Gold and silver mining stocks are currently trading at an average discount of 24% to spot prices, according to analysts at Berenberg. The firm notes this valuation gap has been a major theme of the current precious metals bull market—and may begin to close as macroeconomic risk builds.
Miners Lag Despite Surging Bullion
Gold futures recently rebounded above $3,000 per troy ounce, yet equities in the space have failed to catch up. Berenberg analysts expect investor focus to return to high-quality mining companies, especially those with consistent cash flow and shareholder returns.
Among the discounted miners:

Endeavour Mining: Trades at a 32% discount to spot prices

Wheaton Precious Metals (NYSE: WPM): At a 27% discount

Fresnillo (LON: FRES): At a 25% discount

Berenberg believes these gaps will shrink as the market adjusts to ongoing macro pressures.
Gold Outlook Remains Strong
Despite volatility, analysts maintain a bullish outlook for gold, citing persistent uncertainty around global trade, inflation, and recession risks. Central banks remain net buyers, adding to demand amid ongoing geopolitical instability.
Gold futures are currently at $3,018.90 per troy ounce, up 1.5% on the day, though still down 4.2% for the week. Berenberg expects any further selloffs to be temporary.

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