Earlier this year, it was a foregone conclusion that gold could only rise. Between late October 2025 and late January 2026, over just three months, a truly explosive 40% move to almost 6,000 USD per ounce culminated in greed and too much optimism. What followed caught many observers on the wrong foot. Instead of the next obvious target of 10,000 USD, gold has fallen back to 4,000 USD. Briefly even below that. Sentiment is in the pit again with barely anyone calling for new highs. Now could be a good time to check gold miners again.
Important disclaimer: All content is for information, educational, and entertainment purposes only and does not constitute personal investment recommendations or advice, but the sole personal, highly subjective opinion of the author.
Summary and key takeaways from today’s Weekly
– Gold went through a painful correction since late January 2026 — now could be the time to have an eye on it.
– Miners could be interesting again, but only if they are of high quality.
– I reassess three names I have discussed in the past.
On one or the other occasion, I have written about gold and gold mining stocks (see here, here, and here).
In my view, the most important weekly, however, was the one explaining the core basics of how I analyze mining stocks (see here). Not just gold by the way, but miners in general. This remains a central piece because mining companies are businesses with operating activities.
Simplifying it to just “gold up, miners up multiple times” can be a costly mistake.
Even if the rising tide were to lift all boats — the risk profile is not always the same. Gold, respectively commodities and resources as such are already quite volatile, good enough for sharp moves in both directions. If one owns the wrong company with a weak balance sheet or business operation, losses can be devastating. Massive dilution at the wrong moment can terminate or limit a bull market before it begins.
That’s why I prefer quality over sheer potential upside — and, at the right price.
Today, I am quick-checking again a few gold miners that I have on my watchlist.
By the way, quality does not equal less or little upside. All my members have received my latest research report (pictured below to the left) — where I discuss one of my favorite gold miners. It excels operationally and with prudent capital allocation, has a proven track record of creating tangible shareholder value, and a strong growth story for the future.
The stock went through a painful correction. I think now is the time to dig deeper into this case.
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Important disclaimer: All content is for information, educational, and entertainment purposes only and does not constitute personal investment recommendations or advice, but the sole personal, highly subjective opinion of the author.
Gold mining stocks worth checking again
Before I come to the miners, a few words on gold.
Without a doubt, we have seen a mega mania, leading to the run up earlier this year. Gold marked its all-time high around 5,600 USD, and then went into free fall.
This is what happens when a trade is too crowded, and everyone is sure about the direction.
I mean, all those calls for 10,000 USD as the next logical step — for some even just a stop gap — were a warning sign. Unfortunately, I do not remember the exact figure for gold, but what I remember is that on one day in late January silver crashed 30% — it had an impressive, speculative run itself, crossing the 100 USD barrier.
Fast forward, today it is significantly calmer. Gold trades between 4,000–4,500 USD and ounce, silver around 60 USD.
So, why should gold be interesting now? Could it drop further?
Of course it could.
However, and as my long-time readers know, much speaks for gold. I don’t believe in this inflation-hedge nonsense. This has historically never worked, except when arbitrary periods are chosen.
The main drivers, trust in governments, real-world demand, and serious, disruptive crises seemingly everywhere are more present than ever. Conflicts don’t get solved, but more of them started.
Regarding demand, I’ve found the two following pieces very interesting.
First, a newspaper screenshot:
And then, practically the same information visualized in a chart on a quarterly basis.
So, without losing many more words — much points towards higher, not lower gold prices at some point. I do not rule out entirely that a new low beneath 4,000 USD could be briefly made to shake out the last remaining weak hands.
This is just pure speculation from me.
However, with a longer-term investment horizon, it is a waste of time to overthink this.
That’s why I am making the case to look now at gold miners, maybe risking another dip — but not after and when gold jumps above 5,000 USD, and you’ll be reading about gold and the miners everywhere as “hot tips”. Until then, if gold goes back up, many of them will be decisively higher, maybe have even doubled.
In this weekly, I am briefly re-checking some gold mining companies I have on my watchlist, and which I have discussed in some of my older weeklies.
Over the last roughly two years, I already discussed two in-my-view interesting miners with my members.
At the time of writing this weekly, both cases remain closed, though.
Both ideas delivered, returning +89% in just a few weeks, and +212% over about one and a half years. In October 2025, I declared both cases to be closed, because the run up was too quick for me.
And this was a good decision, as both are currently trading a bit below where I closed them.
I am keeping both cases undisclosed for now for the public.
The following names have not made it into any of my reports — but I am watching them. I am not making full analyses because it shall be just a brief overview and kick-off to generate possibly interesting ideas, respectively a brief update for my longer-time readers.
DPM Metals (ISIN: CA26139R1091, ticker: DPM), previously known as Dundee Precious Metals, is a Canadian miner that is active mainly on the Balkans in Europe. They also have an asset in South America, but it is not producing, and progress is challenged by the regulator, hence practically dead for now.
In Bulgaria, the company had two mines, of which one is now closed because it reached its end of life. The other mine, extended its reserve life by a few years. But at current plans, in the mid-2030s the lights will go out there, too.
In parallel, DPM is ramping up a big silver mine in Bosnia & Herzegovina that it had acquired last year from Australian company Adriatic Metals. The Vareš silver mine is also producing other metals like zinc. While Adriatic was a bit struggling with he ramp up, DPM with better financial resources and a more experienced team is pressing ahead now.
The big catalyst, however, is getting a new, ultra low-cost mine in Serbia approved.
Late last year, the final feasibility study was presented. Expected all-in sustaining costs per ounce are only 644 USD. In comparison, the industry average is 2.5x that, around 1,500 USD — and rising.
Required capital to get the mine shovel-ready are 448 million USD which DPM can finance itself from just one yearly operating cash flow at current gold prices. So, the regulatory final approval is the catalyst to have an eye on.
The rest should be easy going.
First production is expected in H1 2029, though. That’s still almost three years out.
In parallel, DPM is conducting test drills, searching for more resources with the aim to finally convert them into reserves, extending their mines’ lives.
So far, DPM has shown good capital allocation skills, focussing on their core Balkan area.
Besides low production costs, the company comes along with a net-cash equipped balance sheet, and some modest direct shareholder returns via a dividend and buybacks.
Why they haven’t made it into my latest report is that besides the non-Tier 1 jurisdictional profile (theoretically higher risk), I am not so sure about the valuation at the current gold price. More than 8 billion USD market cap for currently 300k ounces of gold equivalent (not pure gold), is likely a bit too high a price tag.
I wanted a pure gold story which this case does not offer, making it more complicated, and dependent and more factors to watch.
Below, the next two years show production growth, then a dip, and then the Serbian mine should join — if approved. I am not saying that the approval process is unlikely, but it is another risk factor.
And the longer-term goal of around 500–550k ounces versus 8 billion USD in market cap is less attractive compared to the case I presented to my members in my latest report. So effectively, a direct comparison that my chosen pick won with a better profile and more lucrative valuation on top.
Next one on my list Agnico-Eagle Mines (ISIN: CA0084741085, ticker: AEM).
This one will be shorter.
I discussed the case in an older weekly (see here), with the conclusion that of the big three — Newmont (ISIN: US6516391066, ticker: NEM), Barrick Mining (ISIN: CA06849F1080, ticker: B), and Agnico — this one has the by-far highest quality.
This vote remains.
Mainly due to its Canada-focussed jurisdictional profile (plus a few other Tier-1 places like Australia or Finland), but also due to the high gold share, and less distraction from copper and other metals (although it also produces copper, silver, and zinc) which I do not like.
Both, Newmont and Barrick are more strongly pivoting towards copper to capture the “higher-demand” story — which I by the way had expressed some doubts about in the past (see here).
Agnico is vastly diversified over multiple countries and mines, and it comes along with modest production costs around the industry average of 1,400–1,500 USD per ounce. Cash is flowing and financing younger projects. The balance sheet has 3.3 billion USD in net cash.
The problem I have is, this is not a secret pick, and growth is only very modest.
If I had to pick a big name just for “safety” (although I do not like to view it this way), Agnico would probably be it. Searching for a more dynamic name with higher upside from volume growth, and less reliance solely and the gold price (other miners offer volume growth), this was a relatively easy pass.
It is simply a mature blue chip that pays out 40% of its free cash flow to shareholders.
And, despite a high gold share, AEM is also producing other metals. I want focus. Reserve life is a bit more than 15 years for gold, just as a side note. I think with a rising gold price, Agnico would do well. But no higher-upside growth story beyond the price of the commodity.
Another name I have covered in the past (see here), is what could be America’s largest gold mine: NovaGold Resources (ISIN: CA66987E2069, ticker: NG) and their Donlin Gold project.
The mine, located in Alaska, checks the jurisdictional-profile requirement.
But, it is a development stage mine.
If everything goes well, it will pour first gold in the early 2030s. Full environmental approvals are still out, and the company will likely need up to 10 billion USD (factoring in some inflation) in capital for construction of this gigantic project.
It is so huge with an almost 30-year mine life that annual production is guided to be over one million ounces — just from this one mine. This is a figure that many multi-mine companies do not achieve in total. Or a third of what Agnico digs out over all its assets.
The company has strong backers — and this is good and bad at once for me.
With a current market cap of less than 3 billion USD, the required capital overshoots its own weight multiple times. Since my last analysis of NG, the company first bought out its former partner Barrick, securing a 60% share (from 50% previously) of the Donlin Project.
More recently, it also secured the rest for a full 100% ownership with a deal with its main backer in exchange for a higher ownership in NovaGold itself for the backer. Post deal, which is expected to close later this year, the market cap would swell to over 4 billion USD due to a capital raise, diluting existing shareholders. But this is just a ownership-structure change, not the capital needed to advance the project.
To not overcomplicate it: it’s too early for me here with too many potential pitfalls. I’d like to see full approval of the mine, and financing secured. As to the owner, it can be good or bad. What will also come next year is an updates study for the mine — with in my view likely higher expected costs for both, Capex and production per ounce.
This could influence the mine’s economics negatively, that’s why I am not euphoric about the gigantic projections the company makes. At 4,000 USD per ounce of gold, NG according to the following slide, would be tremendously undervalued with 4 billion USD equity value vs. 21 billion USD net present value.
But his hinges on a myriad of factors like costs, yearly outpost, reserve life, etc.
And, it needs to be fully approved to begin with. As a one-mine, one-asset company, the risk profile is higher. So, more something to remain on the watchlist for now.
I know that one of my reports did feature another one-asset company — but with an in-my-view more attractive risk profile due to more progressed approvals, and a higher likelihood for a buyout (which hasn’t materialized, yet).
Shaking everything, and not losing my focus from the required quality parameters, one specific company from my watchlist made it finally into one of m reports.
This miner has a superb jurisdictional profile, a proven track record with a founder-led management, and an exciting growth story for the future.
It is big enough to be taken seriously, spread over multiple producing mines.
But also small enough for meaningful returns, driven by output growth, and potentially higher gold prices.
I also do not rule out a takeover.
The optionality and quality seems to be the best here — that’s why, together with a finally attractive valuation — I discussed this stock with my members.
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Conclusion
Gold went through a painful correction since late January 2026 — now could be the time to have an eye on it.
Miners could be interesting again, but only if they are of high quality.
I reassess three names I have discussed in the past.
Important disclaimer: All content is for information, educational, and entertainment purposes only and does not constitute personal investment recommendations or advice, but the sole personal, highly subjective opinion of the author.
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