In 2023 and 2024, gold prices trended higher. That trend has continued this year, with gold prices rallying over 20%.
In prior years, gold mining companies have been conspicuously absent from that rally. But in 2025, they’re starting to move up – and at a faster pace than gold:
Gold mining stocks should perform better than gold during a rally. Why? Imagine a gold company has total cash costs of $1,500 per ounce.
At $2,500 gold, they make a profit of $1,000 per ounce. If gold rallies to $3,500, a 40% rally, the miner’s profit goes from $1,000 to $2,000 per ounce – a 100% jump in profits.
That’s the power of investing in gold mining companies. Aside from the first half of 2016, this is the best setup for gold mining stocks since the early 2000s. It’s not too late to buy gold stocks if you haven’t done so yet.
~ Andrew
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P.S. We’ve been pounding the table on gold since the inception of the Grey Swan Investment Fraternity. And it’s been nearly 10 months since we released our initial deep-dive research into gold.
While our estimates for gold moving to the five-figure range may have seemed wild last year, with the continued rally and ongoing central bank gold buying, our research only holds up with the passage of time.
Given that gold could rally not just to $10,000 but more than twice that, it’s still a reasonable price, especially if you need to buy some more of the metal as portfolio insurance against a Grey Swan event like a financial crisis or renewed inflationary spike.
As always, your reader feedback is welcome: feedback@greyswanfraternity.
