Thursday, 13 November 2025 Reading time : 3 minutes

Gold mining stocks have experienced an impressive rally in 2025. This is evident in the MarketVector Global Gold Miners Index, for example, which tracks the performance of gold and silver mining stocks. Since the start of the year, the index has risen by around 138% (including dividends as of 12 November 2025), significantly outperforming the price of gold. The precious metal has continued its upward trend from 2024 into the current year, reaching an all-time high of around USD 4,380.00 per troy ounce in October. The gold price is currently almost 60% higher than at the start of the year.

While the outperformance of gold mining stocks appears substantial at first glance, they have hardly benefited from gold price increase in recent years. The effects of the price rise are now becoming apparent in the latest company earnings. For instance, the US mining group Barrick Mining reports an average gold price of USD 3,457 per ounce for the past quarter, according to Reuters. This represents an increase of around 38% compared with the same quarter last year. The gold miner has slightly exceeded market expectations with its quarterly results, announcing a dividend increase and an expansion of its share buyback programme.

This has been well received in the stock market: shares have risen by 144.8% since the beginning of the year and are currently trading at a record high. Newmont's price gains (+153.6%) and Anglogold Ashanti's (+283.4%) are even greater.

However, the surge in gold mining stocks also poses risks. The price of gold is just one factor that influences stock performance. Production costs, monetary policy, geopolitical developments and other factors can also cause volatility. Investors experienced this first-hand in October when the gold price slipped after reaching new highs, triggering a price correction among gold producers. Barrick Mining shares lost more than 10% within a few days. Although they have since recovered, this episode shows how vulnerable these shares can be.

Investors who believe that gold mining stocks will see moderate price gains over the next twelve months, but who want to hedge against some of the downside, may be interested in the barrier reverse convertible on Barrick Mining, Newmont and Anglogold Ashanti.

Barrier Reverse Convertibles on Gold Miners
12.25% p.a. BRC on Anglogold Ashanti, Barrick Mining, Newmont
Barrier: 64%
Valor: 149 283 138

Indicative terms

 

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