Gold miners have outpaced tech this year, with the MSCI global gold miners index up roughly 135% versus about 40% for the global semiconductor index. Spot gold itself has risen over 45% year-to-date, hitting multiple record highs and heading for its best year since 1979 amid central bank buying, dedollarization and rising gold-backed ETF holdings. Fed rate cuts have also supported the rally.

Leading miners include Newmont and Agnico Eagle, whose New York-listed shares more than doubled in 2025, while Zijin Mining surged over 130% in Hong Kong—outpacing some Chinese AI favorites. An analyst, Jakub Blaha, noted Newmont’s Q2 costs per mined ounce fell about 4%, and the company is divesting less efficient assets and keeping only its most productive operations, which, together with rising gold, boosts margins.

Valuations in the metals sector look less stretched than in tech: the MSCI gold miners index trades at about 13x expected earnings, slightly below its five-year average, versus roughly 29x for semiconductor firms, well above their five-year average. "Gold and gold mining firms belong among my most optimistic medium-term thematic bets," said Anna Wu of VanEck. Charu Chanana of Saxo Markets added: "Even after near-vertical gold gains, miners’ multiples appear relaxed because earnings are rising faster than stock prices." #Gold #Newmont #AgnicoEagle #ZijinMining #FiatNews