billion, up 160%, showcasing its strong performance and profitability in the global market.
- Strong Financial Health: As of December 2025, AngloGold's debt-to-equity ratio was approximately 0.3, and its current ratio was about 2.9, indicating robust short-term debt coverage and effective financial risk management.
- Market Leadership of Newmont: As the world's largest gold producer, Newmont reported revenue of approximately $22.7 billion in FY 2025, a 21% increase, with net income close to $7.1 billion, demonstrating its stability and profitability in the industry.
- Optimistic Future Outlook: AngloGold's revenue is projected to reach $13.2 billion in 2026, a 37% increase, while Newmont's revenue is expected to grow by 25% to $28.3 billion, indicating significant profit growth for both companies amid rising gold prices.
See More
AngloGold Ashanti Reports Explosive Revenue Growth in FY 2025
- Significant Revenue Growth: AngloGold Ashanti reported a revenue of $9.7 billion for FY 2025, reflecting a 71% increase year-over-year, with net income soaring to nearly $2.6 billion, a 160% rise, showcasing its robust performance and profitability in the global market.
- Strong Financial Health: As of December 2025, AngloGold's debt-to-equity ratio stood at approximately 0.3, and its current ratio was around 2.9, indicating a solid ability to cover short-term liabilities and effectively manage financial risks.
- Beneficial Gold Price Surge: Gold prices have more than doubled since early 2024, and despite a recent dip to the low $4,000 range, they still provide substantial profit margins for both AngloGold and Newmont, with AngloGold's revenue projected to reach $13.2 billion in 2026, a 37% increase.
- Attractive Dividend Yield: AngloGold boasts a forward dividend yield of 5.7%, significantly higher than Newmont's 1.1%, making it more appealing to investors, especially in the context of rising gold prices.
See More
