GDX
$98.92
−4.60% Friday
28.52m shares traded
Gold Miners Drop 4.6% After Warsh Rate Surprise Challenges August’s 23.8% Surge
NEW YORK, August 28, 2026, 14:50 EDT - Gold mining stocks slid 4.6% after a surprise move on interest rates by Warsh pressured the sector, threatening to counteract the group’s 23.8% rally seen in August.
U.S.-listed gold miners · MARKET/ASSET/SECTOR
August leverage meets Friday’s rate shock
Market snapshot: August 28, 2026, 14:33–14:50 EDT
Spot gold: 13:44 EDT
Financials: Newmont Q2 2026
Spot gold: 13:44 EDT
Financials: Newmont Q2 2026
GDXJ
$127.86
−5.14% Friday
Higher-beta juniors
GLD
$408.39
−3.36% Friday
Bullion proxy
Spot gold
$4,567
−2.9% Friday
Per ounce
The month amplified bullion—then the reversal did too
August gain before FridayFriday move
Newmont: the margin cushion
| Q2 metric | Value |
|---|---|
| Realized gold price | $4,414/oz |
| By-product AISC | $1,621/oz |
| Pre-overhead spread | $2,793/oz |
| Free cash flow | $2.2bn |
| Net cash | $3.4bn |
Capital allocation and valuation
NEM price$127.46
Market value$136.0bn
P/E16.1×
Shares retired since Feb. 2024>100m
Remaining buyback authority$4.3bn
Annualized dividend$1.04/share
What changed—and what did not
August breakout
GDX gained 23.75%; miners captured expanding gold margins.
GDX gained 23.75%; miners captured expanding gold margins.
Tuesday peak
Spot gold reached a three-month high of $4,696.18.
Spot gold reached a three-month high of $4,696.18.
Friday reversal
Warsh’s inflation warning raised September hike odds to 58%.
Warsh’s inflation warning raised September hike odds to 58%.
Next tests
September Fed decision, dollar direction and Q3 realized prices.
September Fed decision, dollar direction and Q3 realized prices.
Gold Reaches Three-Month Peak; Newmont Shares Fall as Rising Costs Limit Gains
Gold climbed to its highest level in three months on Monday, supported by a softer dollar and renewed Treasury buybacks. The gains lifted bullion above a significant technical level ahead of U.S. inflation figures.
Newmont Corporation · NYSE:NEM
Gold broke higher.
Newmont did not.
Bullion reached a three-month high, but the miner slipped as investors weighed rising mine costs, a recent share-price run and limited upside to the average analyst target.
Market snapshot
$131.04
−0.40% · −$0.52
August 24, 2026 · 14:46 EDT
U.S. regular session · USD
Gold spot$4,639.49per oz · +0.8% at 14:25 EDT
NEM day range$129.17–133.64high faded into afternoon
Market value$139.8Blargest listed gold miner
Forward signal$136.58average analyst target · +4.2%
Gold's four-session breakout
The latest move followed Treasury buyback support, a weaker dollar and the strongest gold-ETF inflow in 10 months.
Why NEM moved down
| Pressure | Evidence |
|---|---|
| Profit-taking | Shares reversed from $133.64 after a 31.5% YTD return. |
| Cost drag | Q2 by-product AISC rose 58% q/q to $1,621/oz. |
| Valuation | Average target leaves only 4.2% upside. |
| No fresh company catalyst | Monday's move was metal-led, not earnings-led. |
Operating leverage
| Measure | Value | Read-through |
|---|---|---|
| Q2 realized gold | $4,414/oz | Monday spot +$225 |
| Q2 by-product AISC | $1,621/oz | Wide margin, but costs rose |
| Q2 free cash flow | $2.2B | Record second quarter |
| 2026 production guide | 5.3Moz | Reaffirmed |
Analyst positioning
Google Finance: 11 Buy · 1 Hold · 0 Sell
| Target | Price | Vs. $131.04 |
|---|---|---|
| High | $170.00 | +29.7% |
| Average | $136.58 | +4.2% |
| Low | $110.00 | −16.1% |
Sources: Reuters gold-market report, Google Finance, Newmont Q2 2026 results, World Gold Council. Market prices are time-sensitive and carry the timestamps shown. AISC and free cash flow are company-defined non-GAAP measures. This dashboard is informational, not investment advice.
Gold Surge Hands Newmont $526 Million Edge As Room for Further Gains Narrows
Newmont Corporation rose 0.6% to $132.35 in premarket trading on Monday as gold reached a three-month peak. The world's largest publicly traded gold miner currently holds about $526 million in annual revenue leverage to each $100 shift in gold prices, according to its 2026 output outlook.
NYSE: NEM · Gold-price sensitivity
Newmont Corporation
Bullion leverage is widening. Target upside is disappearing.
Gold: August 24, 2026, 06:44 GMT
NEM premarket: August 24, 2026, 04:41 EDT
NEM premarket: August 24, 2026, 04:41 EDT
Spot gold
$4,643.63
+0.9% · 3-month high
Premarket
$132.35
+0.59%
Friday close
$131.58
+3.09% Friday
One week
+11.74%
Aug. 14–21
$100 gold lever
$526M
annual revenue estimate
Target headroom
0.07%
from premarket
Newmont's six-session climb
NYSE close52-week high: $134.88Friday volume: 10.45M
Catalyst clock
Now
Gold at $4,643.63Weaker dollar supports a three-month high.
Friday
PCE inflationA soft print could support lower-rate expectations.
Friday
Warsh speechJackson Hole tone will test the dollar and yields.
Sep. 3
Ex-dividend dateQuarterly dividend: $0.26 per share.
Oct. 21
Q3 estimateCurrent forecast: $2.10 EPS, $6.25B revenue.
Price-minus-cost spread
Monday's spot-based spread is 6.1% wider than the Q2 realized spread. This is an estimate using 2026 AISC guidance.
Analyst map
Scotiabank $149CIBC $170Barclays $124Investor decision grid
| Signal | Bull case | Bear case | Level to watch |
|---|---|---|---|
| Gold | Holds above planning price | Dollar rebound cuts bullion | $4,500/oz |
| Margin | Spot spread remains near $2,964 | Costs exceed guidance | $1,680 AISC |
| Stock | Breaks the annual high | Target compression caps gains | $134.88 |
| Support | Friday close holds | Premarket gain fades | $131.58 |
Sources: Reuters gold-market report; Newmont Q2 2026 results and guidance; S&P Global Market Intelligence via StockAnalysis. Revenue sensitivity is a transparent estimate using 5.26 million guided attributable ounces. It excludes royalties, taxes, production timing, by-product credits and price realization differences.
Gold Rally on Treasury Markets Meets Rate Challenge, Mining Stocks Amplify Gains
Gold retained much of its Treasury-led surge on Thursday, as some investors moved to lock in gains. Spot bullion was priced at $4,509.91 per ounce at 12:15 p.m. EDT, marking a 0.3% decline for the session following a rise of over 4% the previous day. U.S. gold futures climbed 0.5% to $4,566.40.
Gold • Rates • Mining equities
Treasury shock, then a reality check
Bullion retained most of Wednesday’s jump. Miners still traded with greater upside, while rebounding long yields kept the signal fragile.
Market snapshot
Aug 20, 2026 • 12:15–1:24 p.m. EDT
18:15–19:24 CEST
Aug 20, 2026 • 12:15–1:24 p.m. EDT
18:15–19:24 CEST
Spot gold
$4,509.91
−0.3% Thursday
Per troy ounce • Reuters at 12:15 p.m. EDT
Wednesday: more than +4%
The pullback surrendered only a small share of the prior surge.
The pullback surrendered only a small share of the prior surge.
Two-day transmission
Policy → yields → gold → miners
The 30-year yield later rebounded to 5.24%, showing that the relief was incomplete.
Bullion proxy
GLD
$413.70
−0.03%1:24:43 p.m. EDT
Miner basket
GDX
$99.41
+2.14%1:20:51 p.m. EDT
Large-cap miner
Newmont
$127.81
+2.18%NYSE:NEM • 1:13:33 p.m. EDT
Forecast dispersion
Selected institutional gold targets
$4,400$6,300
Reuters compilation dated Feb. 2, 2026; horizons vary.
Investor read-through
What the tape is saying
Miner premium vs GLD≈ +2.2 ptsBullish leverage
Fed hold probability67.4%Supportive, not settled
30-year yield5.24%Relief partly reversed
Gold 100-day average≈ $4,381Price remains above
Watch next: whether the 30-year yield stays below Tuesday’s 5.34% peak. That is the cleanest macro test for miner outperformance.
Risk map
Higher real yields / stronger dollarOil-led inflationFurther buyback expansion
Miners add operating-cost, execution and geopolitical exposure. They can fall faster than bullion if the macro signal reverses.
Gold Hits $4,500 Mark as Mining Stocks Rise Over Twice as Much
Gold approached its highest point since early June on Thursday, as weaker Treasury yields and a dollar hovering close to three-month lows attracted buyers following Wednesday's increase of over 4%. Spot bullion subsequently fell 0.6% to $4,495.69 per ounce as traders opted to lock in gains.
Gold price · investor dashboard
$4,500 is the decision line
Lower Treasury yields reopened the gold trade. Miner shares priced more than twice bullion's move, leaving stronger upside and sharper reversal risk.
Spot data: Aug. 20, 2026 · 03:31 GMT
U.S. ETF data: Aug. 19, 2026 · 16:00 EDT
U.S. ETF data: Aug. 19, 2026 · 16:00 EDT
Spot gold
$4,495.69 / oz
▼ 0.6% Thursday
Session high$4,525.79
Wednesday movemore than +4%
U.S. futures$4,553.30 · +0.2%
Yield catalyst
4.65% 10-year
▼ 5 basis points
30-year yield5.19%
Daily change-10 bp
Treasury buybacks$4bn minimum
September Fed pricing
Hold remains the base case
Several officials were ready to hike if inflation stayed firm.
Breakout map
Gold briefly cleared the 200-day average
Spot path schematic200-day averageJanuary record: $5,595 · 19.6% above the session high
Listed-market response
Miners amplified the bullion move
GDX delivered more than 2.3× bullion's move. That operating leverage can reverse just as quickly.
Fund demand
Inflows improved, but remain small versus assets
First half of August$7bn inflow on $582bn AUM
1.2% of AUMJuly$3bn inflow · holdings +23 tonnes
4,068tH1 2026$8bn global inflow
N. America -$7.7bnA durable breakout needs broader, persistent allocations.
Published analyst recommendations
Target range: $4,450 to $6,000
Targets were published from January through June 2026 and predate the latest Treasury-yield move.
What confirms or breaks the trade
Four signals for the next move
PRICE$4,400-$4,500Hold the support zone after the breakout attempt.
YIELDS4.65% · 10-yearA rebound in real yields would weaken gold.
FLOWSMore than 1.2%ETF demand must broaden beyond August's early pace.
BETAGDX above 2×Miner outperformance is validation only if bullion holds.
Gold Rises to 10-Week Peak, Miners Record Almost Threefold Bullion Gain
Gold rose to its highest level in 10 weeks on Wednesday, following a Treasury-market intervention that sent long-term yields and the dollar lower. Spot gold increased by 3.5% to $4,486.88 per ounce at 10:35 EDT, after reaching an earlier high of $4,491.16, its strongest since June 4.
Price of gold · investor dashboard
The miner multiplier is the real signal
Gold broke to a 10-week high. Mining shares moved almost three times as much, turning a rates rally into an operating-leverage trade.
$4,486.88
▲ 3.50% spot gold
August 19, 2026 · 10:35 EDT
Gold’s trigger
−0.8%
U.S. dollar index after Treasury doubled some long-bond liquidity buybacks.
Miner ETF
+9.09%
GDX at $97.04. The move was 2.86× GLD’s gain.
Technical break
$4,381
Approximate 100-day moving average cleared by spot bullion.
Session moves · 11:28 EDT
AEM 3.07× GLDNEM 2.66×Barrick 2.30×
Price less latest quarterly AISC
Preliminary buffer at $4,486.88 spot. AISC is non-GAAP.
Agnico Eagle · $3,028/oz
67.5% of spot · AISC $1,459
Newmont · $2,866/oz
63.9% of spot · AISC $1,621
Barrick · $2,621/oz
58.4% of spot · AISC $1,866
Analyst recommendation snapshot
| Miner | Buy | Hold | Sell | Avg target | Upside |
|---|---|---|---|---|---|
| Newmont | 20 | 2 | 1 | $129.27 | 2.8% |
| Agnico Eagle | 18 | 3 | 1 | $214.98 | 4.8% |
| Barrick | 18 | 4 | 0 | $52.46 | 16.1% |
Wednesday’s jump consumed most published upside for NEM and AEM. Barrick retains the widest gap, alongside the highest AISC.
What matters next
14:00 EDTFed July meeting minutes
65%Pre-minutes odds of a September hold
$4,381100-day average now acting as a test
The trade weakens if real yields rebound or the dollar recovers. Miners also carry grade, fuel, royalty, labor and country risk.
Market data: spot gold at 10:35 EDT; listed securities at 11:28 EDT on August 19, 2026. Sources: Reuters, Nasdaq, Newmont, Agnico Eagle and Barrick Q2 results. Consensus providers use different methodologies.
Five Below and Intuitive Machines Top Analyst Visibility Trade, Wall Street Says
Wall Street’s top analyst picks for the upcoming week emphasize a common characteristic: clear revenue streams. Five Below, Intuitive Machines, Micron Technology, Jabil and Newmont are among the favored stocks, each supported by identifiable demand indicators.
Barrick (NYSE:B) Slides 5% as Cost Rise Overshadows $1.95 Billion Nevada Deal
Correction: Reuters corrected the LSEG consensus for Barrick’s second-quarter adjusted EPS from $0.88 to $0.82. Barrick’s reported adjusted EPS of $0.82 matched, rather than missed, the corrected LSEG consensus. The article and table below have been updated accordingly.
B2Gold (NYSEAMERICAN:BTG) surges 22% after securing Mali permit to boost Fekola output
B2Gold Corp. shares jumped as investors reacted to Mali approving the overdue Menankoto exploitation permit. The news offset concerns about lower output, increased expenses and negative free cash flow for the quarter.
Newmont (NYSE:NEM) cash flow offsets output decline; third-quarter cost pressures approach
Newmont Corporation reported a 47% year-on-year increase in free cash flow per attributable gold ounce, as stronger bullion prices offset a significant drop in output.
Newmont Corporation (NYSE:NEM) Shares Fall, Making April Buyback Equal to 6.3% of Market Value
Newmont’s withdrawal altered the calculation for capital returns.
Gold, Silver Week Ahead: Why a Hormuz Shock May Hurt Bullion Before It Helps
With bullion markets closed for the weekend, gold and silver are set to reopen in Asian trade on Monday into a fresh escalation around the Strait of Hormuz. But the first response may again be higher oil and rate expectations rather than a clean safe-haven bid: Iran said the waterway was closed, while U.S. Central Command said traffic was flowing after heavy strikes on Sunday.
Newmont Stock Just Took a Double Hit — Gold Slumped and Wall Street Sold Off
Newmont Corp. shares fell nearly 8% on Friday, closing at $99.71, as a sharp drop in gold prices and a broad Wall Street selloff hit the world’s largest gold miner. Trading volume rose to about 9.4 million shares, above its 50-day average, and the stock ended roughly 26% below its late-January 52-week high.
Newmont earnings today: Gold miner beats Q1 profit, adds $6 billion buyback but warns on Q2 costs
Newmont topped analyst estimates for first-quarter profit Thursday, with the board greenlighting another $6 billion in share buybacks following the completion of its earlier program. The miner flagged that output will slip and costs will climb in the next quarter, even as it doubled down on cash returns for investors.
Gold Price Today: Spot Gold Hits Six-Week Low as Fed Outlook and Oil Shock Hit Bullion, Gold Stocks
Gold took a sharp dive Thursday, with spot prices slumping 3.9% to $4,629.29 an ounce—marking the lowest since early February—as surging oil and a hawkish stance from top central banks weighed on appetite for bullion. By late morning in New York, U.S. gold futures due in April shed 5.4%, hitting $4,632.40.
B2Gold Corp. Stock Falls Nearly 5% as Gold Slips Below $5,000 and Goose Risks Return
B2Gold Corp. dropped close to 5% Wednesday, caught in a wave of selling across gold miners after gold prices hit their lowest in over a month. The Federal Reserve kept rates unchanged and issued fresh warnings about inflation. Shares trading in the U.S. slipped 4.96% to $4.60.
Newmont stock price closes near $130 as gold flirts with $5,200 — what to watch next week
Newmont Corp closed out Friday with a 1.98% gain at $130.00, bucking a downward trend in the broader market. The S&P 500 slipped 0.43%, while the Dow shed 1.05%. That made Newmont’s advance all the more notable during a lackluster session for equities.
Newmont stock price slides after Barrick default notice — what to watch when markets reopen
Shares of Newmont Corp slid 2.61% to $122.13 on Friday after the miner revealed it had issued a notice of default to Barrick, their partner in the Nevada Gold Mines joint venture. That move brought renewed focus to one of mining’s largest alliances.
Basic materials stocks face a busy week as copper inventories rise and tariff talk hits steel; XLB ends at $53.31
Basic materials names in the U.S. finished Friday with gains, as the Materials Select Sector SPDR ETF added 0.91% to end at $53.31. As the sector moves forward, it’s macro data and metals prices calling the shots.
Basic Materials Stocks dip into tariff headlines as XLB ends higher — what traders watch next week
Basic materials names in the U.S. wrapped up the week stronger. The Materials Select Sector SPDR Fund, which tracks a group of materials stocks, rose 0.9% to $53.31 on Friday.
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