Beyond The Bullion: Market Trends In Global Gold Production

Summary

• Gold’s break above USD 3,000 per ounce in Q1 2025 — a roughly 40% increase since year-end 2023 — is a reflection of the revived interest in mining companies amid economic uncertainty and geopolitical risks.
• The S&P Commodity Producers Gold Index was up 53% YTD, nearly doubling gold’s rise of 28%.
• Over the past 12 months, the top-performing quintile of stocks has more than doubled, while the bottom quintile, dominated by mega caps and royalty names, achieved only modest gains.
• Gold equities remained a leveraged, but often volatile, proxy for bullion, recently gaining roughly twice as much in upswings and experiencing outsized losses during downturns.

RainStar

By Darius Nass

Gold Producers in a Shifting Macro Landscape

Gold’s break above USD 3,000 per ounce in Q1 2025 — a roughly 40% increase since year-end 2023 — is a reflection of the revived interest in mining companies amid economic uncertainty and