Gold Miners Are Getting Hit From Both Sides. Wall Street Sees More Trouble Ahead
Gold miners tend to rise and fall with the price of bullion, often with much bigger swings. And with gold losing ground, investors are getting another reason to reconsider their exposure.
Freedom Broker downgraded three of North America's biggest gold producers on the same day, adding to the pressure on a sector already struggling with falling prices and rising costs.
Wall Street cuts its ratings
Freedom Broker downgraded Agnico Eagle Mines, Barrick Mining, and Newmont from Buy to Hold in one broad move, pointing to weaker earnings forecasts and concerns about operations.
For Agnico, the firm highlighted disruptions at the Barnat pit at Canadian Malartic, alongside execution risks at its Odyssey underground project. It also lowered its 2027 EBITDA forecast by 6% to $11B.
Barrick faced a similar reassessment. Its Q3 adjusted EBITDA estimate was cut 10% to $3.46B, while the adjusted earnings per share forecast fell 8% to $0.81. The stock trades at roughly 10x projected 2027 earnings, leaving it cheaper than many of its peers.
Newmont received the toughest assessment. Analyst Vitaly Kononov pointed to an unfavorable combination of earnings growth, valuation, and operational risks. Rising costs across its Australian mines, along with uncertainty at Lihir and Cadia, added to the concerns.
Freedom Broker Cuts All Three Big Gold Miners to Hold
Rating change and the main concern behind each downgrade, as of Oct. 22, 2026.
| Company | Rating change | Main concern |
|---|---|---|
| Agnico Eagle | Buy to Hold | 2027 EBITDA estimate cut 6% to $11B; Malartic and Odyssey risk |
| Barrick Mining | Buy to Hold | Q3 adjusted EBITDA estimate cut 10% to $3.46B |
| Newmont | Buy to Hold | Australian cost inflation; Lihir and Cadia performance risk |
Oil prices add more pressure
The downgrades arrived as gold was already having a rough week. Bullion fell to a three-month low on Friday, with spot prices slipping 0.6% to around $4K an ounce after briefly dropping below that level for the first time since mid-July.
Oil is making matters worse. Brent crude reached a five-month high after Houthi attacks in Saudi Arabia raised concerns about supply. Higher energy prices can keep inflation elevated, making it harder for central banks to lower interest rates.
That's particularly bad news for gold, which doesn't pay interest and becomes less attractive when bond yields remain high. September inflation reached 3.7%, with gasoline prices climbing 9.1%.
"Heightened inflation concerns suggest that major central banks of the world won't be able to ease monetary policies as quickly as they want to."
Jim Wyckoff, American Gold Exchange
Wyckoff also pointed to selling pressure from the technology sector. As falling tech stocks triggered margin calls, some traders sold gold and silver to raise cash, adding to the metals' losses.
The damage spread past the majors
Gold miners weren't the only ones feeling the pressure. The PRISM Precious Metals Index dropped 4.9% on Thursday, while several other precious metals also fell to multi-month lows.
Gold Miners Give Back Their Early-2026 Gains
Year-to-date share price change (%) at month-end closes for the three downgraded miners and SPDR Gold Shares (GLD), as of Oct. 23, 2026.
- Agnico Eagle
- Barrick
- Newmont
- Gold (SPDR Gold Shares)
Line chart. YTD change (%). 2025-12-31: Agnico Eagle 0%, Barrick 0%, Newmont 0%, Gold (SPDR Gold Shares) 0%. 2026-01-30: Agnico Eagle 12.40%, Barrick 5.10%, Newmont 12.50%, Gold (SPDR Gold Shares) 12.30%. 2026-02-27: Agnico Eagle 48.40%, Barrick 16.50%, Newmont 30.20%, Gold (SPDR Gold Shares) 22.10%. 2026-03-31: Agnico Eagle 19.70%, Barrick -6.30%, Newmont 8.40%, Gold (SPDR Gold Shares) 8.60%. 2026-04-30: Agnico Eagle 11%, Barrick -9.70%, Newmont 11.30%, Gold (SPDR Gold Shares) 6.90%. 2026-05-29: Agnico Eagle 8%, Barrick -2.30%, Newmont 10%, Gold (SPDR Gold Shares) 5.30%. 2026-06-30: Agnico Eagle -8.50%, Barrick -15.70%, Newmont -6.50%, Gold (SPDR Gold Shares) -7%. 2026-07-31: Agnico Eagle -14.30%, Barrick -15.70%, Newmont -6.10%, Gold (SPDR Gold Shares) -6.30%. 2026-08-31: Agnico Eagle 19.80%, Barrick 2.90%, Newmont 26.20%, Gold (SPDR Gold Shares) 3.10%. 2026-09-30: Agnico Eagle 8.10%, Barrick -6.60%, Newmont 15.50%, Gold (SPDR Gold Shares) -3.90%. 2026-10-23: Agnico Eagle 2.80%, Barrick -12.20%, Newmont 9.60%, Gold (SPDR Gold Shares) -7.60%.
Silver declined 0.7% to $54.17 an ounce, while palladium lost 0.5% to $1.05K. Platinum slipped 0.5% to $1.56K, extending the weakness across the sector.
Still, lower prices have encouraged some physical buying. Demand in India picked up during the Dussehra festival as buyers took advantage of the pullback, lifting local premiums. Chinese demand, meanwhile, remained steady.
Strong earnings complicate the picture
Despite the negative sentiment, Newmont's latest results suggest the picture isn't entirely bleak. The miner reported earnings of $2.20 per share, beating the $1.94 consensus, on revenue of $6.36B.
Revenue rose 15.2% year over year, while Newmont generated $1.9B in free cash flow and returned roughly the same amount to shareholders. It also lowered its 2026 all-in sustaining cost forecast to around $1.52K per ounce, suggesting some improvement in production efficiency.
Wall Street isn't entirely in agreement, either. JPMorgan turned more positive on Barrick just a day before Freedom Broker's downgrade, while Argus lowered its Newmont outlook but maintained a Buy rating.
Investors have two upcoming events to watch. Markets currently price in a 92% chance that the Fed holds rates at 3.75% to 4.00% at its Oct. 27–28 meeting, alongside an 83% probability of a December hike. The Personal Consumption Expenditures report on Oct. 29 will offer another look at inflation.
For gold miners, strong earnings may help cushion the decline, but a sustained recovery will likely depend on where bullion prices and interest rates head next. Until those pressures ease, even profitable producers could struggle to win back investors.
