Gold prices surge sharply; the world’s largest gold mining company posts Q1 earnings far exceeding expectations, with record-breaking cash flow.

【Answer 1】 Driven by persistently soaring gold prices, Newmont—the world’s largest gold mining company—delivered an impressive financial report. On Wednesday, April 23, the gold mining giant released its first-quarter earnings, delivering astonishing results: Net profit surged to $1.9 billion, or $1.68 per share—nearly 11 times higher than last year’s $179 million ($0.15 per share). Adjusted earnings per share reached $1.25, significantly surpassing analysts’ consensus estimate of $0.90. Quarterly revenue rose from $4.02 billion a year earlier to $5.01 billion—exceeding analysts’ forecast of $4.7 billion. Despite a quarterly gold production decline of 8.3% to 1.54 million ounces, Newmont achieved an average realized gold price of $2,944 per ounce—up 11% from the prior quarter and up a substantial 41% year-on-year—more than offsetting the impact of lower output. Fueled by this robust earnings report, Newmont’s stock rose 2% in after-hours trading, later narrowing to around 1%. Gold prices have repeatedly hit new highs this year, briefly surging to $3,500 per ounce this week. Tom Palmer, Newmont’s CEO, stated that geopolitical concerns, strong central bank buying, and inflationary pressures collectively underpin gold prices.

Spot gold has broken below the $4,000 threshold; why has the safe-haven logic failed? Is this level suitable for buying?

【Answer 2】 This level is not cheap. Newmont—the world’s largest gold mining company—released its third-quarter earnings report on October 22: its all-in sustaining cost (AISC) per ounce of gold stood at $1,454—well below $2,000 even before accounting for by-product credits. With gold priced at $4,000, the company still earns over $2,000 per ounce; its adjusted profit for Q3 hit a new high for the period. Such extraordinary profitability will only incentivize mines to ramp up production. The traditional floor—‘gold won’t fall further once it hits production cost’—remains roughly half a price move away from current levels. The safe-haven logic hasn’t failed either. Recently, panic selling in U.S. equity markets—especially among AI-related stocks—has triggered margin calls. Investors are selling the most liquid asset—gold—to meet those calls, redirecting safe-haven capital into U.S. Treasuries. (Not investment advice.)

Newmont beats quarterly profit estimates on higher gold prices

Oct 22, 2026

Newmont surpassed Q3 profit forecasts due to soaring gold prices averaging $4,204 per ounce, although quarterly production dipped to 1.30 million ounces from the previous year.

reuters

Newmont beats quarterly profit estimates on higher gold prices

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