Dec. 1 at 5:08 PM
Goldman Sachs survey of more than 900 clients:
- Nearly 70% expect prices to rise further by the end of 2026.
- Biggest chunk, 36%, see gold topping
$5,000 a troy ounce by the end of next year. (It's currently trading around
$4,200).
- They expect continued central bank demand (38%) & fiscal worries (27%) would drive gold's gains next year
--- Valuations:
North American gold producers are currently trading at an avg 1.20x P/NAV (ex-internationals [1.37x P/NAV] & royalties [1.98x P/NAV]).
Based on FY26 ests, the stocks are trading at an avg 14.5x EPS, 11.1x CFPS, 4.6% FCF yield, 6.9% sustainable FCF yield, & 7.6x EV/EBITDA (ex-internationals & royalties).
The group is trading at an avg
$949/oz of reserves,
$390/oz of resources, &
$19,675/oz of production (2026E)
$GLD $GDX $AEM $B $EGO