After the Gold Rush: This Investment Manager Bets Even Bigger on Gold

Core Viewpoint - Hillsdale Investment Management Inc. has significantly increased its stake in Centerra Gold, reflecting confidence in the company's growth potential amid a strong gold market [2][8]. Company Overview - Centerra Gold is a mid-sized gold mining company with a diversified asset base in North America and Turkey, focusing on long-life, low-cost assets [6]. - The company has a market capitalization of $3.76 billion, with a trailing twelve months (TTM) revenue of $1.29 billion and a net income of $338.72 million [4]. Recent Transactions - Hillsdale Investment Management acquired 1,356,660 shares of Centerra Gold, valued at approximately $16.98 million, increasing its total stake to 1.4% of reportable assets under management (AUM) [2][8]. - The value of Centerra Gold's stake at the end of the last quarter was $50.68 million, marking a $27.57 million increase from the previous period due to both share purchases and stock price gains [2]. Stock Performance - As of February 9, 2026, Centerra Gold shares were priced at $18.59, representing a 175.4% increase over the past year, significantly outperforming the S&P 500 by 165.7 percentage points [8]. - The company produces and sells gold, copper, and molybdenum, primarily from the Mount Milligan mine in Canada and the Öksüt Gold Mine in Turkey [9]. Industry Context - The gold market experienced a remarkable surge, with prices increasing approximately 65% to over $4,300 per ounce by the end of 2025, marking the best year for gold since 1979 [10]. - In 2026, gold prices have continued to rise, increasing another 21% to over $5,200 per ounce as of February 23 [10]. - Analysts from Goldman Sachs and JPMorgan Chase predict that gold prices could reach $5,400 by the end of 2026, indicating a bullish outlook for the commodity [11].