Core Insights - Gold has experienced a significant increase of approximately 50% in 2025, marking its best performance since 1979 [1] Group 1: Market Performance - The current gold market is undergoing a consolidation phase similar to that observed at the end of the third quarter in 1979 [1]

Core Insights - Gold has experienced a significant increase of approximately 50% in 2025, marking its best performance since 1979 [1] Group 1: Market Performance - The current gold market is undergoing a consolidation phase similar to that observed at the end of the third quarter in 1979 [1]

Core Insights - Barrick Mining Corporation is expected to report third-quarter 2025 results on November 10, with anticipated earnings reflecting higher gold prices and strong production despite cost pressures [1][8] - The consensus estimate for earnings is 57 cents per share, indicating an 83.9% year-over-year increase [1] Earnings Performance - Barrick has beaten the Zacks Consensus Estimate for earnings in two of the last four quarters, with an average earnings surprise of approximately 6.7% [4] - The company has an Earnings ESP of +3.06% and a Zacks Rank of 3 (Hold), suggesting a potential earnings beat [6] Factors Influencing Q3 Results - Higher gold prices, driven by safe-haven demand amid global trade tensions and economic uncertainties, are expected to support Barrick's performance [7][9] - Gold prices increased nearly 17% in the third quarter and have surged approximately 52% year-to-date [9] - Barrick's production is projected to reach 858,000 ounces in the upcoming quarter, reflecting a 7% sequential increase [10] Cost Considerations - Year-over-year production costs are anticipated to impact Barrick's third-quarter results, with cash costs per ounce and all-in-sustaining costs (AISC) rising approximately 17% and 12%, respectively, in the previous quarter [11] - For 2025, Barrick expects total cash costs per ounce to be between $1,050 and $1,130, and AISC to range from $1,460 to $1,560, indicating a year-over-year increase [12] Stock Performance and Valuation - Barrick's shares have increased by 77.4% over the past year, outperforming the Zacks Mining – Gold industry's 72.8% rise [13] - The stock is currently trading at a forward 12-month earnings multiple of 11.71, slightly below the industry average of 11.9 [16] Investment Outlook - Barrick is positioned to benefit from key growth projects that are on schedule and within budget, contributing to future production [17] - The company maintains a strong liquidity position and healthy cash flows, enabling it to pursue development and acquisition opportunities [18] - Despite challenges from rising costs, the favorable gold market conditions are expected to enhance profitability and cash flow generation [20]

Core Viewpoint - Barrick Mining Corporation is considered one of the best stocks to buy and hold for the next decade, with recent price target increases from major analysts indicating positive sentiment towards the company's future performance [1][2][3]. Price Target Adjustments - UBS raised Barrick Mining's price target to $39 from $35 while maintaining a Buy rating [1]. - BofA Securities analyst increased the price target to $38 from $36, with a Neutral rating, as part of a broader adjustment in North American precious metals coverage, which saw an average increase of 16% [2]. - National Bank analyst maintained a Buy rating with a price target of C$65.00 [3]. Commodity Price Forecasts - The adjustments in price targets are driven by higher forecasts for gold and silver prices, with projections of gold reaching $5,000 per ounce and silver hitting $65 per ounce [2]. Company Overview - Barrick Mining Corporation engages in the exploration, development, production, and sale of mineral properties, focusing on gold, copper, silver, and energy materials [3].

Group 1 - Spot gold prices returned to the $4,000 mark, increasing by over 2% during the day [1] - Several U.S. gold stocks experienced a rebound, with Newmont Corporation (NEM.US) rising over 2.8%, Agnico Eagle Mines (AEM.US) increasing by over 3%, and Kinross Gold (KGC.US) and Barrick Gold (B.US) both gaining over 2% [1]

Core Insights - The article discusses the phenomenon of backwardation in gold and silver markets, indicating potential market instability and concerns about the reliability of futures markets [4][5][8] - It highlights the historical context of currency debasement and its implications for gold as a store of value, suggesting that current economic conditions may lead to a revaluation of the US dollar [9][12][11] - The article identifies potential investment opportunities in physical gold and related ETFs, while cautioning against those focused on futures contracts due to increased risks [13][16] Backwardation and Market Dynamics - Backwardation occurs when spot prices exceed futures prices, signaling bullish sentiment for physical commodities but bearish sentiment for derivatives [4][6] - Recent backwardation in gold and silver markets is noted as a significant event, with gold entering backwardation for only the ninth time since 1972, raising concerns about future economic stability [7][8] - The article connects backwardation to broader economic issues, including inflation and currency debasement, which have led to increased demand for physical gold [5][12] Historical Context and Currency Debasement - Historical examples of currency debasement are provided, illustrating the long-term consequences of such actions on economies and currencies [10][11] - The article references the BRICS coalition's efforts towards de-dollarization, which may further impact the US dollar's status as a reserve currency [14] - It discusses the implications of central banks accumulating gold, surpassing their holdings of US Treasuries for the first time since 1996, indicating a shift in global monetary policy [14] Investment Opportunities - The article suggests that investors may find safer options in stocks and ETFs that hold or mine physical gold, as opposed to those dealing primarily with futures contracts [13][15] - Specific companies and ETFs are mentioned as potential investment vehicles, including Newmont Corporation, Barrick Mining Corp, and various gold ETFs [15] - The article emphasizes the importance of being cautious with ETFs that engage in futures trading due to heightened risks associated with market volatility [16][17]

Core Points - Spot gold prices fell below $4000, leading to a decline in U.S. gold stocks [1] - Major gold mining companies experienced significant stock drops, with Gold Fields (GFI.US) down over 9%, AngloGold Ashanti (AU.US) down over 7.8%, Newmont Corporation (NEM.US) down over 6.8%, Coeur Mining (CDE.US) down over 8.9%, Agnico Eagle Mines (AEM.US) down over 6%, and Barrick Gold (B.US) down over 3.8% [1] Economic Context - U.S. and China trade teams concluded a two-day discussion in Kuala Lumpur, focusing on key economic issues such as U.S. maritime logistics and shipbuilding industry measures, extension of tariff suspension, fentanyl tariffs and enforcement cooperation, agricultural trade, and export controls [1] - The discussions were characterized as candid, in-depth, and constructive, with both sides reaching a basic consensus on addressing mutual concerns [1] - The outcomes of the talks received positive evaluations from various parties involved [1]

Core Viewpoint - Newmont Mining (NEM.US) is exploring potential transactions to gain control over Barrick Gold's (B.US) core gold mining assets in Nevada, although Barrick's response to such proposals remains unclear [1] Group 1: Transaction Considerations - Newmont currently holds a minority stake in a joint venture with Barrick in Nevada and is in the preliminary stages of discussing various transaction structures to achieve full control of the assets [1] - Potential options being considered by Newmont include acquiring Barrick's shares in the joint venture or a complete acquisition of Barrick, followed by divesting non-core assets [1] Group 2: Interest in Assets - Newmont has shown limited interest in Barrick's African operations and the Reko Diq copper-gold project in Pakistan [1] Group 3: Market Reaction and Performance - Newmont's stock price fell by 6.2% on Friday, despite the company reporting better-than-expected Q3 results, due to concerns over production weakness and a forecasted slight decline in gold production next year due to adjustments in mining sequences [1] - Newmont announced that its Ahafo North project in Ghana has achieved commercial production, marking a successful completion of one of West Africa's most significant recent mining development projects [1]

Group 1 - Barrick Mining's share price has increased over 100% year-to-date, despite a recent pullback [1] - The significant rally in Barrick Mining's stock may lead investors to take profits [1]

Investment Thesis - Barrick Mining's share price has increased over 100% year-to-date, despite a recent pullback [1] Investor Behavior - The significant rally in Barrick Mining's stock may lead investors to take profits, as evidenced by recent actions taken by some investors [1]