Report by Global Mining Research

David Radlyffe’s covered gold stocks have seen healthy margins and substantial shareholder returns as a result of the average H1/2026 gold price of US$4,689/oz. Traditionally, H2 is stronger for production for gold producers. Eldorado Gold Corp, Alamos Gold Inc, Torex Gold Resources Inc, SSR Mining Inc, Pan American Silver Corp and Wesdome Gold Mines Ltd are below annualised guidance in 1H26 with Eldorado and Torex relying on project ramp-up to hit guidance. Alamos trimmed guidance. Cost pressures weigh on the gold and silver miners driven by mostly by energy and royalties. Only Newmont Corp and B2Gold Corp are tracking below AISC guidance with Barrick Mining Corp, Centerra Gold Inc, Kinross Gold Corp Lundin, Agnico Eagle Mines Ltd within guidance range. Strong gold prices help margins. GMR preferred miners are lower risk Agnico, Kinross and Fresnillo Plc, and those with higher delivery risk/growth/value potential such as Eldorado, Equinox Gold Corp and Alamos amongst the year-end December stocks.

Report by Global Mining Research

The Global Mining Research team research the correlation of stocks to the gold price and the beta of those stocks. The stocks with consistently high beta to the gold price over the past five years are Alamos Gold, Genesis Minerals, IAMGOLD, Kinross Gold, Lundin Gold and Torex Gold Resources. Stocks with a weak beta to gold price over the past five years are B2Gold, Centerra Gold, Endeavour Mining, Barrick Gold, Newmont and SSR Mining (except 2025), each with mine or management issues, heightened risk or M&A troubles. Market preference for gold stocks appears to be more driven by investor perception rather than quantifiable valuation or sensitivity measures, and investors are preferring stocks with “issues” and aren’t seeking deeply discounted cheap stocks. Preferred gold stocks are BUY-rated Agnico (delivery and lower-risk portfolio), Kinross (risk reduction and execution), Equinox (transitions from project development to cash generation), IAMGOLD (Côté ramp up and derisking) and Lundin Gold (FDN continues to outperform).

Report by Belkin Report

Higher inflation is the catalyst that gold prices have been waiting for and it’s time to act; Michael Belkin recommends LONG GDX gold stock and GLD gold ETFs. Michael also follows every investable gold/silver/platinum mining stock in the world and advises investors to stay away from Newmont or Barrick, which are underperforming the GDX. Instead, opt for mid-sized producers such as Kinross, SSR Mining or Eldorado Gold.