The bull chorus for gold is getting louder — and this time, institutional investors are joining the choir. A new Goldman Sachs survey of more than 900 institutional players found that 36% expect gold to top $5,000 per troy ounce by 2026, while more than 70% see prices rising over the next year. • GLD is showing positive momentum. See the full story here.Add forecasts from Ed Yardeni, Jeffrey Gundlach, Bank of America and JPMorgan’s Jamie Dimon — all calling for $5,000 — and suddenly the metal’s moonshot sc ...

Core Viewpoint - Kinross Gold Corporation (KGC) has experienced a significant share price increase of 82.3% over the past six months, outperforming both the Zacks Mining – Gold industry and the S&P 500, driven by strong earnings performance and higher gold prices [1][7]. Performance Comparison - KGC's peers, including Barrick Mining Corporation, Newmont Corporation, and Agnico Eagle Mines Limited, have also seen substantial share price increases of 103.5%, 72.4%, and 55.4%, respectively, during the same period [2]. Technical Indicators - KGC has been trading above its 200-day simple moving average (SMA) since March 6, 2024, and is currently above its 50-day SMA, indicating a bullish trend [5]. Production Growth Drivers - KGC has a strong production profile supported by key development projects such as Great Bear in Ontario and Round Mountain Phase X in Nevada, which are expected to enhance production and cash flow [10]. - The company has made progress in its Advanced Exploration program at Great Bear and confirmed strong grades at Round Mountain Phase X, indicating potential for high-margin production [11]. Financial Health - KGC ended the third quarter of 2025 with robust liquidity of approximately $3.4 billion, including cash and cash equivalents of about $1.7 billion, and reported record free cash flow of $686.7 million, a 66% year-over-year increase [13]. - The company has successfully reduced its debt, repaying $800 million in 2024 and planning to redeem $500 million in senior notes due in 2027 [14]. Gold Price Impact - Gold prices have surged approximately 55% this year, reaching historic highs, driven by global trade tensions and central bank purchases, which are expected to sustain the upward trend in gold prices [15][16]. Dividend and Analyst Sentiment - KGC offers a dividend yield of 0.5% with a low payout ratio of 9%, indicating a sustainable dividend [17]. - Analysts have raised earnings estimates for KGC, with the Zacks Consensus Estimate for 2025 earnings suggesting a year-over-year growth of 139.7% [18]. Valuation - KGC is currently trading at a forward price/earnings ratio of 12.93X, slightly above the industry average of 12.79X, indicating a competitive valuation compared to its peers [19]. Investment Outlook - KGC presents an attractive investment opportunity due to its strong financial foundation, robust development pipeline, and favorable market conditions, making it a strong buy recommendation [21].

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Core Viewpoint - Gold has been experiencing a strong performance throughout the year [1] Group 1 - The demand for gold has increased significantly, contributing to its positive market performance [1] - Various factors, including economic uncertainty and inflation concerns, have driven investors towards gold as a safe-haven asset [1] - The price of gold has shown substantial growth compared to previous years, indicating a robust market trend [1]

Core Viewpoint - The previous metal has more than doubled over the past two years, indicating significant price appreciation and potential investment opportunities in the sector [1] Group 1 - The previous metal's price increase reflects strong market demand and possibly supply constraints [1] - The doubling of the metal's value suggests a favorable environment for investors looking at commodities [1]

Core Viewpoint - Central banks, fund managers, and other market participants are expected to continue driving the price of precious metals higher [1] Group 1 - The ongoing demand from central banks is a significant factor contributing to the upward trend in precious metal prices [1] - Fund managers are also playing a crucial role in pushing the prices of precious metals higher [1]

Group 1 - International gold prices have reached a new high, surpassing $3,690 per ounce, driven by multiple factors [1] - The latest surge in gold prices began on August 20, with a cumulative increase of over 40% this year [5] - Factors contributing to the rise include expectations of interest rate cuts by the Federal Reserve, a weakening dollar, increased gold purchases by global central banks, and heightened geopolitical uncertainties [5] Group 2 - Domestic gold jewelry prices have also risen, with brands like Chow Sang Sang and Lao Feng Xiang reaching their highest prices of the year [3] - On September 16, Chow Sang Sang's gold price was 1,091 yuan per gram, up 17 yuan from the previous day, while Lao Miao's price was 1,087 yuan per gram, up 13 yuan [3][4] - Other brands such as Chow Tai Fook and Liufuk also saw price increases, with their gold priced at 1,087 yuan per gram, reflecting a daily increase of 9 yuan [3][4] Group 3 - Goldman Sachs predicts that gold could reach $4,000 per ounce within the next 12 months, emphasizing a long-term trend of diversification among global investors [5] - The analysis indicates that the weak U.S. job market, particularly the non-farm payrolls falling short of expectations, further supports the outlook for interest rate cuts [5]

Core Insights - Agnico Eagle Mines Limited (AEM) is trading at a forward price/earnings ratio of 21.62X, which is a 42.5% premium compared to the Zacks Mining – Gold industry average of 15.17X [1] - AEM's shares have increased by 93.2% over the past year, outperforming the industry average rise of 71.1% and the S&P 500's increase of 19.3% [2] Financial Performance - AEM's operating cash flow nearly doubled year-over-year in Q2, reaching $1,845 million, up from $961 million [16] - The company recorded free cash flow of $1,305 million in Q2, more than double the previous year's figure of $557 million [17] - Long-term debt was reduced by $550 million sequentially to $595 million at the end of Q2, resulting in a net cash position of $963 million [18] Project Development - AEM is advancing key projects such as Odyssey, Hope Bay, and Detour Lake to enhance production and cash flow [11] - The Hope Bay Project has proven and probable mineral reserves of 3.4 million ounces, expected to significantly contribute to cash flow [12] - The processing plant expansion at Meliadine is set to increase mill capacity to approximately 6,250 tons per day by 2025 [12] Market Conditions - Gold prices have surged 39% this year, driven by factors such as trade tensions and central bank purchases, with prices exceeding $3,600 per ton [20] - The increase in gold prices is expected to enhance AEM's profitability and cash flow generation [19] Dividend and Earnings Estimates - AEM offers a dividend yield of 1.1% with a five-year annualized dividend growth rate of 6.9% and a payout ratio of 27% [21] - The Zacks Consensus Estimate for AEM's 2025 earnings is $6.94, indicating a year-over-year growth of 64.1% [23] Investment Outlook - AEM presents a compelling investment case due to its strong pipeline of growth projects, solid financial health, and bullish technical indicators [24] - The company's premium valuation is justified by its strong earnings growth prospects and solid fundamentals [24]

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Core Viewpoint - JPMorgan is shifting its focus to AngloGold Ashanti PLC as its top pick in the gold mining sector, replacing Fresnillo Plc, which has seen significant gains this year [1][6]. Gold Market Outlook - JPMorgan's commodities team forecasts gold prices to reach $4,000 per ounce by mid-2026, driven by strong demand from central banks and investors, with net buying averaging 710 tons per quarter [2][3]. - Geopolitical and policy uncertainties are expected to sustain the bullish trend in gold demand [2]. AngloGold Ashanti's Performance - AngloGold has shown impressive momentum, with a 97% increase year-to-date, and is projected to generate $575 million in free cash flow for the second quarter [3][4]. - The company may offer a 6% dividend yield if management increases payouts in response to rising gold prices [3]. Capital Expenditure and Growth Initiatives - High capital expenditures are attributed to growth initiatives, including the Obuasi ramp-up and a scoping study at North Bullfrog, which are anticipated to be highlighted in the upcoming half-year results [4]. Financial Health and Valuation Potential - AngloGold's low leverage profile and strong cash generation position it well for further re-rating, with an estimated 60-70% upside to fair value if gold prices exceed $4,000 per ounce [5]. Competitive Landscape - While Fresnillo has also performed well with a 158% increase year-to-date, its valuation may limit further upside potential [6]. - Other competitors like Hochschild Mining and Gold Fields have also seen gains, but the current focus remains on AngloGold as it is perceived to be ahead in capitalizing on the gold market [6].