Gold Stock Ticker Digging Guide: Who Will Be the Real Winner in 2025?

2025 marks the “Golden Age” of gold investment — in just three months, gold prices have created 20 new historical highs. What investment opportunities are hidden behind this surge?

Why Are Gold Prices Soaring? Three Major Drivers Cannot Be Ignored

Escalating geopolitical risks are the primary driver. The Russia-Ukraine conflict persists, tensions in the Middle East remain high, and uncertainties in U.S. trade policies have led investors to flock to safe-haven assets, with gold becoming the top choice.

Easing monetary policy is the second driver. Expectations of continued rate cuts by the Federal Reserve are fermenting, the dollar’s purchasing power is under pressure, and the cost of holding gold is decreasing, significantly boosting its appeal as an alternative reserve asset.

Global central banks’ gold purchases are the third driver. In 2024, central banks worldwide have bought over a thousand tons of gold for three consecutive years, while mineral supply has shrunk, tightening supply and pushing up gold prices.

How fierce is this surge? COMEX gold futures skyrocketed by $430 in just 8 trading days, once breaking through the psychological barrier of $3,500 per ounce, with a surge of up to 15%. Although there has been some correction recently, mainstream market sentiment remains optimistic: the de-dollarization wave combined with geopolitical safe-haven demand has laid a solid long-term foundation for gold prices.

The Secret Behind the Skyrocketing Gold Stocks

Gold concept stocks — including companies involved in gold mining, smelting, processing, sales, and related financial services — are enjoying this feast. Data speaks:

Canadian mining giant Agnico Eagle (AEM) has surged 42% since January; South Africa’s established miner DRD Gold (DRD) has soared 57% year-to-date; Alamos Gold (AGI), despite some adjustments, maintains a 27% annual increase. The SPDR Gold Shares ETF (GLD), which tracks spot gold prices, has returned nearly 20% so far this year.

Why are gold concept stocks rising even more fiercely than gold? Because these companies benefit from a “leverage effect” — when gold prices rise, their marginal profits grow exponentially.

Analysis of Leading U.S. Gold Stocks: Who Has the Strongest Fundamentals?

Upstream miners: direct beneficiaries

Barrick Gold (GOLD) is one of the world’s largest gold miners, with a market cap exceeding $270 billion. Its Q1 results are impressive: gold production reached 758,000 ounces, revenue was $3.13 billion (up 13.8% year-over-year), but the real highlight is the average realized price — climbing from $2,075 per ounce last year to $2,898, resulting in an adjusted EPS of $0.35, surpassing market expectations. Notably, the company maintains its full-year guidance of 3.15 to 3.5 million ounces.

Newmont Mining (NEM), the world’s largest gold producer and the only gold mining company in the S&P 500, offers stability amid market uncertainties. Its Q1 net profit surged to $1.9 billion (up 11 times YoY), with EPS of $1.68, and an adjusted EPS of $1.25, well above the expected $0.9. Although gold output decreased 8.3% year-over-year to 1.54 million ounces, the soaring gold price to $2,944 per ounce (up 41% annually) offset the decline, showing strong profitability growth.

Kirkland Lake Gold (KGC) is a professional precious metals mining company operating across the Americas, Russia, and West Africa. Q1 performance shines: gold equivalent production reached 512,088 ounces, with per-ounce sales margins up 67% YoY to $1,814, and operating cash flow hit $597 million, with free cash flow of $371 million. The company announced a $650 million shareholder capital return plan for 2025, demonstrating strong financial health.

Midstream royalty companies: hidden profit machines

Wheaton Precious Metals (WPM) adopts a different business model — not mining but signing “precious metals purchase agreements” with global mines, buying metals at discounts and enjoying high margins. Q1 EPS was $0.55 (beating expectations of $0.52), revenue exceeded $470 million (about 13% above analyst estimates of $417 million). Recently, Royal Bank of Canada raised its target price from $75 to $80, reflecting market optimism about its prospects.

Franco-Nevada (FNV) also employs a royalty model, acquiring steady metal streams at lower costs, with similarly robust Q1 performance.

Downstream jewelers: mixed fortunes

Jewelry retailers Signet Jewelers (SIG) have fallen 15.14% year-to-date, while Pandora (PANDY) plunged 51.13%. Weak consumer demand and declining jewelry sales offset the positive impact of rising gold prices.

Taiwan Gold Concept Stocks: Local Miners

KYMCO (1785) is a major Taiwanese manufacturer of precious and rare metals recycling. In Q1 2025, revenue reached NT$8.243 billion, up 30.6%. Gross profit was NT$1.219 billion (up 70.6%), operating profit NT$839 million (up 145%). Despite fluctuations in precious metal prices affecting non-operating income, non-precious metal businesses (VAS processing services) have become the main profit source.

King Yuan Electronics (8390) is Taiwan’s leading precious metal resource recycler, with precious metals recycling (gold, silver, copper) accounting for 30% of revenue. Benefiting from TSMC’s supply chain expansion and rising precious metal prices, Q1 revenue was NT$1.106 billion, operating profit NT$126 million, pre-tax profit NT$145 million, net profit attributable to the parent NT$117 million, with EPS of NT$1.22, showing significant YoY growth.

Chia Lung (9955) is a Taiwanese precious metal refining company, with 90% of revenue from metal sales. Benefiting from rising global precious metal prices and recovering semiconductor demand, Q1 revenue was about NT$3.2 billion (up 12%), maintaining a gross margin of 20%, with net profit after tax NT$35 million, EPS of NT$0.38 (up 8% YoY).

What Are the Key Points for Investing in Gold Stocks?

Clear advantages: enjoying leverage

Gold concept stocks often outperform gold itself. In 2024, while gold fell 15%, gold stocks plummeted 38% — conversely, when gold prices surge, gold stocks tend to skyrocket even more. Additionally, investing in gold stocks helps diversify portfolios; when cyclical stocks decline, gold stocks often serve as safe havens.

Risks are not small: higher volatility

As shown above, the volatility of gold stocks is much higher than that of gold itself. Besides gold price fluctuations, factors like production costs, operational efficiency, and management decisions influence stock prices. Mining companies also face political risks, environmental restrictions, labor disputes, and other additional risks.

How Can Retail Investors Enter? Two Approaches

Approach 1: Diversify risk with gold stock ETFs

VanEck Vectors Gold Miners ETF (GDX) has returned 29.92% over the past year and 26.69% over five years. Its top five holdings include Newmont (12.05%), AEM.TO (11.81%), WPM.TO (7.49%), among large miners.

The smaller gold mining ETF (GDXJ) has returned 32.59% over the past year and 27.85% over five years, focusing more on small-cap companies like AGI.TO (7.05%), HMY (6.80%), suitable for investors seeking higher gains.

Approach 2: Select individual stocks directly

Buy Taiwan-listed gold stocks through domestic brokers, or via custodian or overseas brokers for U.S. stocks. Popular trading platforms include Mitrade (supports commission-free accounts in Taiwan), Interactive Brokers, TD Ameritrade, and Firstrade.

Will Gold Prices Continue to Rise? Three Future Trends

Trend 1: Long-term upward trend for gold prices is undeniable

Short-term corrections may occur due to optimistic trade sentiment, but geopolitical uncertainties, central bank gold purchases, and de-dollarization will support long-term gold prices. Goldman Sachs forecasts gold could reach $3,700 by year-end, with extreme cases hitting $4,500. UBS maintains a year-end target of $3,500 and has increased its annual net inflow into gold ETFs to 450 tons.

Trend 2: Capital expenditure by miners will heat up

High gold prices will motivate miners to expand capacity in resource-rich regions (Africa, Australia, South America). The global gold mining market size is expected to grow steadily from 2025 to 2030, with Asia and North America as the main growth markets.

Trend 3: Technological innovation enhances efficiency

AI and big data are transforming gold mining. In 2024, mining companies invested $218 million in AI, and in the next decade, risk premiums are expected to decrease significantly.

Final Advice on Investing in Gold Stocks

As global economic and geopolitical uncertainties intensify, gold concept stocks are undoubtedly becoming a focus in capital markets. Investors who grasp industry trends and adopt rational strategies may reap substantial gains from this gold wave. Whether through ETFs for risk diversification or selecting individual stocks, the key is to recognize risks and make rational decisions.