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Which Gold Mining Stocks Could Have Upside Potential in 2019?


Mar. 14 2019, Published 1:59 p.m. ET

Gold’s performance YTD

The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets. Compared to GLD’s gain of 0.8%, the SPDR S&P 500 ETF (SPY) has returned 11.4% YTD.

While the Fed’s U-turn on the interest rate hike narrative in 2019 supports gold’s bullish outlook, thawing tensions between the US and China on trade issues have once again helped equities rally, leading to pressure on gold prices. Read Buffett versus Dalio on Gold: Whose Advice Should You Take? for more on gold’s price outlook.

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Gold miners’ performances

Compared to gold’s gain of 0.8%, the VanEck Vectors Gold Miners ETF (GDX) has gained 5.7% YTD. Senior gold miners as a group have underperformed GDX with a YTD fall of 0.5%.

As is expected, there are variances in individual senior gold miners’ performances. Kinross Gold (KGC) and Goldcorp (GG) have seen gains of 3.1% and 11.4%, respectively. Barrick Gold (GOLD) and Newmont Mining (NEM), on the other hand, have fallen 2.7% and 3.5%, respectively.

Series overview

The fourth-quarter earnings season for major gold miners is now over. In this series, we’ll take a look at how these miners performed during the quarter and last year. We’ll discuss which miners fared the best in terms of costs, production, guidance changes, and debt management. We’ll also see how the consensus expects them to perform going forward.

Let’s start by seeing which gold miners missed market expectations, which miners beat expectations, and why.


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