Core Viewpoint - Gold prices are experiencing significant increases in 2025, the largest since the 1979 oil crisis, driven by portfolio diversification, expectations of further gains, and macroeconomic factors such as a weaker dollar and efforts to reduce the US current account deficit [1][2]. Gold Price Forecasts - Morgan Stanley predicts gold could reach $4,500 per ounce by mid-2026, while JP Morgan forecasts average prices to exceed $4,600 in Q2 2026 and rise above $5,000 by Q4 2026 [3]. - Metals Focus also anticipates gold reaching $5,000 by the end of 2026, with Nicky Shiels from MKS PAMP expecting an average of $4,500 in 2026 [3]. - Macquarie economists, however, expect a slower pace of gains, forecasting an average of $4,225 in 2026 due to more stable global conditions and improving economic growth [3]. Investment Opportunities in Gold Mining Companies - A list of the 13 best gold mining companies to invest in has been compiled based on stock screeners, financial media reports, and hedge fund sentiment data [6]. - The methodology involved ranking companies based on the number of hedge funds holding stakes as of Q3 2025 [6]. Company Highlights - **Eldorado Gold Corporation (NYSE:EGO)**: - Ranked among the best gold mining companies, with a price target increase from $38 to $47 by RBC Capital [9]. - Increased total proven and probable gold reserves by 5% to 12.5 million ounces, driven by the Kisladag mine and Lamaque Complex [12]. - Despite a price target increase from $28 to $29, BofA maintains an Underperform rating due to risks associated with the Skouries project [13]. - **AngloGold Ashanti plc (NYSE:AU)**: - Also ranked among the best, with price target increases from various firms, including Roth MKM raising it from $84 to $92 [14]. - Citi increased its price target from $90 to $105, and RBC Capital raised it from $85 to $104, maintaining Buy ratings [16].

Core Viewpoint - High-yield dividend stocks have shown exceptional performance in 2025, contrary to the perception that they are boring or overly risky [1] Group 1: Methodology for Stock Selection - Stocks were screened for dividend yields of at least 2.12%, which is double the current yield of the SPDR S&P 500 ETF [3] - Stocks with market capitalizations below $300 million were excluded to mitigate risks associated with smaller companies [3] Group 2: Top Performing Stocks - Aura Minerals (AUGO) has achieved a gain of 334% with a dividend yield of 2.8% [4] - AngloGold Ashanti (AU) has increased by 290% this year, offering a dividend yield of approximately 2.4% [6] - Banco Santander (SAN) has risen by 160% with a dividend yield of nearly 2.2% [8] Group 3: Factors Driving Performance - The significant rise in Aura Minerals and AngloGold Ashanti's stock prices is primarily attributed to soaring gold prices, driven by economic and geopolitical uncertainties [10] - The decline in the U.S. dollar's value and volatility in bond markets have made gold a more attractive investment [11] - Banco Santander's growth is attributed to robust earnings and record profits for six consecutive quarters, aided by higher interest rates and improved balance sheets [12] Group 4: Future Outlook - The future performance of Aura Minerals and AngloGold Ashanti is closely tied to gold prices, which are expected to remain high but may see moderated gains in 2026 [13][14] - Banco Santander is anticipated to continue rising, but at a slower pace than in 2025, with a forward price-to-earnings ratio of around 10.7 indicating reasonable valuation [15]

Company Performance - AngloGold Ashanti closed at $91.25, reflecting a +1.49% increase from the previous day, outperforming the S&P 500 which saw a loss of 0.03% [1] - Over the past month, shares of AngloGold Ashanti gained 1.12%, underperforming the Basic Materials sector's gain of 9.22% and the S&P 500's gain of 2.57% [1] Earnings Expectations - Analysts expect AngloGold Ashanti to report earnings of $1.9 per share, indicating a year-over-year growth of 113.48% [2] - The consensus estimate for quarterly revenue is $3.03 billion, up 73.03% from the same period last year [2] - For the full year, earnings are projected at $5.51 per share and revenue at $9.85 billion, representing increases of +149.32% and +70.08% respectively from the prior year [3] Analyst Estimates and Stock Performance - Recent modifications to analyst estimates for AngloGold Ashanti are crucial as they reflect changing business trends, with positive revisions indicating confidence in performance [4] - The Zacks Rank system, which assesses these estimate changes, currently ranks AngloGold Ashanti at 3 (Hold) [6] - Over the past month, the Zacks Consensus EPS estimate has decreased by 3.51% [6] Valuation Metrics - AngloGold Ashanti has a Forward P/E ratio of 16.33, which is lower than the industry average Forward P/E of 17.73 [7] - The Mining - Gold industry is part of the Basic Materials sector and holds a Zacks Industry Rank of 47, placing it in the top 20% of over 250 industries [7]

Group 1 - Precious metal stocks experienced a pre-market rally, with Hycroft Mining (HYMC.US) rising over 5% [1] - Coeur Mining (CDE.US) increased by more than 2.8%, while AngloGold Ashanti (AU.US) and Newmont Corporation (NEM.US) saw gains of over 1.4% and 1%, respectively [1] - First Majestic Silver (AG.US) rose over 3%, and both Endeavour Silver (EXK.US) and Dolly Varden Silver (DVS.US) increased by more than 2.8% [1] Group 2 - Spot gold prices increased by over 1%, reaching $4,526.64 [1] - Spot silver prices surged by over 4%, hitting $74.75, both marking new historical highs [1]

Core Viewpoint - AngloGold Ashanti PLC (AU) and Newmont Corporation (NEM) are both major gold producers benefiting from rising gold prices, which are currently around $4,500 per ounce, reflecting a 70.6% increase over the past year [2][19]. AngloGold Ashanti (AU) - AU has a diversified portfolio with operations in multiple countries, including South Africa, Argentina, and Ghana, and has made significant acquisitions, including Augusta Gold Corp and Centamin, enhancing its production capabilities [3][4]. - The company reported a 17% year-over-year increase in gold production to 768,000 ounces in Q3 2025, with gold revenues rising 61.9% to $2.37 billion [5]. - Projected gold production for 2025 is between 2.9 million and 3.225 million ounces, indicating a year-over-year growth of 9-21% [6]. - Despite facing higher operating costs, AU generated a record $920 million in free cash flow in Q3, a 141% increase year-over-year, and ended the quarter with $3.9 billion in liquidity [8]. - The company is focused on its Full Asset Potential program to mitigate inflationary impacts and streamline operations, particularly in the U.S. [9]. Newmont Corporation (NEM) - NEM is one of the largest gold producers globally, with operations in Nevada, Peru, and Ghana, and has recently achieved commercial production at the Ahafo North project, expected to produce 275,000 to 325,000 ounces annually [12]. - The company produced 1.42 million ounces of gold in Q3 2025, a 15% decrease year-over-year due to reduced grades and planned shutdowns [14]. - NEM anticipates maintaining its expected gold production for 2025 at 5.9 million ounces, down from 6.85 million ounces in 2024 [15]. - The company generated a record free cash flow of $1.6 billion in Q3, marking the fourth consecutive quarter with over $1 billion in free cash flow [15]. Earnings Estimates - The Zacks Consensus Estimate for AU's 2025 earnings is $5.51 per share, indicating a year-over-year growth of 149.3% [16]. - For NEM, the earnings estimate for 2025 is $6.06 per share, reflecting a year-over-year increase of 74.1% [18]. Price Performance & Valuation - Over the past year, AU's stock has increased by 297.3%, while NEM's stock has risen by 179.4% [19]. - AU is trading at a forward 12-month earnings multiple of 11.54X, while NEM is at 14.94X [20]. Investment Consideration - Both AU and NEM are well-positioned to benefit from the ongoing gold price rally, but AU has shown stronger price performance and a more attractive valuation, making it a more compelling investment choice at this time [23][24].

Core Insights - AngloGold Ashanti plc reported a significant 185% increase in free cash flow for the first nine months of 2025, reaching $1.86 billion, with a record $920 million in Q3, driven by cost discipline, higher production, and rising gold prices [2][10] - The company achieved a net cash inflow from operating activities of $3.17 billion, a 147% year-over-year increase, supported by solid gold sales and increased dividends from joint ventures, despite higher operating costs and tax payments [3] - AngloGold Ashanti's gold production rose 20% year-over-year to 2.292 million ounces, bolstered by contributions from the Sukari mine and improved performances at key assets [5][10] Financial Performance - The available liquidity as of September 30, 2025, was $3.9 billion, including cash and cash equivalents of $2.5 billion [4] - The company affirmed its 2025 production guidance of 2.900-3.225 million ounces, indicating a year-over-year growth of 9-21% [6][10] - AngloGold Ashanti's stock has appreciated 282.7% over the past year, outperforming the Zacks Mining – Gold industry, which saw a 151.8% increase [9] Valuation and Estimates - The forward 12-month earnings multiple for AngloGold Ashanti is 111.13X, which is discounted compared to the industry average of 13.61X [12] - The Zacks Consensus Estimate for 2025 sales is $9.67 billion, reflecting a 66.9% year-over-year increase, with earnings estimated at $5.51 per share, a 149.3% rise [14] - EPS estimates for 2025 have increased by 3.8% over the past 60 days, while 2026 estimates have risen by 29.6% [15]

Group 1 - Gold stocks experienced a pre-market surge, with Hycroft Mining (HYMC.US) rising over 21%, Coeur Mining (CDE.US) up over 5%, AngloGold Ashanti (AU.US) increasing over 4%, and Newmont Corporation (NEM.US) gaining over 3% [1] - Silver stocks also saw collective gains in pre-market trading, with First Majestic Silver (AG.US) rising nearly 4%, Endeavour Silver (EXK.US), and Dolly Varden Silver (DVS.US) both increasing over 4% [1] Group 2 - The price of spot gold rose nearly 2% to surpass $4420 per ounce, reaching new highs, with a year-to-date increase of over 68% [1] - Spot silver prices increased by 2.6% to exceed $69 per ounce, also hitting new highs, with a year-to-date rise of over 140% [1]

Group 1 - The Dow futures rose by 0.08%, S&P 500 futures increased by 0.27%, and Nasdaq futures gained 0.44% [1] - Spot gold surpassed $4400 per ounce for the first time, rising over 1.5% to $4407 per ounce, marking a nearly 68% increase this year. Gold mining stocks saw significant pre-market gains, with Sibanye Stillwater up 3.5%, AngloGold Ashanti up 4.2%, and Newmont Mining up 2.5% [1] - Semiconductor stocks mostly rose in pre-market trading, with Micron Technology up about 3%, and AMD, Nvidia, TSMC, and Intel each up around 1% [1] Group 2 - Uber announced a partnership with Baidu to conduct autonomous taxi trials in London, aiming to launch a pilot project using Baidu's Apollo Go RT6 by mid-2026, with official operations expected by the end of next year. Uber's stock rose over 1% in pre-market trading [1] - The Italian Competition Authority fined Apple nearly €98.6 million for abusing market dominance, citing the restrictive nature of Apple's "App Tracking Transparency" policy [2] - Medtronic's diabetes business, MiniMed, submitted an IPO application to raise up to $100 million, focusing on diabetes management devices and technologies [2] - GlaxoSmithKline's new drug was approved in China for the treatment of chronic obstructive pulmonary disease (COPD) in adults with elevated eosinophils [2]

Core Insights - AngloGold Ashanti has experienced a remarkable 245% gain this year, with a 262% increase over the past five years, indicating a transformation from a slow-moving equity to a high-growth stock [1] Company Performance - The company operates mines in Africa, Australia, and the Americas, and has effectively managed costs, allowing it to benefit from rising gold prices while providing a quarterly dividend with a yield of 2.59%, outperforming the S&P 500 this year and over the past five years [2] - AngloGold Ashanti's gold production increased by 17% year over year in Q3, resulting in a record $920 million in free cash flow, which is up 141% year over year [5] Market Dynamics - Gold prices have surged by more than 60% this year, creating a favorable environment for gold mining stocks, although company-specific factors also influence individual stock performance [4] - The company is preparing to further increase gold production in 2026 through investments in its Mineral Reserve base and enhancing operational flexibility [6] Financial Health - AngloGold Ashanti closed the quarter with $4.54 billion in current assets and $1.76 billion in current liabilities, resulting in a healthy current ratio of 2.58, which supports potential dividend increases and additional mining projects [7]

Core Insights - AngloGold Ashanti plc (AU) has achieved a significant year-over-year increase in adjusted EBITDA, driven by higher production volumes, cost discipline, and elevated gold prices, with adjusted EBITDA reaching $4.12 billion in the first nine months of 2025, a 121% increase from the previous year [1][7]. Production Performance - AU's gold production rose by 20% year over year in the first nine months of 2025, totaling 2.292 million ounces, primarily due to strong contributions from the recently acquired Sukari mine and improved performances at key assets such as Obuasi, Siguiri, Geita, and Cerro Vanguardia [2][7]. Cost Efficiency Initiatives - The company's Full Asset Potential Program has been instrumental in driving cost efficiencies and protecting operations against inflation, with the Full Asset Potential Refresh phase currently being implemented across its assets [3]. Production Guidance - Based on solid production performance, AU has reaffirmed its 2025 production guidance of 2.900-3.225 million ounces, indicating a year-over-year growth of 9-21%, setting an optimistic tone for the fourth quarter [4][7]. Peer Comparison - In comparison, Newmont Corporation (NEM) reported an adjusted EBITDA of $8.93 billion in the first nine months of 2025, a 58.8% increase year over year, while Agnico Eagle Mines (AEM) saw a 67% increase to $5.60 billion [5]. Stock Performance - AU's stock has surged 281.3% over the past year, outperforming the Zacks Mining – Gold industry, which increased by 146%, while the Basic Materials sector rose by 30.6% and the S&P 500 grew by 19.4% [6]. Valuation Metrics - Currently, AngloGold Ashanti is trading at a forward 12-month earnings multiple of 13.14X, slightly below the industry average of 13.61X, with a Value Score of B [9]. Sales and Earnings Estimates - The Zacks Consensus Estimate for AU's 2025 sales is $9.67 billion, reflecting a 66.9% year-over-year increase, with earnings estimated at $5.51 per share, indicating a 149.3% rise [11]. Earnings Growth Trends - EPS estimates for 2025 have increased by 3.8% over the past 60 days, while estimates for 2026 have risen by 29.6% during the same period [13]. Zacks Rank - AU currently holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence in the company's performance [14].