NEW YORK, December 29, 2025, 23:56 ET — Market closed
- Newmont shares ended down 5.6%, the biggest decliner in the S&P 500 on Monday.
- Gold and silver futures slid after CME said it would raise margin requirements on key precious-metals contracts.
- Raymond James raised its Newmont price target to $111, citing updated forecasts for fourth-quarter gold prices.
Newmont Corporation shares slid on Monday, closing down 5.6% at $99.81 after a sharp pullback in precious metals hit miners across the board. The stock traded between $97.84 and $103.93 on the day.
The drop matters now because Newmont has become a liquid proxy for bullion in a year when metals have swung hard on macro headlines and thin, year-end trading. When gold and silver reverse, miners often move more than the metal because their profits hinge on the gap between selling prices and operating costs.
Gold and silver fell after CME Group said it was raising margin requirements — the cash traders must post to hold leveraged futures positions — as part of a “normal review of market volatility,” with the new rates effective after the close of business on Dec. 29. CME Group
Silver futures tumbled about 8% early Monday and gold slid about 5%, dragging down mining shares, the Associated Press reported. Newmont, the world’s largest gold miner, was the biggest decliner in the S&P 500, while smaller miners such as AngloGold and Gold Fields also fell.
Markets also showed classic year-end whiplash, with investors cutting risk in light volumes, as bullion slipped from record highs. “In light volume trading, we’re seeing a reversal of what we saw over the last couple of days,” Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, told Reuters. Reuters
Even after Monday’s slide, gold and silver remain among 2025’s standout trades, and some investors had planned to take profits after the calendar turns to defer tax bills, Investopedia reported. The margin move likely accelerated that profit-taking, the report said.
On the stock-specific front, Raymond James raised its price target on Newmont to $111 from $99 on Monday and kept an “Outperform” rating after updating forecasts for fourth-quarter gold prices, Investing.com reported. Investing.com
Mining investors also watch a key profitability yardstick known as all-in sustaining costs, or AISC — a measure that bundles mining costs with ongoing capital spending needed to keep production steady. When bullion drops fast, that spread can compress quickly, which is why miners can behave like leveraged plays on gold.
Newmont heads into the final days of the year with a leadership change on deck. The company has said CEO Tom Palmer will step down on Dec. 31, with President and COO Natascha Viljoen set to succeed him on Jan. 1.
Before the next session, traders will be watching whether gold and silver stabilize once the market digests the higher margin backdrop. If futures stay volatile, miners can remain under pressure even if company fundamentals have not changed.
Newmont’s close below $100 puts a spotlight on the round-number level, after the shares briefly hit an intraday low just under $98. A bounce back above $100 would suggest Monday’s move was largely forced selling rather than a broader change in sentiment toward the sector.
The next major scheduled catalyst for Newmont is its fourth-quarter results, with financial sites showing the company’s next earnings date as an estimate around Feb. 19, 2026.
Until then, the stock is likely to trade off the same drivers that hit it on Monday: bullion direction, futures-market positioning, and the path of U.S. interest-rate expectations that shape the dollar and real yields — two inputs that tend to steer demand for non-yielding assets like gold.
