The Magnificent Seven dominated the last cycle. Now, a new contender is trying to crash the party: ‘The Magnificent Miners’.
Gold bugs have been early—and often wrong—but this time the setup looks different. As AI stocks trade at stretched multiples and macro uncertainty rises, capital is quietly rotating into hard assets. Peter Schiff recently dubbed the miners’ stocks as "the most undervalued in the market," arguing the next leg higher could accelerate fast.
It looks like real money just started moving into precious metals mining stocks. It's about time. I expect the pace of price appreciation to accelerate rapidly from here. Despite tripling or more, these stocks are still the most undervalued in the market. The Magnificent Miners!
Looking at specific miners, the valuation gap is hard to ignore.
Newmont: Scale At A Value Multiple
Newmont Corp(NYSE:NEM) stock currently trades at a 19x TTM 17x FWD price-to-earnings (P/E) ratio, per Benzinga Pro data. That’s a fraction of the valuation investors pay for AI infrastructure names, despite owning the world's largest gold reserve base.
After recent asset sales and cost cuts, Newmont offers scale, dividends, and direct leverage to rising gold prices—priced more like a legacy cyclical than a strategic asset play.
Barrick Gold: Cash Flow Without The AI Premium
Barrick Mining Corp(NYSE:B) sits in a sweet spot for value investors. It generates significant free cash flow, returns capital to shareholders, and controls tier-one assets globally. Yet, at around 24x TTM and 15x FWD P/E, it trades at multiples that look tame compared to mega-cap tech, where expectations are already sky-high.
Agnico Eagle: Growth Hidden In Value Clothing
At 31x TTM and about 20x FWD, Agnico Eagle MinesLtd(NYSE:AEM) commands a premium among miners, but still looks cheap versus growth stocks.
With low-cost production and visible growth projects, it offers a rare mix: quality, growth, and leverage to bullion—without a tech-style valuation.
Why It Matters
The Magnificent Seven are priced in a near-perfect AI future. The Magnificent Miners are priced for indifference. If rates fall, deficits climb, or AI spending cools, miners could offer asymmetric upside as capital rotates out of crowded tech trades.
The rotation isn't confirmed—but the valuation gap suggests it might finally be starting.
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