Michael Sprung Newmont Goldcorp NGT-T TOP PICK Oct 11, 2023

Largest gold producer in the world. Global. Expects synergies from latest acquisition. Balance sheet still in good shape. Well run. A go-to, if you like gold. But look at the chart -- owning gold over the last 20 years has been a tough game. 

If you want a miner, go with the copper miners, better risk/reward, part of the next ESG evolution/revolution of where the world is going.

Owned by the big institutions and they're out chasing AI stocks, so not much interest in gold. 

Still owns shares, and believes business will continue to perform. Excellent management team with good capital allocation skills. Doesn't have geographic risk that other producers have. Very good at finding gold and new assets. 

NGT and AEM have overtaken ABX as the monsters in the industry by market cap. Well run. Keeps his exposure in the gold sector to 5% or less. Often a good buffer in troubled times.

He'd go with that strategy. He's been lightening up on gold. With a strong USD, and interest rates possibly being higher, gold may take a few steps back.  

The two biggest names, NGT and ABX, have really shown miserable production growth. Underperformed the group for a number of years now. They don't have the growth assets and their size means they can't accelerate as much. AEM is the new top senior.

World's largest gold miner. She continues to be bullish on gold at these prices. World-class assets. Gold's price rise could lift margins if costs stabilize. Costs jumped. Weak 2025 guidance. Revenue flat. If gold dips, profits will shrink fast. Stable, still room to run.