Gold futures surpassed $4,000 per ounce on Tuesday for the first time in history. But here's what the institutional money isn't telling you.
While the metal breaches barriers once deemed impossible, Goldman Sachs just raised its forecast to $4,900 by December 2026—a 23% jump from Monday's levels. Central banks bought 64 tonnes per month in 2025, pivoting from dollar reserves at record pace. Yet despite gold mining stocks remaining massively undervalued, most retail investors are still watching from the sidelines.
That disconnect is creating something rare: a sector trading as if bullion were frozen at $2,500 while the actual metal tears through $4,000. Analysts point to record profit margins that haven't translated into valuations. The VanEck Gold Miners ETF has surged 125% year-to-date, yet many producers still trade at compression multiples.
Five companies are capitalizing on this momentum—expanding production, commissioning new facilities, and delivering results that turn geology into cash flow.
Click here to discover the Tanzanian developer commissioning a 600+ tonne-per-day processing plant just weeks from startup, positioned adjacent to a major's flagship operation in one of Africa's richest gold belts.
Five Producers Making Moves While Gold Rewrites the Record Books:
- Newmont Corporation (NYSE: NEM) (TSX: NGT) --- The world's largest gold producer achieved first gold pour at its Ahafo North Project in Ghana on September 19, 2025, advancing the project toward commercial production in Q4 2025 and strengthening its position in West Africa's premier gold district.
- Aris Mining Corporation (TSX: ARIS) (NYSE-American: ARMN) --- The Colombian producer delivered 25% production growth in Q3 2025, producing 73,236 ounces with a cash balance exceeding $415 million, positioning itself to exceed the midpoint of its 230,000 to 275,000 ounce annual guidance following successful mill expansion at Segovia.
- Artemis Gold Inc. (TSXV: ARTG) (OTCQX: ARGTF) --- The Canadian miner produced 60,985 ounces at Blackwater in Q3 2025, operating the mill at 105% of design capacity during August and September, bringing year-to-date production to 124,328 ounces as the British Columbia operation demonstrates operational excellence in its first year.
- Kinross Gold Corporation (NYSE: KGC) (TSX: K) --- The mid-tier producer maintains production near 1,060 koz in H1 2025 while trading at a forward P/E of 14.1x—often cited as one of the sector's best value plays with diversified operations across the Americas, West Africa, and strategic positioning to benefit from rising gold prices.
- AngloGold Ashanti Limited (NYSE: AU) (JSE: ANG) --- The South African giant produced 1,524 koz in H1 2025, up 21.5% year-over-year following its acquisition of Centamin and the Sukari mine in Egypt, now generating improved margins and positioned to leverage record gold prices across its expanded African portfolio.
The Margin Expansion Story Nobody's Talking About
Here's the math Wall Street is missing: at $4,000 gold, producers mining at $1,400 all-in sustaining costs are printing $2,600 per ounce in margin. That's not a typo. Industry-wide earnings have surged faster than stock prices, creating a valuation squeeze that historically resolves in sharp multiple expansion.
The global gold mining market is projected to reach $355 billion by 2037, growing at a 3.8% CAGR. But near-term catalysts are even more compelling. Central banks—particularly emerging markets like China holding less than 10% reserves in gold compared to 70% for developed nations—are expected to continue accumulating for three more years.
Meanwhile, Western ETF inflows exceeded Goldman's model by 92 tonnes in September alone—suggesting institutional money is starting to rotate. When that accelerates, junior and mid-tier producers tend to deliver 2x to 3x leverage to the metal's gains.
One Stock Trading Under $0.20 As Processing Plant Nears Commissioning
While majors command Wall Street's attention, a handful of developers are executing strategies that could define the next tier of producers. One company stands out: positioned in Tanzania's prolific Geita Greenstone Belt, it's finalizing toll milling agreements for a 600+ tonne-per-day plant that begins commissioning within weeks. The facility sits directly on licensed ground adjacent to a $7 billion operation, with drilling programs underway at two projects simultaneously.
With gold at record highs and this company's stock still priced for a different century, the risk-reward setup deserves attention.
Click here to see how this micro-cap is building the infrastructure to become Tanzania's next gold producer while the market still hasn't noticed.
