Key Takeaways from RBC Capital Markets’ Analysis
1?? Gold Prices Surge, But ETF Outflows Persist

Gold prices: +12% YTD
VanEck Gold Miners ETF (NYSE: GDX): +15% YTD
Gold equity ETF outflows: $2 billion in 2025 (following a record $2.4 billion in 2024)

? Despite strong gold prices and mining stock gains, investor withdrawals from gold equity ETFs continue, reflecting low generalist interest in gold stocks.
? Investors tracking gold price movements can utilize the Commodity API to monitor real-time gold pricing trends.

2?? Capital Returns: Mixed Signals from Gold Miners

AngloGold Ashanti: Committed to returning 50% of free cash flow to shareholders
Newmont: Maintains consistent share buybacks
Agnico Eagle (NYSE: AEM): Modest buybacks
Kinross Gold (NYSE: KGC): Postponed capital return decision, causing investor uncertainty

? With near-record free cash flow and low leverage, investors expected higher capital returns, but mixed company actions have fueled concerns.

3?? Rising Costs and Weaker Production Guidance

Senior gold producers are guiding for lower production levels in 2025.
Capital expenditures: Expected to rise 9% YoY, adding cost pressures.

? Higher costs and lower output reduce profit margins, posing a challenge for gold miners despite rising gold prices.
? Investors analyzing financial growth trends in gold mining stocks can refer to the Financial Growth API for detailed company metrics.

? Key Investment Implications
? Gold remains strong, but investor sentiment toward gold equities remains weak.? Capital allocation uncertainty is weighing on some gold miners’ stock performance.? Rising costs and lower production guidance may limit future gains for gold mining stocks.
While gold prices are rallying, the disconnect between investor flows and performance in gold equities suggests caution in stock selection.