Don’t miss out on the gold rally

Belkin Report

Gold stocks have been the top recommendation on Michael Belkin’s US industry group/stock page all year. The VanEck Gold Miners ETF (GDX) is now up +108% ytd after just 1.5 months of inflows, six times as much as the MAG7 +18% ytd gain. The fundamentals remain positive. The Fed’s policy shift waves a green flag toward gold prices, with central banks continuing to accumulate gold as they shift reserves out of the USD. The fundamental attraction for gold miners is finally being recognised, but we are only 1.5 months into the change in perception. GDX has only US$19bn of assets at this point, and the five largest stocks clock in at US$275bn, indicating that it is large enough to accommodate industrial buying, which could dramatically expand the market cap of related stocks as the rally continues. Michael’s recommendations include small-cap stocks that have lagged the GDX advance, including Galiano Gold, McEwen, Seabridge Gold and Equinox Gold.

- 19 September, 2025

Seabridge Gold (SA)

Materials

Singular Research

Updated PFS for SA’s 100% owned KSM project (British Columbia, Canada) shows a considerably more sustainable and profitable mining operation than its 2016 predecessor - SA currently trades at an EV/ounce of only around 20x. However, recent developments in both operations and the potential for higher gold prices warrant it trading up at and EV/ounce of 30x in the intermediate term, which represents a share price of $30.00 (140% upside), and a higher valuation once a JV partner is signed.

- 22 July, 2022