Core Viewpoint - Investors who withdrew $669 million from the largest ETF tracking gold mining giants appear to have made a wise decision following a significant drop in gold prices, which fell 6.3% on Tuesday, marking the largest single-day decline in over 12 years [1] Group 1: Market Performance - The VanEck Gold Miners ETF experienced a 9.4% drop on Tuesday, the largest single-day decline since March 2020 [1] - Major gold mining companies such as Newmont Corporation (NEM.US), Agnico Eagle Mines, and Barrick Gold (B.US) all saw declines exceeding 9% [1] - Newmont and Agnico Eagle Mines lost back over a week’s worth of gains in just one day, while Barrick Gold reversed a month’s worth of gains [1] Group 2: Investor Sentiment - There is a growing skepticism among investors regarding the sustainability of the recent surge in gold prices, with significant capital outflows from the VanEck Gold Miners ETF indicating doubts about the rally [2] - The ETF saw its largest monthly outflow in five months, with $668.6 million withdrawn in September [2] - Despite the outflows, the ETF has still risen 115% year-to-date, with Newmont's stock up 131% in the same period [2] Group 3: Expert Opinions - Analysts express concerns that the gold sector's rapid price increases may be unsustainable, with some suggesting that the current market conditions resemble a "blow-off top" [2] - Nancy Tengler, CEO of Laffer Tengler Investments, notes that the current situation in the gold market is troubling, as it has become a "no-risk trade" with no one questioning its valuation [3] - John Ciampaglia, CEO of Sprott Asset Management, believes that while short-term volatility will remain high, the long-term outlook for gold mining stocks remains strong due to decreasing costs and high gold prices [7] Group 4: Future Outlook - Upcoming earnings reports from major gold mining companies, including Newmont and Agnico Eagle Mines, are anticipated to show strong performance due to favorable market conditions [7] - Despite the bullish sentiment in the derivatives market, where options trading volume for SPDR Gold Shares reached a record high, there are concerns that a stronger dollar could trigger a sell-off in gold mining stocks [7]

Core Insights - General Motors (GM) shares surged 15% following better-than-expected third-quarter sales and adjusted profit, marking the best performance in the S&P 500 [3][8] - The automotive giant reduced its forecast on tariff costs, indicating a quicker adjustment to tariffs than anticipated by analysts [3] - GM announced a $1.6 billion loss related to a reevaluation of its electric vehicle strategy due to regulatory changes [3] Company Performance - Halliburton (HAL) exceeded third-quarter revenue and adjusted earnings per share estimates, with shares rising approximately 12% [4] - Warner Bros. Discovery (WBD) shares increased by 11% after announcing a strategic review amid interest from potential buyers [5] - Philip Morris International (PM) reported third-quarter revenue and adjusted EPS above forecasts, yet shares fell 3.8% due to high investment levels [9] - Quest Diagnostics (DGX) shares declined 3.1% despite beating revenue and adjusted EPS forecasts, as the company lowered its full-year guidance for reported EPS [10] Market Trends - Major U.S. equities indexes ended the day mixed, with the S&P 500 little changed, the Dow rising 0.5%, and the Nasdaq retreating 0.2% [2] - Gold prices fell over 5%, impacting shares of Newmont (NEM), which dropped more than 9%, the largest decline among S&P 500 stocks [6][8]

Market Performance - The US stock market showed mixed performance on October 21, with the Dow Jones Industrial Average rising over 300 points, reaching a new historical high, while the Nasdaq approached flat and the S&P 500 saw a slight increase [2][3]. - Strong earnings reports from companies like Coca-Cola and 3M contributed significantly to the rise in the Dow, with Coca-Cola's stock increasing by 3.7% and 3M's by nearly 5% [3]. Company Earnings - Coca-Cola reported earnings that exceeded Wall Street expectations, leading to a stock price increase to $70.97, up by 3.7% [4][5]. - General Motors saw a significant stock increase of over 15% after raising its full-year earnings guidance and reducing the expected impact of tariffs on its annual performance, estimating it could offset about 35% of the impact [10]. Earnings Season Insights - Over three-quarters of the S&P 500 companies that have reported earnings so far have exceeded expectations, with major tech companies expected to contribute significantly to profit growth [13]. - The so-called "seven giants" in the tech sector are projected to see a profit increase of 14.9% year-over-year, compared to 6.7% for the remaining 493 companies [13]. Commodity Market - There was a notable drop in gold and silver prices on October 21, attributed to a strong US dollar making these precious metals more expensive for buyers [15][24]. - Analysts indicated that significant price fluctuations following a strong rally often signal a potential substantial correction, which can induce panic among investors [16][24].

Core Viewpoint - Headwater Gold's Spring Peak project in Nevada has been included in the FAST-41 program, which aims to streamline regulatory approvals for mining-related infrastructure [1][2] Group 1: Project Details - The exploration project, known as the Burnt Rock Plan of Operations, will benefit from transparent regulatory reviews and predictable permitting timelines due to its inclusion in the FAST-41 program [2] - Newmont is funding the exploration at Spring Peak under an earn-in agreement, allowing it to acquire up to 75% of the project by spending $55 million in two stages and completing a prefeasibility study [4][5] - The first stage of exploration has been completed with Newmont spending $15 million, earning a 51% interest, while the second stage requires an additional $40 million investment for a further 14% interest [5] Group 2: Exploration Progress - Newmont's decision to advance to Stage 2 is based on positive drill results from the Disco zone and Shadow target, along with additional property scale targets [6] - The exploration plan includes the potential construction of up to 266 drill sites and 29 miles of new access roads, along with a comprehensive reclamation plan [7] Group 3: Market Reaction and Company Position - Following the announcement of the FAST-41 inclusion, Headwater Gold's shares rose nearly 5%, resulting in a market capitalization of C$47.4 million (approximately $33.8 million) [3] - The Spring Peak project is located in a historically significant mining region, adjacent to existing infrastructure from Hecla Mining Company's past operations [8] Group 4: Mineralization Findings - Drilling has confirmed high-grade gold mineralization at the Disco zone, with notable intersections including 15.92 grams per tonne (g/t) gold over 2.38 meters and 10.43 g/t gold over 2.01 meters [9] - Headwater holds an option to acquire a 100% interest in the Spring Peak project from Orogen Royalties, subject to certain conditions [9]

Core Viewpoint - Spot gold experienced a significant decline of 5.4%, marking the largest drop since August 2020, which has negatively impacted gold-related stocks [1] Company Performance - Coeur Mining (CDE.US) saw a nearly 17% drop in its stock price [1] - Harmony Gold (HMY.US) experienced an 11% decline [1] - Newmont Corporation (NEM.US) fell by over 9% [1] - Barrick Gold (B.US) also dropped nearly 9% [1]

Core Insights - Newmont Corporation (NEM) is expected to report third-quarter 2025 results on October 23, with anticipated benefits from higher gold prices despite cost challenges [1][6] - The Zacks Consensus Estimate for earnings is $1.27 per share, reflecting a 56.8% year-over-year increase, while revenues are projected at $4.97 billion, indicating an 8% rise from the previous year [2] Earnings Performance - NEM has outperformed the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of 32.8% [3] - The company has an Earnings ESP of +1.32% and holds a Zacks Rank 1 (Strong Buy), suggesting a high likelihood of an earnings beat this quarter [4][5] Factors Influencing Q3 Results - Higher gold prices are expected to positively impact NEM's top line and margins, with average realized prices estimated at $3,357 per ounce, a 33.3% year-over-year increase [6][9] - The company's strategic focus on Tier 1 assets is anticipated to support growth, despite rising production costs [10] Market Conditions - Gold prices have surged approximately 17% in the third quarter and about 65% year-to-date, driven by factors such as geopolitical tensions, a weak dollar, and increased central bank purchases [8] - The Federal Reserve's interest rate cuts have further fueled the rally in gold prices [8] Cost Considerations - NEM is facing higher unit costs, with costs applicable to sales and all-in-sustaining costs (AISC) rising around 6% and 2% year-over-year, respectively [11] - Sustaining capital spending is expected to increase significantly in the third quarter due to planned investments [11] Stock Performance and Valuation - NEM's shares have increased by 61.8% over the past year, underperforming the Zacks Mining – Gold industry's 70.1% rise but outperforming the S&P 500's 16.3% increase [12] - The company is trading at a forward 12-month earnings multiple of 15.29, slightly below the peer group average of 15.49 [15] Investment Thesis - Newmont is positioned for growth with a strong project portfolio that is expected to enhance production capacity and extend mine life [19] - The acquisition of Newcrest Mining Limited is anticipated to create significant shareholder value and synergies [19] - NEM's robust liquidity and cash flow generation capabilities support its growth initiatives and shareholder value [20] Conclusion - Investing in NEM stock ahead of its earnings announcement is seen as a compelling opportunity due to its strong market position, financial health, and favorable growth outlook [21]

Group 1 - Newmont Mining Corporation is expected to report quarterly revenues of approximately $5.2 billion, driven by increased gold and copper prices and stable production levels [2] - The company has a current market capitalization of $104 billion, with total revenue for the past twelve months at $21 billion, operating profits of $8.0 billion, and net income of $6.3 billion [3] - Margins may face slight pressure due to rising labor and energy costs, as well as persistent inflation in mining supplies, despite stronger precious metal prices expected to bolster operating cash flow [2] Group 2 - Historical data shows that over the last five years, Newmont has recorded 16 earnings data points, with 5 positive and 11 negative one-day returns, resulting in positive returns approximately 31% of the time [6] - The median of the 5 positive returns is 2.0%, while the median of the 11 negative returns is -4.6% [6] - A strategy based on understanding the correlation between short-term and medium-term returns post-earnings can be beneficial for traders [7]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment returns Group 1: Company Earnings Estimates - Newmont Corporation (NEM) has seen a 6.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Royal Bank of Canada (RY) has experienced a 5.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Amer Sports, Inc. (AS) has seen a 9.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Verastem, Inc. (VSTM) has experienced a significant 21.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Sono-Tek Corporation (SOTK) has seen a remarkable 37.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Core Viewpoint - Spot gold prices have surpassed $4,340 per ounce, marking a daily increase of over 2%, which has positively impacted gold-related stocks and ETFs [1] Group 1: Gold Market Performance - Spot gold has increased by more than 2% in a single day, reaching over $4,340 per ounce [1] - Leveraged gold ETFs have seen gains exceeding 5% [1] Group 2: Company Stock Movements - Coeur Mining (CDE.US) has risen by over 5.3% [1] - Newmont Corporation (NEM.US) has increased by over 3% [1] - Barrick Gold (B.US) has gained over 3.6% [1] - Harmony Gold (HMY.US) has seen a rise of 0.9% [1]

Core Insights - JR Research is recognized as a top analyst in technology, software, and internet sectors, focusing on growth and GARP strategies [1] - The investment approach emphasizes identifying attractive risk/reward opportunities with strong price action to generate alpha above the S&P 500 [1][2] - The investment group Ultimate Growth Investing specializes in high-potential opportunities across various sectors, targeting stocks with robust fundamentals and turnaround potential [3] Investment Strategy - The focus is on growth investing opportunities that offer significant upside potential while avoiding overhyped and overvalued stocks [2] - The strategy includes capitalizing on battered stocks that have substantial recovery possibilities [2] - The investment thesis typically has an 18 to 24 month outlook for realization [3] Group Characteristics - Ultimate Growth Investing is designed for investors looking to capitalize on growth stocks with strong fundamentals and buying momentum [3] - The group also targets turnaround plays at highly attractive valuations [3]