Gold on the Move: Miners Signal More Upside Ahead

(Cole Burston/Bloomberg)

Gold miners are flourishing, which is typically a bullish signal for the precious metal itself. Historically, at long-term market tops, gold stocks tend to lag the price of gold, so their current outperformance suggests gold still has room to run. A synchronized advance in both the metal and the miners into year-end appears likely, with miners continuing to show leadership.

The strength in both could also be a contrarian signal for the broader equity markets, heading into September. Their recent outperformance may be sniffing out deeper concerns beneath the surface, perhaps serving as a canary in the coal mine for an upcoming tactical pullback in the overall market.

From a technical perspective, the daily chart of the VanEck Gold Miners ETF supports the bullish outlook. The ETF is forming a bull flag pattern, a continuation setup that typically resolves to the upside if confirmed. Thursday’s break above the $59 pivot level strengthens the case, opening the door for a potential move toward $67 in Q4.

VanEck Gold Miners was trading at $60.13 Friday.

Newmont Mining, the top holding in the VanEck Gold Miners ETF, has posted a strong 88% YTD gain, outpacing its key rival Agnico Eagle Mines, which is up a solid 74%. Given such impressive relative strength, it’s no surprise that Newmont is also carving out a bull flag, as the stock consolidates the robust move higher.

The technical setup remains constructive. On June 13th, Newmont triggered a cup-with-handle breakout at $57.26, and has followed through very nicely, a good sign as high-quality breakouts tend to work right away. The stock has only closed lower in 11 weeks so far in 2025, underscoring steady institutional demand.

A break above the bull flag pivot, which aligns with the round $70 number, would likely ignite a quick move toward $78, sometime in Q4.

Newmont Mining was trading at $70.62 Friday.

Coeur Mining has been one of the standout performers in the precious metals space in 2025, more than doubling year to date. The gold and silver producer has decisively broken above the very round $10 level on its weekly chart, an area that served as a major technical ceiling during late 2020 through mid-2021.

Back then, the stock struggled to sustain closes above $10, eventually entering a prolonged downturn that saw it fall as low as $2. But that long descent appears to have formed the right side of a massive, nearly 5-year cup base.

Of particular note is the bull flag breakout within this long-term base structure, also occurring near the $10 area. That breakout, combined with strong price action, sets up a potential move to $15 by year-end.

Adding to the bullish case is the fact that Coeur held a remarkable 34% gain during the week ending Aug. 8, a feat that speaks volumes as it looks for a third very taut weekly finish Friday.

Coeur Mining was trading at $12.13 Friday.

Kinross Gold has delivered a standout performance in 2025, surging more than 110% year to date, easily outpacing regional peer Wheaton Precious Metals, which is up 68% YTD.

The stock is demonstrating classic leadership traits, having methodically advanced after breaking out above a bullish ascending triangle near $16. Rather than retreating or consolidating in a choppy fashion, Kinross has grinded higher with constructive price action.

The best-performing stocks often offer add-on entry points. Kinross is currently flirting with the $19.75 level, a potential breakout trigger in a bull flag that would shed its “teenager” status and clear the way for a move toward $24.25 into late Q4.

Kinross Gold was trading at $19.68 Friday.

Write to Doug Busch at douglas.busch@barrons.com.