El interés en corto de VanEck Gold Miners ETF da a los inversores una idea del grado en que los inversores apuestan por la caída de las acciones de VanEck Gold Miners ETF. Los datos de interés en corto se actualizan cada dos semanas.

VanEck Gold Miners ETF (ARCA:GDX), Informe de interés en corto

VanEck Gold Miners ETF

VanEck Vectors Gold Miners ETF

Basic Materials

Other

Consumer Cyclical

Industrials

The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.

Newmont Corp

Agnico Eagle Mines Ltd

Gold Fields Ltd

Zijin Mining Group Co Ltd

Northern Star Resources Ltd

Anglogold Ashanti Plc

Beijing,-,May,4,,2021:,The,People's,Bank,Of,China(pboc)

Asia

Commodities

Markets

FGDL

Market Vectors ETF Trust Market Vectors Gold Miners

GDXJ

Las compras masivas de oro por parte del Banco Central de China están alterando las reservas globales y el equilibrio financiero mundial.

China dispara el precio del oro al comprar 5 toneladas más en marzo

MicroSectors Gold Miners -3X Inverse Leveraged ETNs

VanEck Junior Gold Miners ETF

GOLDEX RES CORP by Goldex Resources Corp.

Goldex Resources Corp

MicroSectors Gold Miners 3X Leveraged ETN

Tidal Trust II YieldMax Gold Miners Option Income Strategy ETF

The leaders of the Group of Seven (G7) unveiled a new action plan for critical minerals on Tuesday, following their latest meeting in Kananaskis, Alberta. The initiative, designed to secure <a target="_blank" href="https://www.benzinga.com/topic/tariffs" rel="noreferrer noopener">global supplies of essential materials</a> for clean energy, defense, and digital technology, is a step toward building transparent, reliable supply chains and boosting investments in sustainable mineral production.
"We recognize the need to work together to increase investment in responsible critical minerals projects within the G7 and around the world," the leaders said in a <a target="_blank" href="https://www.pm.gc.ca/en/news/statements/2025/06/17/g7-critical-minerals-action-plan" rel="noreferrer noopener">joint statement</a> released at the end of the summit.
The document also highlighted the opportunity to establish mutually beneficial partnerships with developing countries, creating stable, long-term supply relationships that foster shared economic growth.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/politics/25/06/45992119/trump-cuts-g7-visit-short-calls-canada-deal-achievable" rel="noreferrer noopener">Trump Cuts G7 Visit Short, Calls Canada Deal ‘Achievable'</a>
While the action plan does not directly name China, it calls out "non-market policies and practices" that distort critical mineral supply chains. The semantics reflect a growing concern among G7 members over China's dominance in markets for rare earth elements and materials such as lithium, cobalt, and graphite—resources critical to electric vehicles, batteries, and military technology.
"Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals," the statement said. "We will work together and with partners beyond the G7 to swiftly protect our economic and national security."
The plan outlines key areas of action, including the development of standards-based markets, increased public and private investment, and partnerships with mineral-rich countries. These efforts include streamlining permitting processes, mitigating investment risks, and promoting new mining, processing, and recycling technologies.
At a press conference, Canadian Prime Minister and G7 chair Mark Carney noted the urgency of securing reliable mineral supply chains.
"They [G7 leaders] acknowledged that both energy security and the digital transition are underpinned by secure and responsible critical mineral supply chains and that more collaboration is required, within and beyond the G7," Carney <a target="_blank" href="https://www.pm.gc.ca/en/news/statements/2025/06/17/g7-chairs-summary" rel="noreferrer noopener">said</a> in a summary. He also announced the creation of the Canada-led Critical Minerals Production Alliance to help guarantee supplies for advanced manufacturing and defense industries in partner nations.
G7 plans to address the matter further at the Conference on Critical Materials and Minerals, scheduled for September in Chicago.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/06/45975943/these-3-gold-stocks-have-rocketed-50-thanks-to-a-floundering-dollar" target="_blank" rel="noreferrer noopener">These 3 Gold Stocks Have Rocketed 50%, Thanks To A Floundering Dollar</a></li>
</ul>
Photo via Shutterstock

News

Politics

Events

Global

PICK

PowerShares Dynamic Basic Materials Sector Portfolio

Market Vectors Rare Earth/Strategic Metals Etf

REMX

RING

G7 Targets Supply Chain Security With Critical Minerals Plan

Citigroup&nbsp;has predicted a potential 25% slump in gold prices by the end of next year, signaling a possible halt to the metal&#8217;s unprecedented rally.
What Happened: Despite gold&#8217;s current record-breaking performance, Citi&#8217;s global commodity team anticipates a substantial decline in price by the second half of 2026. The team, led by Maximilian Layton, predicts that gold prices could fall to the range of $2,500 to $2,700 by the end of next year, <a href="https://www.marketwatch.com/story/citi-forecasts-golds-last-hurrah-as-it-says-prices-may-fall-as-much-as-25-next-year-9c1e73ce">reported</a> MarketWatch.
Gold is currently trading near all-time highs, both in dollar terms and when adjusted for inflation. The metal&#8217;s appeal as a hedge and safe-haven asset has led to a surge in demand, with central banks and investors alike showing strong interest.
However, Citi believes that this heightened demand has reached its peak and will soon start to wane.
The bank expects investment demand for gold to decline in late 2025 and into 2026, as the negative headlines that have shaped the 2025 trading environment begin to subside. Citi also foresees improved risk sentiment following the signing of trade agreements and the passage of the One Big, Beautiful Bill Act. This will also be around the time the U.S. mid-terms and President Donald Trump&#8216;s popularity come into focus.
Citi indicates that the Fed has significant scope to shift from a restrictive to a more neutral monetary policy, which could boost global growth sentiment and weaken the safe-haven appeal of gold. According to their estimates, a 100 basis point decrease in interest rates typically lowers forward gold prices by $200 per ounce.
SEE ALSO: <a href="https://benzinga.com/news/events/25/06/45967070/howard-lutnick-says-nearly-70000-register-for-5-million-trump-card-visa-as-us-eyes-1-trillion-windfal" target="_blank" rel="noreferrer noopener">Howard Lutnick Says Nearly 70,000 Register For $5 Million ‘Trump Card' Visa As US Eyes $1 Trillion Windfall From Premium Immigration Plan</a>
Why It Matters: The recent surge in gold prices has prompted a rush of investors into&nbsp;<a href="https://www.benzinga.com/etfs/specialty-etfs/25/06/45939307/are-gold-etfs-really-a-hedge-during-a-geopolitical-crisis-heres-what-to-check-before-investing">gold ETFs</a>, with many seeking to capitalize on the metal&#8217;s impressive performance. However, questions have been raised about whether these ETFs are truly designed to provide a hedge during geopolitical crises.
Gold&#8217;s remarkable rally in 2025 has been driven by various factors, including&nbsp;<a href="https://www.benzinga.com/markets/guidance/25/06/45928561/gold-biggest-boom-in-decades-and-investors-are-still-missing-out">safe-haven demand</a>&nbsp;following geopolitical events, such as Israel&#8217;s airstrikes on Iran&#8217;s nuclear facilities. This surge in demand has led to gold surpassing the euro to become the&nbsp;<a href="https://www.benzinga.com/markets/commodities/25/06/45900930/gold-surpasses-euro-to-become-second-largest-reserve-asset-still-far-behind-dollar-ecb-says">second-largest </a>reserve asset&nbsp;globally, according to the European Central Bank (ECB).
Meanwhile, Economist and gold advocate Peter Schiff highlighted renewed bullish momentum in the gold market on Friday via posts on X, noting that the outperformance of gold mining stocks compared to gold suggests a positive shift in investor sentiment, citing VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) as an instance. 
Over the past month, VanEck Gold Miners ETF surged 13.12%. Meanwhile, shares of gold miners, Wheaton Precious Metals Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>) and Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) soared 14.35% and 14.12%, respectively, as per <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>. 
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/commodities/25/06/45948096/exxon-mobil-chevron-occidental-petroleum-in-focus-as-expert-says-us-economy-is-far-less-sensi" target="_blank" rel="noreferrer noopener">Exxon Mobil, Chevron, Occidental Petroleum In Focus As Expert Says &#8216;US Economy Is Far Less Sensitive To An Oil Shock&#8217; Amid Israel-Iran Conflict</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Gold's Glory Days Numbered? Citi Predicts Shock 25% Crash By 2026 — Here's Why

As gold hovers around $3,500, Michael Gentile, the co-founder of Bastion Asset Management, believes large swathes of the sector have barely budged in recent weeks.
What Happened: On Thursday, appearing on Kitco News, Gentile said that the stocks of most junior miners, or small, early-stage mining companies, continue to trade as if prices were stuck at $1,500. 
This disconnect, Gentile says, represents one of the most overlooked opportunities in today's markets. He says the sector's smallest companies, those with sub-$100 million market caps, have been left behind despite historic highs in the spot price of the yellow metal.
&#8220;Normally, when gold hits new all-time highs, the juniors rally the hardest,&#8221; he says; however, this time around, &#8220;they're still trading at crisis-level valuations.&#8221;
See Also: <a href="https://www.benzinga.com/news/movers-shakers/25/06/45807280/elon-musk-bleeds-34-billion-as-tesla-shares-tank-14-amid-spat-with-trump-how-the-billionaires-fortune-has-fared-so-far-in-2025">Elon Musk Loses $34 Billion As Tesla Sheds $153 Billion Amid Feud With Trump—Here&#8217;s How The Billionaire&#8217;s Fortune Has Fared So Far In 2025</a>
While senior producers are &#8220;spewing cash right now, buying back stock, paying dividends [with] pristine balance sheets,&#8221; capital remains scarce for junior miners. 
Gentile, who serves on the board of several leading mining firms, believes the sector is still reeling from a post-COVID hangover, when inflation wiped out expected margin gains.
&#8220;In 2020, everyone was excited about margin expansion, but then inflation hit, and that got all eroded away,&#8221; he says. &#8220;Today, costs are much more under control. We're seeing record margins in both absolute and percentage terms.&#8221;
&#8220;Today, the majors are printing cash, that will eventually flow downstream,&#8221; he notes, predicting an M&amp;A wave and a re-rating of undervalued developers and explorers. Gentile believes there are already some signs of life, with generalist funds beginning to revisit the sector.
For risk-tolerant investors, he sees potential for &#8220;three, four, even 10 times your money&#8221; among select junior names. Still, he urges discipline, with a focus on tight cost controls, a well-aligned management team, and a clear path to profitable production.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Stock / ETF</th>
<th class="has-text-align-center" data-align="center">YTD Performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>New Found Gold Corp. (NYSEAMERICAN: NFGC)</td>
<td class="has-text-align-center" data-align="center">-22.80%</td>
</tr>
<tr>
<td>Capitan Silver Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CAPTF#OTC">CAPTF</a>)</td>
<td class="has-text-align-center" data-align="center">+141.09%</td>
</tr>
<tr>
<td>Artemis Gold Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ARGTF#OTC">ARGTF</a>)</td>
<td class="has-text-align-center" data-align="center">+93.29%</td>
</tr>
<tr>
<td>Osisko Metals Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OMZNF#OTC">OMZNF</a>)</td>
<td class="has-text-align-center" data-align="center">+34.54%</td>
</tr>
<tr>
<td>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>)</td>
<td class="has-text-align-center" data-align="center">+50.40%</td>
</tr>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td class="has-text-align-center" data-align="center">+26.04%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Stocks mentioned by Gentile as having the potential to 3x, 4x, or even 10x from current levels.</figcaption></figure>
Why It Matters: Other analysts have echoed similar views on <a href="https://www.benzinga.com/markets/commodities/25/06/45754937/exclusive-golds-27-ytd-rally-is-supercharging-miners-but-theres-a-big-if">gold miner profitability</a>, with Oktay Kavrak of LeverageShares saying that &#8220;A gold rally can supercharge miner profits if costs are controlled. But that&#8217;s a big ‘if.'&#8221;
&nbsp;&#8220;If it costs $1,500 to produce an ounce and gold rises from $2,000 to $2,100, that&#8217;s a 20% boost in profits on just a 5% move in gold,&#8221; he says, but adds that the reverse is also true. 
Price Action: The spot price of Gold now trades at $3,366.42, up 0.37% for the day, 1.51% over the past 30 days, and an impressive 46.37% over the past 12 months.
<figure class="wp-block-image aligncenter size-large is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="192" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06045152/Screenshot-2025-06-06-at-2.21.40-PM-1024x192.png" alt="" class="wp-image-940898" style="width:485px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06045152/Screenshot-2025-06-06-at-2.21.40-PM-1024x192.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06045152/Screenshot-2025-06-06-at-2.21.40-PM-300x56.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06045152/Screenshot-2025-06-06-at-2.21.40-PM-768x144.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06045152/Screenshot-2025-06-06-at-2.21.40-PM.png 1174w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR Gold Trust scores high on Momentum according to Benzinga&#8217;s Edge Stock Rankings, and has a favorable price trend in the short, medium, and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the ETF.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Gold Miners Printing Record Margins – Juniors Could 10x From Here &#x7C; Gentile" width="500" height="281" src="https://www.youtube.com/embed/LKr5UW-5Umw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read More:
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<li><a href="https://www.benzinga.com/markets/equities/25/06/45808926/robinhood-says-overnight-trading-spiked-after-trumps-tariff-surprise-retail-came-to-the-rescue">Robinhood Says Overnight Trading Spiked After Trump&#8217;s Tariff Surprise: &#8216;Retail Came To The Rescue&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

ARGTF

CAPTF

NFGC

OMZNF

Gold's At $3,500, But These Miners Still Trade Like It's $1,500: Investor Sees 10x Upside In These Under-The-Radar Stocks

Gold prices have been climbing, <a href="https://www.benzinga.com/topic/gold-prices">rallying over 27% year-to-date</a>. And, if history is any guide, investors might be eyeing gold miners as a way to turbocharge their returns.
But hold that thought, says Oktay Kavrak, director of communication and strategy at Leverage Shares. "A gold rally can supercharge miner profits if costs are controlled. But that's a big &#8216;if.'"
Responding to Benzinga over an exclusive interview via email, Kavrak dismantled the common assumption that gold miners simply track bullion. While gold and miners posted similar returns over the last decade, the journey couldn't have been more different.
"Owning miners is not the same as owning gold. It may feel similar, but structurally, it's apples and oranges," said Kavrak.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45645056/gold-etf-bleeds-money-at-fastest-pace-in-3-years-is-the-safe-haven-trade-over">Gold ETF Bleeds Money At Fastest Pace In 3 Years — Is The Safe-Haven Trade Over?</a>
<h1 class="wp-block-heading">Gold Might Be Soaring, Miners Can Sink</h1>
Why? Because miners are businesses — and messy ones at that. From bloated costs to bad management to unexpected hits like floods or thefts, "gold might be soaring, but miners can still sink," Kavrak warns.
Even when gold rises, gains don't always trickle down. "If it costs $1,500 to produce an ounce and gold rises from $2,000 to $2,100, that's a 20% boost in profits on just a 5% move in gold." But the same math works in reverse — amplifying losses when gold dips. 
In a way, gold miner stocks work like a leveraged ETF play on gold. &#8220;Their monthly volatility is routinely double that of gold, noted Kavrak.
The volatility shows: miners routinely swing twice as much as gold, crushing their risk-adjusted returns. "You had to stomach twice the risk for the same reward," Kavrak notes.
Benzinga looked at the physical gold tracking SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and the gold miners tracking VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) to compare year-to-date returns, and while GLD is up 25.70%, GDX is up 49.26%.
Bottom line? 
If you want stability, stick to the metal. "Ask yourself: do you want exposure to the metal or to the business that digs it up?"
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/06/45731500/investors-are-buying-gold-stocks-whats-going-on-with-barrick-mining-us-gold-and-newmont-shares-today">Investors Are Buying Gold Stocks: What&#8217;s Going On With Barrick Mining, US Gold And Newmont Shares Today?</a></li>
</ul>
Photo: Shutterstock

Exclusives

Interview

EXCLUSIVE: Gold's 27% YTD Rally Is Supercharging Miners — But There's A Big 'If'

A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction, with several high-growth and tech names plunging between 1:05 p.m. and 2:05 p.m. ET—the exact window 30-year <a href="https://www.benzinga.com/news/treasuries">yields spiked above 5.08%.</a>
Tempus AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) led the decline, falling 6.9%, followed by Hims &amp; Hers Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>), which dropped 5%, data from <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> platform shows. 
AI infrastructure firm CoreWeave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) slid 4.4%, while Bitcoin-linked Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) tumbled 4.3%. 
Trading platform Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) lost 3.7%.
The selloff came as investors repriced risk across equities amid fears of persistently higher rates, sparked by soft demand at the 20-year Treasury auction. 
The bid-to-cover ratio of 2.46 landed near the bottom quartile of the past 50 auctions, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), sliding to a 19-month low.
Notable losers among the 20 movers with at least $10 billion market cap also included Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), with declines of 3.1%, 2.9% and 2.7%, respectively. 
Semiconductor names also came under pressure, as ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) fell 2.8%, while Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) lost 3% during the hour-long selloff. Other high-beta tech stocks such as Credo Technology Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDO#NASDAQ">CRDO</a>) and Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) each dropped over 3%, reflecting broad-based risk aversion triggered by the Treasury market spike. 
The weakness extended into biotech and aerospace sectors as well, with Summit Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMT#NASDAQ">SMMT</a>) and Rocket Lab USA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) down 2.7% and 3.5%, respectively.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Name</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Tempus AI</td>
<td>$60.39</td>
<td>-6.91%</td>
</tr>
<tr>
<td>Hims &amp; Hers Health</td>
<td>$58.27</td>
<td>-5.00%</td>
</tr>
<tr>
<td>CoreWeave</td>
<td>$104.33</td>
<td>-4.44%</td>
</tr>
<tr>
<td>Strategy</td>
<td>$399.58</td>
<td>-4.15%</td>
</tr>
<tr>
<td>Robinhood Markets</td>
<td>$64.11</td>
<td>-3.73%</td>
</tr>
<tr>
<td>Aurora Innovation</td>
<td>$6.17</td>
<td>-3.60%</td>
</tr>
<tr>
<td>Rocket Lab USA</td>
<td>$25.48</td>
<td>-3.51%</td>
</tr>
<tr>
<td>Credo Technology Group</td>
<td>$60.98</td>
<td>-3.24%</td>
</tr>
<tr>
<td>Mobileye Global</td>
<td>$15.88</td>
<td>-3.23%</td>
</tr>
<tr>
<td>Astera Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>)</td>
<td>$92.15</td>
<td>-3.21%</td>
</tr>
<tr>
<td>ServiceTitan Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTAN#NASDAQ">TTAN</a>)</td>
<td>$123.13</td>
<td>-3.07%</td>
</tr>
<tr>
<td>Palantir Technologies</td>
<td>$122.40</td>
<td>-3.05%</td>
</tr>
<tr>
<td>Super Micro Computer</td>
<td>$42.16</td>
<td>-3.04%</td>
</tr>
<tr>
<td>Estee Lauder Cos Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>)</td>
<td>$64.11</td>
<td>-2.96%</td>
</tr>
<tr>
<td>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td>
<td>$260.26</td>
<td>-2.92%</td>
</tr>
<tr>
<td>Toll Brothers Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>)</td>
<td>$103.95</td>
<td>-2.89%</td>
</tr>
<tr>
<td>ON Semiconductor</td>
<td>$44.03</td>
<td>-2.82%</td>
</tr>
<tr>
<td>Summit Therapeutics</td>
<td>$25.59</td>
<td>-2.69%</td>
</tr>
<tr>
<td>Nvidia Corp. </td>
<td>$133.27</td>
<td>-2.69%</td>
</tr>
<tr>
<td>Kinsale Capital Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNSL#NYSE">KNSL</a>)</td>
<td>$460.03</td>
<td>-2.64%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Benzinga Pro</figcaption></figure>
<h3 class="wp-block-heading">Wall Street Extend Lows</h3>
The S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), deepened losses, falling 1.3% by 2:17 p.m. ET, while small caps were hit harder, with the Russell 2000 plunging 2.4%. 
All S&amp;P 500 sectors traded in negative territory, led by real estate, which dropped 2.7% under pressure from rising yields.
Gold miners, tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), were the only industry group holding gains, supported by a rise in bullion prices as investors sought safety amid Treasury volatility. 
The clean energy industry was the day's worst performer, with the Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) sliding 3.4%.
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548192/tesla-enters-its-most-bullish-window-this-seasonal-trade-delivered-24-average-gain-over-10-years">Tesla Enters Its Most Bullish Window: This Seasonal Trade Delivered 24% Average Gain Over 10 Years </a></li>
</ul>
Photo: Shutterstock

Analyst Color

Large Cap

Mid Cap

Bonds

Broad U.S. Equity ETFs

Small Cap

Treasuries

Analyst Ratings

Tech

ETFs

ALAB

COIN

CRDO

CRWV

Hims & Hers Health, Inc. Class A Common Stock

HIMS

HOOD

KNSL

MBLY

MSTR

NVDA

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

PLTR

RKLB

SMCI

SMMT

iShares Trust Barclays 20+ Year Treasury Bond Fund

TTAN

Treasury Yields Top 5%: These 20 Stocks Tanked In Just One Hour

After a sharp 23% rebound in the S&amp;P 500 since April, hedge funds are now stacking record levels of bearish bets against stocks as investors question the staying power of <a href="https://www.benzinga.com/topic/tariffs">the tariff-relief rally.</a>
Hedge funds have added $25 billion in short equity futures exposure over the last three Commitments of Traders (COT) reports—marking the largest three-week increase in at least a decade. 
This surge underscores deepening skepticism about the market's resilience following its V-shaped recovery after the tariff selloff.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hedge Funds have added $25 Billion of short equity futures exposure over the last 3 COT reports, the largest increase AT LEAST the last decade &#x1f6a8;&#x1f6a8; <a href="https://t.co/WxiEjHlmDS">pic.twitter.com/WxiEjHlmDS</a>
&mdash; Barchart (@Barchart) <a href="https://twitter.com/Barchart/status/1925047520272502901?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Gross leverage, which includes both long and short exposures, has climbed to an all-time high, according to Goldman Sachs analyst Ben Snider. 
Although net leverage—longs minus shorts—remains below February levels, the acceleration in short interest has changed the landscape.
&#8220;As growth and inflation begin to reaccelerate, hedge funds and CTAs continue to fight the cycle—doubling down on long bonds and short risk. The macro bears aren't giving up without a fight,&#8221; said Oskar Vårdal, analyst at Steno Research. 
<h3 class="wp-block-heading">Where Are Hedge Funds Targeting Shorts?</h3>
Funds are targeting both exchange-traded funds (ETFs) and single-name stocks. 
According to data from Goldman Sachs, ETF short interest hit $218 billion in the second quarter, while single-stock short interest reached $948 billion. In over a decade, April alone saw the most significant jump in U.S. ETF short selling.
Among U.S.-listed ETFs, SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) saw its short interest soar by 50 percentage points since mid-February, now totaling 96% of float. SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) rose 27 points to 111%, while iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) climbed to 33%.
ETFs with the most historically elevated short interest include VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) at 12% of float (100th percentile vs. history, First Trust NASDAQ-100 Tech ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qtec#NASDAQ">QTEC</a>) at 4% (98th percentile), and iShares Core S&amp;P Mid-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJH#NYSE">IJH</a>) with $1 billion shorted (98th percentile).
<h3 class="wp-block-heading">Defensive Sectors Are Under Pressure</h3>
The rise in short interest has been especially acute in defensive sectors. Short interest in consumer staples, utilities, and healthcare sectors now ranks in the top quintile compared to historical norms. The median S&amp;P 500 stock now has a 2.3% short interest relative to market cap, ranking in the 61st percentile over the last 30 years.
Only the financials and information technology sectors show short interest below their long-term averages.
<h3 class="wp-block-heading">Which Stocks Are Being Targeted By The Heaviest Bearish Bets?</h3>
Large-cap stocks that have seen the biggest spikes in short interest since the February peak include:
<ul class="wp-block-list">
<li>Somnigroup International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGI#NYSE">SGI</a>): 13% of float, up 10 percentage points.</li>
<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>): 30% of float, up 8pp. </li>
<li>Amer Sports Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AS#NYSE">AS</a>): 12% of float, up 8pp.</li>
<li>Medpace Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDP#NASDAQ">MEDP</a>): 11% of float, up 6pp. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>): 18% of float, up 6pp.</li>
<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>): 11% of float, up 5pp. </li>
</ul>
Now Read:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45530460/trumps-6-trillion-investment-deals-face-reality-check-only-a-fraction-may-reach-the-real-economy">Trump&#8217;s $6 Trillion Investment Deals Face Reality Check: Only A Fraction May Reach The Real Economy </a></li>
</ul>
Image: Shutterstock

Equities

Sector ETFs

Hedge Funds

Econ #s

FSLR

LCID

MEDP

MRNA

First Trust NASDAQ-100 Technology Index Fund

QTEC

Hedge Funds Are Building A Towering Wall Of Bets Against Stocks

Gold miners&#8217; stocks, 2025&#8217;s standout performers, faced a sharp reversal this week as investor appetite for safe havens cooled following the U.S.-China trade truce, raising fresh doubts about the sustainability of<a href="https://www.benzinga.com/topic/gold-miners"> the sector&#8217;s explosive rally.</a>
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>)—a widely tracked proxy for gold mining stocks—plunged 9.6% over three sessions, marking its worst three-day performance since April 2022. 
The move was amplified by a 4.4% drop in gold prices, which now sit 9.2% below the all-time high of $3,500 per ounce reached on April 22.
Losses were broad-based within the GDX components. Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), its largest holding, dropped 10% in just three days. Similar losses were recorded in Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) and Agnico Eagle Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>).
The abrupt reversal comes as risk appetite surges globally, diminishing gold's appeal. The May 12 announcement of a 90-day U.S.-China tariff rollback helped lift equities and risk assets, reducing investor hedges in gold.
<h3 class="wp-block-heading">Technical Setups Signal Caution For Gold</h3>
Technical analysts are growing cautious. Bank of America technical analyst, Paul Ciana said the daily gold chart is showing signs of a potential double top pattern. 
He indicated that a close below $3,200 per ounce would increase the risk of a correction to the $2,900–$3,000 range during the second quarter.
From a fundamental view, David Morrison, senior market analyst at Trade Nation, observed that gold is consolidating around the lower end of its recent range. 
He flagged $3,200 as the first key support level. "It looks as if the path of least resistance may be down for gold, although much now depends on how staunchly the bulls can defend the $3,200 level," he said.
Nikos Tzabouras, senior market analyst at Tradu.com, said the trade truce buoyed market sentiment and reduced near-term demand for havens like gold. 
"Gold remains under pressure, with scope for further declines as risk appetite holds firm," he said, while cautioning that geopolitical uncertainty and central bank buying still support the longer-term case.
<h3 class="wp-block-heading">Seasonality Enters Choppy Phase</h3>
Seasonal trends may also be at play. Historically, gold posts strong gains in the first four months of the year, followed by a choppy stretch between mid-May and mid-July. In that two-month window, bullion has delivered positive returns just 42% of the time over the past decade.
This seasonal lull could compound downside pressure, especially if key support levels fail to hold.
Conclusion: Time to Take Some Chips Off the Table?
While gold miners have delivered strong year-to-date returns – with the GDX ETF up 30% through mid May. 
Yet, the combination of technical weakness, a seasonally soft window, and shifting macro tailwinds suggests a more cautious stance may be warranted in the short term. 
For investors sitting on large gains, this could be an opportune moment to lock in profits—or at least tighten risk controls—while waiting for clearer signals.
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45410216/cruises-set-sail-ahead-of-summer-boom-these-3-sp-500-stocks-show-strongest-late-may-seasonality">Cruises Set Sail Ahead Of Summer Boom: These 3 S&amp;P 500 Stocks Show Strongest Late-May Seasonality</a><span class="author" style="box-sizing: border-box; border: 0px solid rgb(229, 231, 235); --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-gradient-from-position: ; --tw-gradient-via-position: ; --tw-gradient-to-position: ; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgba(59,130,246,.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; --tw-contain-size: ; --tw-contain-layout: ; --tw-contain-paint: ; --tw-contain-style: ;"></li>
</ul>
Photo: Shutterstock

Macro Economic Events

Economics

GOLD

Gold Miners Slammed By US-China Trade Truce: Is It Time To Take Profit?

Barrick Mining Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) shares are trading higher on Wednesday after it reported first-quarter revenue of $3.13 billion, up 14% year over year (Y/Y), <a href="https://www.benzinga.com/pressreleases/25/05/g45246787/barrick-reports-solid-q1-results-and-progress-on-strategic-growth-objectives" target="_blank" rel="noreferrer noopener">in line with the consensus</a>. 
Gold production stood at 758 thousand ounces (-19% Y/Y), and gold sales were 751 thousand ounces (-17% Y/Y).
The average realized gold price rose&nbsp;40%&nbsp;Y/Y&nbsp;to&nbsp;$2,898 per ounce, and all-in sustaining costs (AISC) fell&nbsp;20% Y/Y to&nbsp;$1,775 per ounce in the quarter.
Also Read: <a href="https://www.benzinga.com/news/rumors/25/04/44947306/barricks-canadian-exit-opens-the-doors-for-us-redomiciliation" target="_blank" rel="noreferrer noopener">Barrick&#8217;s Canadian Exit Opens The Doors For US Redomiciliation</a>
Copper production surged&nbsp;10% Y/Y to 44 thousand tonnes. The average realized copper price declined&nbsp;17%&nbsp;Y/Y&nbsp;to&nbsp;$4.51 per pound.
Adjusted EPS of&nbsp;35 cents beat&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;28 cents</a>.
At the end of the quarter, cash and cash equivalents stood at&nbsp;$4.10 billion, and debt was&nbsp;$4.73 billion.
Capital expenditure increased&nbsp;15% Y/Y to&nbsp;$837 million, and operating cash flow stood at&nbsp;$1.21 billion.&nbsp;
The Reko Diq and Lumwana projects will materially grow Barrick's copper and gold production, CEO&nbsp;Mark Bristow says.
The goal is to organically grow the firm&#8217;s gold-equivalent ounces by 30% by the end of the decade, he added.&nbsp;
Dividend: Barrick declared a&nbsp;fourth-quarter dividend per share of&nbsp;10 cents. It will be payable on June 16 to shareholders <a href="https://www.benzinga.com/pressreleases/25/05/g45246771/barrick-reports-share-repurchases-and-declares-q1-dividend" target="_blank" rel="noreferrer noopener">of&nbsp;record&nbsp;as of May 30</a>.
Barrick repurchased 7.69&nbsp;million shares during the quarter.&nbsp;
FY25&nbsp;Outlook: The company reiterated outlook for attributable gold production in the range of 3.15–3.5 million ounces and AISC in the range of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">1,460 – 1,560&nbsp;per ounce</a>.
For 2025, attributable capital expenditure&nbsp;is expected <a target="_blank" href="https://s25.q4cdn.com/322814910/files/doc_financial/quarterly_results/2025/01/Barrick_Q1_2025_MD-A.pdf" rel="noreferrer noopener">to </a>be&nbsp;$3.100 billion&nbsp;–&nbsp;$3.600 billion.
The company sees attributable copper production of <a target="_blank" href="https://www.benzinga.com//node/43672890" rel="noreferrer noopener">200,000–230,000 tonnes in 2025</a>.
Investors can gain exposure to the stock via&nbsp;Sprott Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and&nbsp;VanEck Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: GOLD shares are up 0.9% at $19.42&nbsp;at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/content/45183597/analysts-see-4-000-gold-3-ways-to-invest-at-varied-risk-levels" target="_blank" rel="noreferrer noopener">Analysts See $4,000 Gold: 3 Ways to Invest at Varied Risk Levels</a></li>
</ul>
Image: Shutterstock

Earnings

Guidance

SGDM

Gold Shines, Output Dims: Barrick Delivers Mixed Q1 As Production Slips

Barrick Gold Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) shares are trading lower by 4.5% to $19.08 during Wednesday&#8217;s session. Shares of gold stocks are trading lower as gold prices drop after President Trump said he has <a href="https://www.benzinga.com/25/04/44940900/us-futures-dollar-jump-amid-trumps-latest-comments-on-fed-nikkei-rebounds-to-three-week-high">no intention of firing</a> Fed Chair Powell and indicated the final tariff rate with China would be &#8220;substantially&#8221; lower than the current 145%.
These comments could be reducing some macro uncertainty, which recently drove gold to record highs.
What To Know: Barrick Gold shares are slipping after a 19% year-to-date rally. Gold miners in recent weeks have broadly benefit from surging bullion prices and bullish sentiment across the sector.
Despite gold trading above $3,300 per ounce — up 23% year-to-date — Barrick is under pressure as investors rotate out of safe-haven plays Wednesday amid easing geopolitical risks and renewed risk-on sentiment.
Read Also: <a href="https://www.benzinga.com/government/regulations/25/04/44952395/us-business-activity-growth-slows-in-april-as-services-suffer-tariff-shock-markets-rally-as-trade-war-cools">Business Growth Cools, Prices Rise, And Markets Surge On Tariff Rollback Hopes</a>
The stock&#8217;s weakness follows a sharp, short-term spike in gold and broader miner ETFs, such as VanEck Gold Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NASDAQ">GDX</a>), which is up 38% year-to-date. 
Analysts had high expectations heading into the <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44933680/gold-miners-surge-50-year-to-date-as-record-bullion-prices-drive-optimism-ahead-of-earnings">first-quarter earnings season</a>, banking on record margins with all-in sustaining costs for miners around $1,400-$1,500 per ounce.
Yet, for Barrick, those expectations may now be working against it. Profit-taking, macro-driven capital shifts and competition from <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44958259/bitcoin-reclaims-spotlight-while-gold-loses-luster-the-safe-haven-standoff-continues">other &#8220;safe haven&#8221; assets</a> — including a surging Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on Wednesday — are weighing on sentiment.
Read Also: <a href="https://www.benzinga.com/25/04/44954642/bessent-calls-for-imf-world-bank-reset-as-us-targets-chinas-unsustainable-economic-model">Bessent Blasts China&#8217;s Economic Model, Calls For Global Reset, IMF Refocus</a>
<h2 class="wp-block-heading">How To Buy GOLD Stock</h2>
By now you're likely curious about how to participate in the market for Barrick Gold &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share.
In the case of Barrick Gold, which is trading at $19.11 as of publishing time, $100 would buy you 5.23 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, GOLD has a 52-week high of $21.35 and a 52-week low of $15.11.

$BTC

Why Barrick Gold Stock Is Trading Lower

A powerful rally in gold miners is turning heads on Wall Street, with the industry, as broadly tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), up 50% year-to-date through April 22, outperforming nearly every other asset <a href="https://www.benzinga.com/topic/gold">class around the world. </a>
Fueled by gold prices soaring above $3,300 per ounce and robust investor demand, the industry enters first-quarter earnings season with high expectations and bullish momentum.
This week, Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) and Agnico Eagle Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) will kick off first-quarter 2025 reporting, with analysts anticipating a wave of strong cash flow, operational updates and capital allocation plans.
<h3 class="wp-block-heading">What's Driving The Gold Boom?</h3>
According to VanEck portfolio manager Imaru Casanova, a &#8220;perfect storm&#8221; is lifting gold: sticky inflation, rising global debt, escalating geopolitical tensions and growing recession fears.
"Gold thrives amid uncertainty," she said during a VanEck-hosted webinar Tuesday, highlighting the sector&#8217;s leverage to bullion. Gold equities, she added, have delivered "significantly amplified returns" compared to the metal itself.
Casanova noted that gold equities have sharply outperformed bullion, highlighting that the leverage embedded in mining companies gives investors an amplified return profile when gold rises.
With miners' all-in sustaining costs around $1,400 to $1,500 per ounce, today's gold prices north of $3,300 are delivering record margins.
"If we're at $3,000 gold and the costs are $1,500, that's a $1,500 margin per ounce," Casanova said. "That's where the cash flow is."
She also highlighted the rising interest in capital return strategies, such as share buybacks and dividends. "The companies are in great shape. That makes us even more bullish—not just because of the gold price, but because of company fundamentals."
Gold prices are up 42% over the past year and 18% over the past quarter, averaging $2,862 per ounce in the first quarter of 2025. In April, gold has surged another 8.9%, now trading above $3,400.
Monthly gold ETF demand hit a three-year high in April, signaling a potential resurgence of institutional and retail interest.
The VanEck team outlined several structural supports behind the gold rally, including strong demand from central banks, tariff risk and policy uncertainty.
With gold in "uncharted territory," Casanova said, "we could enter a much higher range" that supports even more robust margins and cash flows for miners. 
<h3 class="wp-block-heading">Bullish Q1 Expectations From Wall Street</h3>
Bank of America raised target multiples and price objectives across its North American precious metals coverage this week in response to gold's strength. Analyst Lawson Winder now sees:
<ul>
<li>Newmont at $70 (from $60)</li>
<li>Agnico Eagle Mines at $159 (from $142)</li>
<li>Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) at $23 (from $19.50)</li>
<li>Kinross Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) at $17.50 (from $15.00)</li>
</ul>
BofA expects free cash flow across its coverage to total $2.2 billion for the first quarter and $16.2 billion for the full year 2025, assuming gold averages $3,063 per ounce.
With all-in sustaining costs estimated around $1,500 per ounce, the sector is capturing historically wide margins.
Read now: 
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<li><a href="https://www.benzinga.com/government/regulations/25/04/44903750/gold-price-soars-to-record-highs-eyes-best-2-month-rally-since-2011-on-blockbuster-etf-buying">Gold Price Soars To Record Highs, Eyes Best 2-Month Rally Since 2011 On Blockbuster ETF Buying</a></li>
</ul>
Photo: Shutterstock

Gold Miners Surge 50% Year To Date As Record Bullion Prices Drive Optimism Ahead Of Earnings

Gold surged to fresh all-time highs on Monday, with bullion jumping 2.5% to $3,410 per ounce by 11:20 a.m. ET, as mounting distrust in U.S. financial assets and inflation fears drive a flight to safety unlike anything seen since the global debt crises <a href="https://www.benzinga.com/topic/donald-trump">of the early 2010s.</a>
Since early March, gold prices — tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) — have climbed an astonishing 19.4%, putting the metal on track for its strongest two-month rally since August 2011.
A perfect storm of macro instability, political friction and investor skepticism about the dollar and U.S. Treasuries is fueling the run.
<h1 class="wp-block-heading">What's Behind The Gold Boom?</h1>
The root of gold's dramatic resurgence lies in a potent mix of fundamental, structural and behavioral drivers.
The U.S. dollar and long-duration Treasuries — once go-to safe havens — have come under pressure in recent weeks amid President Donald Trump's tariff offensive and his escalating feud with Fed Chair Jerome Powell, raising fears over political interference and eroding confidence in U.S. institutions.
In this climate, gold's reputation as a neutral, time-tested store of value is attracting capital seeking stability.
As a result, traditional hedges have faltered. But gold, immune to sovereign missteps and backed by centuries of store-of-value status, has emerged as a refuge for capital looking for shelter from rising macro uncertainty.
Read also: <a href="https://www.benzinga.com/government/regulations/25/04/44899280/are-investors-selling-us-treasuries-as-trump-attacks-powell-heres-what-latest-etf-flows-tell-you">Are Investors Selling US Treasuries As Trump Attacks Powell? Here&#8217;s What Latest ETF Flows Tell You</a>
<h1 class="wp-block-heading">Massive Inflows Into Gold ETFs Confirm Strong Investment Demand</h1>
Investor appetite for gold is clearly visible in the massive inflows into gold-backed exchange-traded funds (ETFs) since mid-January, when Trump made his official return to the White House:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name </th>
<th>Inflows (Mid-January to Mid-April)</th>
</tr>
</thead>
<tbody>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>$8.35 billion</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>$3.5 billion</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>$2.46 billion</td>
</tr>
<tr>
<td>ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>)</td>
<td>$117 million</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#NYSE">AAAU</a>)</td>
<td>$304.9 million</td>
</tr>
</tbody>
</table>
</figure>
These blockbuster flows signal broad-based institutional and retail demand. According to Goldman Sachs analyst Lina Thomas, the rally is not being fueled by short-term speculators.
"Data suggests the move has occurred without a substantial return of speculative flows," Thomas said. 
"With estimated COMEX speculative positioning still moderate, we view the rally as structurally supported and less exposed to sharp near-term liquidation risk. Thus, we see current levels as a tactically attractive entry point… and believe this reinforces upside risk to our $3,700/toz year-end forecast."
Ed Yardeni, president of Yardeni Research, said the current momentum validates his call from over a year ago. 
"We&#8217;ve been bullish on gold since it broke out above $2,000 per ounce at the end of February 2024. Our $4,000 target by the end of this year looks increasingly realistic. If that happens, then $5,000 would be our target for the end of 2026."
"This situation may come as a crisis for many assets, but for gold, it's a perfect outcome. Inflation fears remain high as the U.S. stock market loses trillions of dollars, and investors are leaning toward physical gold in search of security rather than risky assets like stocks and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)," said Rick Kanda, managing director at The Gold Bullion Company, in an email.
<h1 class="wp-block-heading">Miners Regain Momentum</h1>
The rally is also lifting gold miners, many of which had lagged physical bullion for much of 2024. Now, they're catching up. "Gold has surged to new all-time highs above $3,000/ounce, driven by renewed flows into gold-backed ETFs and continued strong demand from global central banks," VanEck said Monday.
"At the same time, gold miners are beginning to regain leverage to gold prices, emerging as some of the best-performing stocks so far this year."
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up nearly 52% year-to-date, eyeing the strongest annual gain since the fund&#8217;s inception in 2007.
In response to the metal's powerful rally, Bank of America on Monday raised price targets across its North American gold and silver coverage. 
The move comes just ahead of first-quarter earnings season in the precious metals sector, which begins April 23 with Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) and continues with Agnico Eagle Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) on April 24.
Here are the new price targets for key names:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>New Target</th>
<th>Previous Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Agnico Eagle Mines </td>
<td>$159</td>
<td>$142</td>
</tr>
<tr>
<td>Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</td>
<td>$23</td>
<td>$19.50</td>
</tr>
<tr>
<td>Kinross Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>)</td>
<td>$17.50</td>
<td>$15</td>
</tr>
<tr>
<td>Newmont Corp. </td>
<td>$70</td>
<td>$60</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>$3.10</td>
<td>$2.75</td>
</tr>
<tr>
<td>Centerra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGAU#NYSE">CGAU</a>)</td>
<td>$6.50</td>
<td>$5.50</td>
</tr>
<tr>
<td>Eldorado Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>)</td>
<td>$19.50</td>
<td>$17.25</td>
</tr>
<tr>
<td>IAMGOLD Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>)</td>
<td>$9.25</td>
<td>$7.75</td>
</tr>
<tr>
<td>SSR Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>)</td>
<td>$9.75</td>
<td>$8.50</td>
</tr>
<tr>
<td>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</td>
<td>$35</td>
<td>$30.50</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)</td>
<td>$4.55</td>
<td>$4.10</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NASDAQ">PAAS</a>)</td>
<td>$32</td>
<td>$27</td>
</tr>
<tr>
<td>Franco-Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>)</td>
<td>$195</td>
<td>$165</td>
</tr>
<tr>
<td>Royal Gold Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>)</td>
<td>$183</td>
<td>$164</td>
</tr>
<tr>
<td>Triple Flag Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFPM#NYSE">TFPM</a>)</td>
<td>$27</td>
<td>$24</td>
</tr>
<tr>
<td>Wheaton Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>)</td>
<td>$100</td>
<td>$86</td>
</tr>
</tbody>
</table>
</figure>
Read Now: 
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Photo: Shutterstock

Government

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Gold Price Soars To Record Highs, Eyes Best 2-Month Rally Since 2011 On Blockbuster ETF Buying

China&#8217;s central bank continued to accumulate gold, adding 5 tonnes to its stash in March, marking its 5th consecutive monthly purchase. 
What Happened: On Sunday, The Kobeissi Letter, a popular capital markets newsletter posted on X, stating that China&#8217;s Central Bank has purchased gold for the 5th straight month, adding 5 tonnes in March, and bringing its total gold reserves to a record 2,292 tonnes.
See More: <a href="https://www.benzinga.com/personal-finance/25/04/44891276/the-average-household-is-a-millionaire-with-a-1-06-million-net-worth-according-to-the-fed-so-why-do-people-still-feel-broke">The Average Household Is A Millionaire With A $1.06 Million Net Worth, According To The Fed — So Why Do People Still Feel Broke?</a>
It adds that gold now accounts for 6.5% of the nation&#8217;s official reserve assets, having purchased a &#8220;whopping&#8221; 50 tonnes of the yellow metal in February, more than 10 times what was officially reported, according to Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>).
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BREAKING: China's central bank increased its gold holdings by 5 tonnes in March, posting their 5th consecutive monthly purchase. This brings total China's gold reserves to a record 2,292 tonnes. Chinese gold holdings now reflect 6.5% of its total official reserve assets.… <a href="https://t.co/LuwiBvnirn">pic.twitter.com/LuwiBvnirn</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1913996067298779581?ref_src=twsrc%5Etfw">April 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to the post, China has been accumulating gold at a rapid pace, with its purchases on the London OTC market significantly above officially reported numbers.
Why It Matters: Growing central bank demand has sent gold to record highs in recent weeks, and analysts at Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) continue to revise their targets upwards for the commodity, citing <a href="https://in.benzinga.com/25/03/44569258/gold-market-rallies-amid-inflation-concerns-and-trade-uncertainty">trade war uncertainties</a> and a weaker U.S. Dollar.
Gold prices are also seeing momentum from growing ETF inflows, with global gold <a href="https://benzinga.com/25/04/44759336/gold-soars-beyond-3200-as-etfs-achieve-record-inflows-in-q1">ETFs adding $21 billion</a> in the first quarter of 2025, marking their second-highest quarterly inflow since the COVID-19 pandemic in 2020, as investors pursue safe-haven assets amid global market turmoil. 
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Stock / ETF</td>
<td>Year-to-Date</td>
<td>52-Week Range</td>
</tr>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>+$60.70 (+24.73%)</td>
<td>$210.71 &#8211; $309.31</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>+$12.44&nbsp;(+24.79%)</td>
<td>$43.06 &#8211; $63.32</td>
</tr>
<tr>
<td>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>)</td>
<td>+$15.58&nbsp;(+44.09%)</td>
<td>$32.20 &#8211; $52.81</td>
</tr>
<tr>
<td>VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>)</td>
<td>+$19.29&nbsp;(+43.03%)</td>
<td>$39.88 &#8211; $66.17</td>
</tr>
<tr>
<td>Franklin Responsibly Sourced Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FGDL#NYSE">FGDL</a>)</td>
<td>+$8.97&nbsp;(+25.27%)</td>
<td>$30.55 &#8211; $45.00</td>
</tr>
</tbody>
</table>
</figure>
With the &#8220;Simultaneous Collapse&#8221; is U.S. assets, with equities, Treasuries, and the dollar, all <a href="https://www.benzinga.com/markets/equities/25/04/44756751/full-spectrum-collapse-top-bank-rings-alarm-over-simultaneous-fall-of-us-assets">falling in tandem</a>, gold remains one of the few remaining places of refuge for investors across the globe.
Photo Courtesy: humphery on Shutterstock.com
Read More: <a href="https://www.benzinga.com/markets/25/04/44891073/donald-trumps-trade-war-jpmorgan-predicts-deals-higher-taxes-and-potential-recession-avoidance">Donald Trump&#8217;s Trade War: JPMorgan Predicts Deals, Higher Taxes and Potential Recession Avoidance</a>

China's Central Bank's Gold Stash Spikes To 2,292 Tonnes And Beijing Is Still Buying

Gold has long been a cornerstone of personal finance strategies, prized for its role as a hedge against inflation and economic uncertainty. Investors have two primary avenues to gain exposure to gold: purchasing physical gold or investing in gold exchange-traded funds. 
Each approach offers unique advantages and drawbacks, making the right choice dependent on financial goals, risk tolerance and <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44836846/wall-streets-mood-turns-bleak-as-global-recession-fears-mount-fund-managers-slash-us-exposure">investment horizon.</a>
Physical Gold: Physical gold refers to tangible assets, such as gold bars, coins and jewelry. An investment in physical gold is appealing to some investors as it is independent of banks or financial institutions with no digital records or intermediaries involved. Gold's intrinsic value and historical role as a store of wealth also make it appealing for generational wealth transfer.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/global/25/04/44841158/hongkong-post-stops-us-package-service-china-e-commerce-stocks-drop">Hongkong Post Stops US Package Service, China E-Commerce Stocks Drop&nbsp;</a>
"Amidst the recent stock market turbulence, we're seeing renewed interest in tangible, physical assets that exist outside traditional financial structures," Tim Schmidt, the founder of Gold IRA Custodians,<a href="https://www.cnbc.com/2025/04/11/is-this-a-good-time-to-buy-gold-experts-weigh-in.html"> told </a>CNBC.&nbsp;
However, the costs of secure storage and insurance can be high and the market for physical gold can be relatively illiquid with transactions sometimes incurring delays before a buyer or seller can be found. Also, physical gold does not generate interest or dividends so returns can only be realized when the gold is sold.&nbsp;
Gold ETFs: Investing in a gold-focused <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44836076/gold-fund-inflows-smash-record-with-80-billion-in-2025-these-etfs-are-riding-the-3300-surge">exchange-traded fund </a>can provide investors with exposure to gold's price movements without the need to own or store the metal directly.&nbsp;
"For most [investors], I would say a gold bullion-backed ETF makes the most sense," Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute, told CNBC.
Both the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>), are backed by physical gold bullion held in secure vaults, and each share represents a specific amount of gold. 
Investors can also find exposure to gold through the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), tracking the performance of the NYSE Arca Gold Miners Index, and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) which focuses on smaller, early-stage gold miners, offering higher growth potential but increased volatility. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/general/social-media/25/04/44817229/chinese-tiktok-influencers-expose-cheap-nike-lululemon-suppliers-to-bypass-trump-tariffs">Chinese TikTok Influencers &#8216;Expose&#8217; Cheap Nike, Lululemon Suppliers To Bypass Trump Tariffs&nbsp;</a></li>
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Photo: Shutterstock

Movers

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Gold Hits New Record Highs As Safe-Haven Demand Climbs: 2 Ways To Invest

Wall Street ended the week on a strong note, with major indices posting their best weekly performance in years, as traders appeared confident that the escalation in the U.S.-China trade war — which led to triple-digit tariff increases on both sides — would be resolved in the near term.
Not even a shocking University of Michigan survey on consumer sentiment — revealing the most pronounced stagflation concerns in decades — nor fears of stress in the Treasury market were enough to curb the surge in dip-buying activity that emerged in the final <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">day of the week.</a>
<h1 class="wp-block-heading">Wall Street Rallies, Treasury Stress Fades</h1>
The S&amp;P 500 index, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed at 5,363, up 1.8% on the day and 5.7% for the week, marking its best weekly performance since October 2023.
From its lows earlier in the week, the index jumped 11% and now sits just four percentage points below the level it held prior to President Donald Trump's tariff announcement on April 2.
The Nasdaq 100 index, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), also rose 1.8% on Friday, bringing weekly gains to 7.5% — its strongest performance since November 2022.
Since Monday's lows, tech stocks have surged 13% and are now about three percentage points below pre-tariff levels.
The Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), rose 1.6%, extending weekly gains to 4.9%, the best week for blue chips since October 2023.
From the week's lows, the Dow has gained about 10%, and it currently trades nearly five percentage points below the level prior to the tariff news.
Materials were the best-performing sector on Friday, with the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) closing 3.5% higher, buoyed by strong rallies in mining stocks.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) jumped 5.7% on the day and nearly 20% for the week, reaching levels last seen in 2012, as gold prices continued to break record highs.
Tensions in the Treasury market, which had triggered concern in Washington earlier in the day as the 30-year yield hit 5% and the 10-year surpassed 4.5%, eased by the close. The 30-year yield retreated sharply to 4.85%, while the 10-year settled at 4.47%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) ended in the green, up 0.54%.
Oil prices rose 2.1% to $61.50 a barrel, and copper climbed 4.8%, signaling easing fears about global economic conditions.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also reflected the improved risk sentiment, rising more than 5% to $83,850.
<h1 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>)</td>
<td>+9.74%</td>
</tr>
<tr>
<td>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>+7.67%</td>
</tr>
<tr>
<td>Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>)</td>
<td>+7.63%</td>
</tr>
<tr>
<td>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>)</td>
<td>+6.89%</td>
</tr>
<tr>
<td>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>)</td>
<td>+6.42%</td>
</tr>
</tbody>
</table>
</figure>
<h1 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Performers</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>)</td>
<td>+10.02%</td>
</tr>
<tr>
<td>Fastenal Co.</td>
<td>+6.41%</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>+5.49%</td>
</tr>
<tr>
<td>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td>
<td>+5.20%</td>
</tr>
<tr>
<td>Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>)</td>
<td>+4.83%</td>
</tr>
</tbody>
</table>
</figure>
Read Now: 
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Photo: <a href="https://www.shutterstock.com/g/BOY+Suttiphong">Sutthiphong Chandaeng</a> via Shutterstock

AMAT

AVGO

SPDR Dow Jones Industrial Average ETF Trust

FAST

MPWR

Stocks Notch Best Week In Years As Dip Buying On Tariff Crisis Gathers Momentum

Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) received an upgrade from UBS from Neutral to Buy, setting a 12-month price target of $60 per share. The bank cited a significantly more favorable <a href="https://www.benzinga.com/topic/gold">gold market outlook</a> and the company's improved capital return potential following strategic divestments.
UBS sees gold trading at $3,500 per ounce in 2026, up 23% from its prior estimates. The bank says the macro environment closely mirrors previous periods of financial turmoil, such as the global financial crisis and the COVID-19 pandemic, when gold outperformed following initial selling pressure. Thus, UBS sees gold as increasingly attractive in a world of heightened geopolitical and economic uncertainty.
Newmont, the world's largest gold producer, has underperformed the spot price and the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) by roughly 40% over the past five years, leading to a valuation discount.
UBS sees 2025 production guidance of 5.6 million ounces as conservative and believes improving execution could positively surprise the market. The bank's analysts highlighted the <a href="https://www.benzinga.com/news/asset-sales/25/01/43250305/newmont-completes-425-million-asset-sale-focuses-on-british-columbia-growth">post-Newcrest merger divestment plan</a>, which is expected to generate $3.2 billion in cash by Q2 2025.
UBS estimates that $3 billion will be returned to shareholders via buybacks in 2025, creating a compelling high single-digit distribution yield, particularly as the company moves below its $5 billion net debt target in the first half of 2025.
However, operational challenges remain. Newmont has missed production and cost guidance for five consecutive years and its sprawling portfolio across nine countries adds complexity.
Although welcoming Newmont's focus on top assets, UBS sees the "rightsized" gold miners producing 1-2 million ounces annually with 3-5 Tier 1 assets and 1-2 growth projects in the current environment. Newmont's 7.5 million ounces over 11 assets far exceed that, as its efficient management and sustained reserve growth become increasingly complex.
Still, UBS sees strong free cash flow (10% yield in 2026) and potential for additional projects such as Red Chris in British Columbia, although large-scale capex is more likely in 2027–2028. While Newmont has a mixed operational track record, the bank argues that modest improvements in costs or production—if achieved—would represent positive surprises, given conservative market assumptions.
Price Watch: As of 3 PM ET, Newmont was the best-performing S&amp;P 500 stock, rising 9% to $55.53.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44771388/why-is-gold-outperforming-bitcoin">Why Is Gold Outperforming Bitcoin?</a>
Photo: Shutterstock

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Newmont Soars With A New $60 Price Target, Leads S&P 500 Higher

As tensions in geopolitics rise and global markets seesaw, investors are flocking to gold — not in bullion form, but through <a href="https://www.benzinga.com/etfs">ETFs that provide hassle-free access</a> without storage woes. 
As <a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44748769/gold-fever-grips-wall-street-these-etfs-are-striking-it-rich">gold prices reach 18-month highs</a> and uncertainty lingers thickly over U.S.-China trade relations, gold-backed ETFs are witnessing a record high demand.
The gold mania hasn&#8217;t been confined to the precious metal itself. Gold miners are also getting in on the action. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) zoomed to its best level since 2012, surging 6.11% at last check Friday. 
Largest holding in the fund, Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) is up more than 9% today. It jumped 25% this week alone, — its most optimistic weekly gain in 1998 — as investor demand expanded beyond bullion to the miners that dig it.
A number of other gold miner ETFs also showed impressive performances for the day:
<ul>
<li>iShares MSCI Global Gold Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RING#NASDAQ">RING</a>) took the lead with a 6.39% increase at mid-day.</li>
<li>Sprott Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) closely followed with a 5.87% increase.</li>
<li>Global X Gold Explorers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOEX#NYSE">GOEX</a>), which invests in exploration-oriented miners, went up 4.75%.</li>
<li>VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>), which invests in smaller-cap gold miners, went up 5.13%.</li>
</ul>
In March alone, physically backed gold ETFs across the world collected $8.6 billion in inflows, the World Gold Council reported. That brought first-quarter inflows to $21 billion — the second-largest on record, behind only the frenzied second quarter of 2020 at the pandemic&#8217;s peak.
North American investors spearheaded the rush, contributing $12.9 billion—or about 76% of the quarter&#8217;s total. The action is part of a wider flight to safety as equity and bond markets totter in the face of renewed volatility.
The renewed gold rush follows just days after President Donald Trump imposed sweeping tariffs on 60 nations. 
Some countries were granted a 90-day respite — the EU among them. But China was struck with a 125% tariff increase. Beijing&#8217;s retaliatory move with an 84% tariff renewed the threat of an all-out U.S.-China trade war. While markets faltered, gold rose 3.3% on Wednesday and another 1.6% on Thursday, rising to within $50 of its historic high. Spot gold last traded at $3,117.15 an ounce in London.
Even a stunning rebound in equities hasn&#8217;t dimmed the yellow metal&#8217;s sheen — the S&amp;P 500 surged almost 10% on hopes for tariff relief. Yet, investors continue to hedge with gold as they prepare for more economic uncertainty and potential Federal Reserve intervention. A falling dollar and growing expectations for rate cuts only fuel the momentum.
The widespread surge in large-cap, junior, and exploration-centric gold mining ETFs highlights investor belief in depth within the precious metals sector. With volatility emerging as the new standard, physical gold and its equities-based counterparts are retaking their strategic safe-haven roles.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44767888/how-intels-ceo-pick-could-jolt-chip-stocks-and-etfs">How Intel&#8217;s CEO Pick Could Jolt Chip Stocks And ETFs</a></li>
</ul>
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Gold Miners Go Parabolic: GDX Hits 2012 Highs, Newmont Soars 9%

Wall Street regained momentum, reversing early-session losses and pushing major indexes into positive territory by midday trading in New York, as investors welcomed upbeat bank earnings and cooler-than-expected inflation data, while largely shrugging off trade war concerns after China raised tariffs on <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">U.S. goods to 125%.</a>
Producer prices cooled to 2.7% year-over-year in March, well below the 3.3% consensus, while the monthly figure declined by 0.4% — the steepest drop since 2023. 
A day earlier, consumer prices also eased more than expected. However, both inflation reports predate the implementation of new trade tariffs. The University of Michigan's latest consumer sentiment index fell sharply to 50.4, its lowest since June 2022 and below expectations. 
Meanwhile, inflation expectations surged: short-term projections hit their highest since 1990, and long-term views reached levels last seen in 1981, underscoring growing concerns over persistent price pressures. In the bond market, the 30-year Treasury yield retreated to 4.90% after briefly touching 4.99% during intraday trading. 
The dollar pared some losses, though it remained near its lowest level since April 2022, based on a trade-weighted index. 
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) topped first-quarter earnings estimates and issued upbeat guidance, lifting its shares nearly 3% and outpacing peers. 
Gold prices extended their rally, jumping 1.9% to a record $3,230 per ounce — poised for their strongest weekly gain since March 2020. The surge in bullion and silver — with the latter rising over 3% on Friday — sparked strong gains in mining stocks. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) soared 5.5% on Friday and nearly 20% for the week, heading for its highest level since December 2012. 
Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), the world's largest gold miner, jumped 9% on the day and 25% on the week, marking its best weekly performance since 1998.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,623.30</td>
<td>1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,333.87</td>
<td>1.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,056.72</td>
<td>1.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,838.01</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:40 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rallied 1.3% to $531.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 1.2% to $400.45.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;soared 1.5% to $452.67.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.4% to $182.36.</li>
<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 2.3%; the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 0.1%.</li>
</ul>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Newmont Corp. </td>
<td>+8.73%</td>
</tr>
<tr>
<td>Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>)</td>
<td>+7.55%</td>
</tr>
<tr>
<td>Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>)</td>
<td>+6.87%</td>
</tr>
<tr>
<td>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>)</td>
<td>+6.83%</td>
</tr>
<tr>
<td>The Mosaic Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>)</td>
<td>+6.12%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Worst 5 Losers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company Name </th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Charles River Laboratories International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>)</td>
<td>-6.25%</td>
</tr>
<tr>
<td>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td>
<td>-6.19%</td>
</tr>
<tr>
<td>SanDisk Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDK#NASDAQ">SNDK</a>)</td>
<td>-3.93%</td>
</tr>
<tr>
<td>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td>
<td>-3.23%</td>
</tr>
</tbody>
</table>
</figure>
Read now: 
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<li><a href="https://www.benzinga.com/25/04/44762609/producer-inflation-sharply-drops-yet-treasury-yields-rise-heres-why-a-fed-rate-cut-in-may-could-be-back-on-the-table">Inflation Cools, Yields Continue To Climb: Why Markets Aren&#8217;t Ruling Out A May Rate Cut</a></li>
</ul>
Photo: emin kuliyev/Shutterstock

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SNDK

Select Sector SPDR-Consumer Discretionary

Wall Street Rebounds, JPMorgan Jumps On Strong Q1 Earnings: What's Driving Markets Friday?

Mining may be down, but not out. The sector has been the worst hit since the <a href="https://www.benzinga.com/topic/tariffs">new U.S. tariffs</a> were announced.
JPMorgan analyst Dominic O'Kane says, "<a href="https://www.benzinga.com/markets/commodities">mining was best performing sector</a> exiting last 3 recessions," and he expects another sharp recovery to unfold after the slide.
With the sector already pricing in a worst-case scenario, the setup for a V-shaped bounce is taking shape.
<h2 class="wp-block-heading">Extreme Weakness, But What's Priced In?</h2>
Metals and mining have been the worst-performing sector since new U.S. tariffs were announced, shedding 13% just last week. That adds to an eye-watering 50% underperformance versus MSCI Europe since January 2023. But O'Kane argues the damage is largely in the price: mining stocks already discount a recession scenario, with commodity prices 15–20% below current levels—such as iron ore at $80/ton and copper at $7,500/ton.
Still, fair value estimates suggest that miners have a serious upside even if metal prices stay flat. JPMorgan sees more than 50% total shareholder return over a two-year horizon. Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), for example, offers >65% upside, Antofagasta plc (OTCPK: ANFGF) >50% upside and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) >65% upside from current price levels.
Read Also: <a href="https://www.benzinga.com/25/04/44682458/coppers-rout-sees-a-massive-intraday-price-swing-fundamentals-havent-changed-expert-says">Copper&#8217;s Rout Sees A Massive Intraday Price Swing, &#8216;Fundamentals Haven&#8217;t Changed,&#8217; Expert Says</a>
<h2 class="wp-block-heading">What Could Flip The Switch? China Stimulus In Q3</h2>
In the past three global downturns &#8211; 2009, 2016 and 2020 &#8211; miners bottomed ahead of the broader market and went on to outperform by roughly 100% in the next 12 months. This time, the catalyst could once again be China.
JPMorgan economists expect a RMB one trillion fiscal stimulus to be unveiled in the third quarter, which would align with the historical bottoming pattern of ~four months post-selloff.
In 2020, that timeline shrank to just one month as stimulus arrived fast and hard.
That said, this time is different: the expected 0.7% of GDP stimulus is far smaller than 2008's massive ~12% package, and no China property rescue is on the horizon.
Still, the setup remains favorable.
<h2 class="wp-block-heading">How To Play The Rebound: Stocks, ETFs</h2>
O'Kane's top stock picks are copper and gold-centric: Antofagasta and Lundin Mining Corp (OTCPK: LUNMF) lead his copper recommendations, while Rio Tinto offers a diversified bet with a high free cash flow yield.
On the gold side, Fresnillo plc (OTCPK: FSNPF), Hochschild plc (OTCPK: HCHDF) and Anglogold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) are rated Overweight.
Several ETFs offer targeted exposure to this thesis for US-based investors. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) and the iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) give broad access to copper and diversified miners.
Those seeking gold exposure can look to the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) or the iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>).
These vehicles provide exposure to many of the stocks JPMorgan favors and may be well-positioned for a recovery trade.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44442794/gold-etfs-face-off-gld-vs-gdx-as-they-steadily-climb-amid-bullion-boom">Gold ETFs Face Off: GLD Vs. GDX As They Steadily Climb Amid Bullion Boom</a></li>
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HCHDF

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JPMorgan's Mining Stock Picks For A 'V-Shaped Recovery,' Analyst Sees 50% Returns Over Two Years

Gold&#8217;s meteoric rise<a href="https://www.benzinga.com/government/regulations/25/03/44434672/gold-nears-3100-mark-as-us-accelerates-repatriation-amid-tariff-fears-and-securing-domestic-reserves"> above the $3,000 per ounce</a> mark has greatly impacted <a href="https://www.benzinga.com/etfs">gold-linked ETFs</a>, which have given investors different channels to ride the bullion&#8217;s rise.​
SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): The gold price-tracking ETF has gained over 13% for the year. The fund offers exposure to the price of gold through physical bullion holdings, serving as protection against inflation and economic uncertainty. Also, with a beta of as low as 0.19, GLD appears more favorable among risk-averse investors.
VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>): Providing exposure to gold miners, GDX has fared better than physical gold ETFs, with a year-to-date gain of over 28%. The fund invests in a portfolio of leading gold mining stocks, offering leveraged exposure to the price action of gold. Leading gold mining names are present in this ETF, such as Agnico Eagle Mines Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) and Gold Fields Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>). However, investors should be cautious about potential equity risk based on company performance and overall market volatility. ​The beta of GDX at approximately one (0.95%) makes it better for investors with more risk tolerance.
Also Read: <a href="https://www.benzinga.com/25/03/44379640/looking-beyond-big-tech-where-to-find-diversification-without-sacrificing-growth">EXCLUSIVE: Expert Sees Gold At $3,500 As Rally Picks Up Steam, &#8216;Diversification Without Sacrificing Growth&#8217; She Says</a>
Key Drivers Behind The Gold Rally
There are indeed several factors that have made the historic spike in gold possible. Rising hostilities, such as the recent Israel-Gaza clashes, have amplified global uncertainties, prompting investors to seek safe-haven assets such as gold.
Again, concerns regarding the persistence of inflation and a potential stagflationary environment have seen gold gain popularity. The recent Federal Reserve comments to hold rates steady at the moment and reduce rates twice this year have raised hopes for interest rate reductions by the end of the year, which has sustained gold prices.
Furthermore, Priority Gold says that consistent buying by central banks has been behind the gold demand, which has driven its price gains.
In summary, gold&#8217;s record rally has delivered significant profits for mining and physical gold ETFs. Depending on personal tolerance for risk and investment objectives, one can choose between straight exposure using vehicles like GLD and leveraged exposure from mining ETFs like GDX.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a></li>
</ul>
Photo: Shutterstock

Gold ETFs Face Off: GLD Vs. GDX As They Steadily Climb Amid Bullion Boom

Equinox Gold's (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/EQX#AMEX">EQX</a>) <a target="_blank" href="https://www.benzinga.com/news/legal/25/02/43938698/equinox-gold-buys-calibre-mining-for-1-8-billion-creating-canadas-second-largest-gold-producer" rel="noreferrer noopener">$1.8 billion acquisition</a> of Calibre Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXBMF#OTC">CXBMF</a>) has hit a hurdle. A top shareholder in both companies publicly opposed the plan, citing synergy concerns.
"We are not supportive of this transaction. We don't see any synergies between any of the companies' operations," Imaru Casanova, a portfolio manager at Van Eck, said <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-03-18/top-calibre-investor-opposes-equinox-s-1-8-billion-takeover-bid" rel="noreferrer noopener">per</a> Bloomberg's report on Tuesday.
"Both operate in the Americas, but in vastly different locations," she clarified, arguing that the deal dilutes Calibre's quality and potential, particularly as the company advances its flagship Valentine project in Canada.
According to Bloomberg, Van Eck is the largest Calibre shareholder, holding an 8.52% stake, and the second-largest Equinox shareholder, with an 8.86%.
Equinox announced the all-stock acquisition of Calibre last month as part of its strategy to consolidate gold assets and boost annual production. Equinox operates across Canada, Mexico, Brazil, and the United States, while Calibre's assets are primarily located in the United States and Nicaragua, Bloomberg writes.
Under the proposed structure, Calibre shareholders would receive shares of Equinox instead of cash at a 22% premium. The merger aims to create a mid-tier gold producer with a combined annual output of approximately 1.2 million ounces, placing it among the top 15 global producers.
The deal-making activity is unsurprising given the record-high gold prices, which have encouraged miners to expand. Gold broke the <a target="_blank" href="https://www.benzinga.com/25/03/44325928/gold-smashes-through-3000-mark-as-markets-brace-for-turbulence-and-fed-signals" rel="noreferrer noopener">milestone price of $3,000</a> per ounce last week, driven by central bank purchases and investor demand for safe-haven assets.
Jeffrey Gundlach, CEO of DoubleLine, recently predicted that gold could reach $4,000 per ounce, citing the sharp increase in central bank buying and ongoing geopolitical risks. Meanwhile, analysts at Macquarie have raised their price target to $3,500 per ounce by the third quarter of 2025.
With gold outperforming in 2024, Equinox reported a record year. It produced 621,893 ounces of gold and generated $1.5 billion in revenue, with an operating cash flow of $430 million. Looking ahead to 2025, Equinox expects to produce between 635,000 and 750,000 ounces, with an all-in-sustaining cost (AISC) between $1,455 and $1,550 per ounce.
Thus, even using the upper AISC estimate and assuming an average realized price of $3,000 per ounce, Equinox would generate around $1.1 billion in gross profit, maintaining last year's production level, making a good acquisition a lucrative proposal.
Still, given the lack of geographical proximity to unlock the synergies, Van Eck's opposition might shape investor sentiment, as approval requires support from two-thirds of both companies' shareholders.
Price Watch: VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up 32.81% year-to-date.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand" target="_blank" rel="noreferrer noopener">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a></li>
</ul>
Image via Shutterstock

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Calibre Mining's Largest Shareholder Opposes Equinox's $1.8 Billion Acquisition

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