As tariff battles flare and investors flee to safety, gold has shattered records. But it’s not just bullion that’s catching attention. Some of the biggest moves are happening deeper underground…
Gold is back — and this time, it’s different.
Already in early 2025, gold has surpassed the $3,200 per ounce mark, smashing previous records and grabbing the attention of investors, central banks, and sovereign wealth funds alike.
But this rally isn’t just another flash of fear-driven buying. It’s the result of converging forces — structural, geopolitical, and monetary — all pointing to a prolonged bull cycle.
And if history is any guide, mining stocks tend to ride these waves even harder than the metal itself.
The question now isn’t if gold will continue to shine — it’s who stands to benefit the most.
Let’s break it down.
Tariffs, Volatility, and a $3,200 Gold Price: A Perfect Storm for the Precious Metal
If the early months of 2025 are any indication, the world is entering a new phase of monetary and geopolitical turbulence — and gold is responding accordingly.
After years of middling performance, the yellow metal has launched into a record-setting rally. As of mid-April, gold is hovering above $3,200 per ounce, not far off recent all-time highs, after surging more than 20% year-to-date.
The spark? A volatile mix of policy shocks and investor anxiety, centered around President Trump’s 145% tariff push on Chinese imports, with reciprocal 125% levies from Beijing. The result has been a broad market pullback, falling confidence in the U.S. dollar, and a stampede into traditional safe havens.
Gold Mining Stocks Are Amplifying the Gains
While bullion has broken through resistance levels, gold equities — particularly miners — have gone on a tear of their own.
Several of the world’s most established producers have rallied sharply alongside gold, but the real story is how much room remains for many mining equities to catch up. According to Morningstar, major miners were trading well below fair value even before the latest surge.
But the story isn’t just about majors. In a true bull cycle, it's often the mid-tier and junior mining companies that experience the most dramatic re-ratings — especially those holding underexplored land in gold-rich jurisdictions.
That’s where investor interest is now heading.
4 Mining Stocks to Watch During This Cycle
For investors looking beyond bullion, certain mining names — particularly those under the radar — may offer significant torque as gold holds above $3,200.
● Orla Mining (NYSEAM: ORLA)
With operations in Mexico and a development-stage asset in Nevada, Orla is emerging as a low-cost producer with near-term growth. Its Camino Rojo mine is already producing, and recent drill results suggest additional upside.
● G Mining Ventures (TSXV: GMIN)
Building the Tocantinzinho Project in Brazil, GMIN is transitioning from developer to near-term producer in a region historically rich in gold. The company just reported over 85% completion of project construction.
● Liberty Gold (TSX: LGD)
Focused on the Great Basin region of the U.S., Liberty is advancing the Black Pine and Goldstrike projects. Its oxide gold deposits align well with low-CAPEX, heap-leach economics — increasingly attractive in today's price environment.
● Monarch Mining Corp. (TSX: GBAR)
Based in Quebec, Monarch is in the midst of revitalizing legacy gold mines with strong infrastructure. It holds multiple permitted properties and is actively seeking funding or JV partners to accelerate its production timeline.
Safe-Haven Demand Is Just One Piece of the Puzzle
While haven flows have certainly lifted gold, they’re not acting alone.
This rally is being underpinned by several structural drivers:
● Tariff chaos fueling recession fears — Investors are bracing for economic drag as trade barriers multiply
● Cooling inflation data — With U.S. PPI falling 0.4% in March, the Fed may be forced to pivot toward rate cuts
● Dollar weakness — The greenback has dropped to a 10-year low against key currencies, making gold cheaper globally
● ETF inflows and central bank accumulation — Gold-backed ETFs are seeing rising activity, while China and Poland continue to build reserves
Put together, these signals suggest that gold is not in a temporary spike — but potentially a sustained bull phase fueled by structural uncertainty.
A Rapid Surge, Then a Breather — But Outlook Remains Strong
After a stunning three-day rally that saw futures leap by more than $250 per ounce, gold briefly paused for breath. But analysts see this as healthy consolidation, not exhaustion.
UBS now projects gold to hit $3,500 per ounce in the coming months. Deutsche Bank has gone further, setting a $3,700 target.
Why the optimism? Because unlike previous cycles, today’s gold narrative isn’t tethered to a single crisis or currency. It’s being driven by a layered set of tailwinds — fiscal disorder, reshoring policies, geopolitical rifts, and a slow breakdown of post-Bretton Woods monetary norms.
M&A Season Could Heat Up Fast
There’s another reason to watch gold equities: the majors need ounces.
Newmont, Barrick, and other senior producers are sitting on aging mine portfolios and thinning pipelines. As prices rise, they’re being incentivized to lock in new resources — and that often means buying up promising juniors.
That’s exactly what happened in the last bull run.
We’ve already seen some M&A sparks in 2025, particularly in Australia and parts of South America. The stage is set for more — especially for companies with permitted projects, defined mineralization, or past-producing assets that can be restarted quickly.
The Bottom Line
Gold’s rally above $3,200 isn’t just a short-term reaction — it’s a potential regime shift in how markets perceive risk and value.
In a world where tariffs can spike overnight and global trade relationships are unraveling, investors are returning to what’s real, rare, and liquid. Gold fits that mold — and so do the companies digging it out of the ground.
While major producers will continue to attract capital, the real leverage lies in select small and mid-cap miners with the right geology, timing, and jurisdiction.
One of those stories — quietly gaining attention in one of Africa’s most gold-rich regions — is unfolding now. It’s not yet on many radars, but it might not stay that way for long.
Discover the Project Everyone’s Starting to Talk About by clicking on this special report here.