Barrick(US:GOLD) Jin Rong Jie·2025-12-09 07:45Core Viewpoint - The main macro factors supporting gold prices in 2025 are expected to continue into 2026, including global de-dollarization, U.S. fiscal pressures, overall macro uncertainty, central bank gold purchases, physical gold ETF demand, and Tether's procurement of gold [1] Group 1: Gold Market Outlook - Despite limited room for real interest rate declines, gold remains the only true safe-haven asset in the market [1] - Gold prices are projected to maintain a range-bound pattern in 2026, which is still positive for the industry [1] Group 2: Mining Stocks Analysis - The firm maintains an optimistic outlook for gold mining stocks in 2026, anticipating that mining companies will expand profit margins and generate higher annual free cash flow [1] - There is currently no significant cost inflation pressure observed in the mining sector [1] Group 3: Preferred Mining Companies - Barrick Gold Corporation is identified as the top pick among large-cap gold mining stocks [1] - Alamos Gold is viewed as having significant upside potential, possessing the highest quality asset portfolio among mid-cap miners [1] - Royal Gold is considered undervalued, with potential for valuation recovery in the future [1]