Gold at $5,000-3 Mining Stocks for the Next Gold Rush

The spot price of gold climbed over the $5,000 mark for the first time in futures trading on Jan. 25. The move is psychologically important and hits the “big number” that many analysts have been predicting.

Many analysts believe gold is poised to rise much higher. However, many of those same analysts concede that this move to over $5,000 has come faster than expected. That means there could be a pullback before gold charges higher.

That’s important to note for investors who want to own physical gold. But mining stocks have been a strong trade in the last 12 months. And many analysts believe that trade will continue to be strong in 2026. 

One reason for that is that even if the spot price of gold drops by 5% or even 10%, gold miners will be profitable. To many investors, that’s a signal to buy the large-cap, best-in-class miners. That’s not a bad option. However, it’s also not a bad idea to look at some mid-cap and small-cap miners with some enticing upside.

Newmont: Best-in-Class Exposure to a Higher Gold Regime

For investors looking for exposure to the best-in-class among mining stocks, it’s tough to beat Newmont Gold Corp. (NYSE: NEM). The company is one of the world’s leading gold miners, which is reflected in the company’s revenue and earnings.

Through the first three quarters of 2025, Newmont’s revenue was up 21% year-over-year (YOY), and earnings per share (EPS) were up a whopping 111% YOY. Analysts see EPS growth slowing to only 10% in the next 12 months. That’s sensible because the company will face tough comparisons to last year.

But over a wider lens, analysts are forecasting average annual EPS growth of around 60% in the next five years. That's based, in part, on expectations that gold is entering a multi-year higher trading range.

With a price-to-earnings (P/E) ratio of around 19x, NEM stock is expensive compared to its history. But historical valuation comparisons may understate fair value for high-quality producers like Newmont.

B2Gold: New Production Brings Asymmetric Growth Potential

An attractive feature of large miners is that they have gold that is coming out of the ground today. For investors attracted by the fundamentals of revenue and earnings, that’s a compelling reason to buy. However, the case for miners that are still in the exploration phase is the asymmetric opportunity of new production.

That’s part of the case for B2Gold Corp. (NYSEAMERICAN: BTG). The company recently announced it had reached commercial production at its Goose Mine in Canada. B2Gold projects the site will deliver 300,000 ounces annually by 2027.

However, that’s only the latest commercially viable project in B2Gold’s portfolio. It has three active mines, two others in development, and additional sites being explored.

That said, analysts are forecasting about $1.15 billion in revenue. That’s an impressive year-over-year gain of over 130%. However, it’s only about 20% of Newmont’s revenue.

BTG stock is up 127% in the last 12 months and 21% so far in 2026, leaving little room for disappointment. With earnings due Feb. 18, the next catalyst will be whether results and guidance justify the rally and prompt analysts to turn more constructive.

TRX Gold: High-Risk, High-Reward Junior Miner

For risk-tolerant investors who want asymmetric upside potential, TRX Gold Corp. (NYSEAMERICAN: TRX) is a penny stock that may fit your portfolio. The small-cap company has a market cap of around $385 million, which puts it in the category of a junior miner.

The company isn’t profitable yet, but it is generating revenue. In fact, in its most recent quarter, the company delivered record profit and revenue.

However, the company’s revenue and earnings are linked to a single asset, its Buckreef Gold Project in Tanzania. That’s where the risk comes in. However, the company is using the free cash flow from its record profit on capital expenditures to fund expansion.

TRX is not hedged, so if the spot price of gold reverses, the company will face downside risk. But if you believe that gold has a long runway for growth, TRX stock may be a lottery ticket that can cash in.

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The article "Gold at $5,000—3 Mining Stocks for the Next Gold Rush" first appeared on MarketBeat.