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U.S. Gold Industry Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies80
  • 7D-0.9%
  • 3M-0.8%
  • 1Y104.1%
  • YTDn/a

Last week, the Gold industry hasn't moved much but Hycroft Mining Holding is up 11% in that time. The past year has been better, since the industry has gained 104% in that time. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

Has the U.S. Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026US$357.5bUS$49.7bUS$15.2b24.3x23.5x7.2x
Thu, 19 Mar 2026US$336.6bUS$51.3bUS$16.0b19.9x21x6.6x
Sat, 14 Feb 2026US$346.9bUS$47.8bUS$15.2b23.2x22.9x7.3x
Mon, 12 Jan 2026US$317.6bUS$46.4bUS$14.2b20.5x22.4x6.8x
Wed, 10 Dec 2025US$269.3bUS$46.4bUS$14.1b19.6x19x5.8x
Fri, 07 Nov 2025US$241.5bUS$45.3bUS$13.7b20.8x17.7x5.3x
Sun, 05 Oct 2025US$258.1bUS$43.1bUS$12.1b28.8x21.3x6x
Tue, 02 Sep 2025US$212.8bUS$42.4bUS$12.2b24.5x17.5x5x
Thu, 31 Jul 2025US$183.1bUS$40.3bUS$11.0b16.2x16.7x4.5x
Sat, 28 Jun 2025US$177.1bUS$39.3bUS$9.7b15.5x18.2x4.5x
Mon, 26 May 2025US$165.3bUS$39.3bUS$9.7b16x17x4.2x
Wed, 23 Apr 2025US$169.4bUS$36.6bUS$6.9b20.1x24.5x4.6x
Fri, 21 Mar 2025US$146.6bUS$36.6bUS$6.9b21.2x21.3x4x
Sun, 16 Feb 2025US$135.2bUS$34.3bUS$1.9b23.3x71.9x3.9x
Tue, 14 Jan 2025US$116.5bUS$33.7bUS$949.0m20.8x122.8x3.5x
Thu, 12 Dec 2024US$120.6bUS$33.8bUS$953.9m23.5x126.5x3.6x
Sat, 09 Nov 2024US$124.3bUS$34.0bUS$950.6m20.7x130.7x3.6x
Mon, 07 Oct 2024US$129.9bUS$30.8b-US$1,003,586,630.5525.8x-129.4x4.2x
Wed, 04 Sep 2024US$132.1bUS$30.5b-US$1,015,871,740.2925.3x-130x4.3x
Fri, 02 Aug 2024US$125.3bUS$30.0b-US$1,409,337,939.5925.8x-88.9x4.2x
Sun, 30 Jun 2024US$109.1bUS$27.8b-US$2,338,939,298.1532.3x-46.7x3.9x
Tue, 28 May 2024US$110.5bUS$27.8b-US$2,339,399,036.2331.3x-47.3x4x
Thu, 25 Apr 2024US$100.8bUS$26.1b-US$696,196,781.3813.8x-144.8x3.9x
Sat, 23 Mar 2024US$91.2bUS$26.1b-US$674,007,090.4512.6x-135.3x3.5x
Mon, 19 Feb 2024US$84.2bUS$25.2bUS$1.2b16.5x71.1x3.3x
Wed, 17 Jan 2024US$93.3bUS$27.9bUS$1.9b9.9x49.4x3.3x
Fri, 15 Dec 2023US$95.3bUS$28.1bUS$1.9b10.7x51.2x3.4x
Sun, 12 Nov 2023US$82.8bUS$28.1bUS$1.9b10.5x43.9x2.9x
Tue, 10 Oct 2023US$73.5bUS$28.0bUS$1.8b10.9x41.8x2.6x
Thu, 07 Sep 2023US$67.7bUS$23.2bUS$1.2b12.7x56x2.9x
Sat, 05 Aug 2023US$70.1bUS$20.5bUS$1.5b21.4x47.9x3.4x
Mon, 03 Jul 2023US$72.1bUS$20.7bUS$1.6b28.4x43.9x3.5x
Wed, 31 May 2023US$70.5bUS$20.7bUS$1.7b26.7x41.6x3.4x
Fri, 28 Apr 2023US$81.3bUS$20.9bUS$214.9m15.4x378.5x3.9x
Price to Earnings Ratio

378.5x


Total Market Cap: US$81.3bTotal Earnings: US$214.9mTotal Revenue: US$20.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gold Industry Price to Earnings3Y Average 10.6x202420252026
Current Industry PE
  • Investors are optimistic on the American Gold industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 23.5x which is higher than its 3-year average PE of 10.6x.
  • The 3-year average PS ratio of 4.3x is lower than the industry's current PS ratio of 7.2x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 314% per year over the last three years.
  • Revenues for these companies have grown 33% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does U.S. Gold compare with similar industries?

US Market3.58%
Materials-0.16%
Metals and Mining0.46%
Gold-0.95%
Diversified Metals and Mining12.13%
Steel4.82%
Precious Metals and Minerals2.70%
Silver0.40%
Copper-0.62%
Aluminum-7.08%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
HYMC Hycroft Mining HoldingUS$43.9711.1%
+US$401.5m		1,128.2%PB18.7x
MUX McEwenUS$25.7910.2%
+US$142.1m		219.6%PE44.5x
AUGO Aura MineralsUS$105.191.2%
+US$102.8m		432.6%PS9.5x
DC Dakota GoldUS$6.146.4%
+US$49.4m		114.7%PB7.3x
GORO Gold ResourceUS$1.6617.7%
+US$40.5m		342.4%PS2.7x

Latest News

AEM
US$216.39
Agnico Eagle Mines
7D
-0.5%
1Y
75.3%
CDE
US$19.78
Coeur Mining
7D
-2.6%
1Y
232.4%

Coeur's Next Leg Is About Duration, Not Just Scale

Apr 21
NEM
US$114.84
Newmont
7D
-1.4%
1Y
108.0%

NEM: Higher Diesel Costs Will Pressure Margins Despite Gold Price Optimism

The analyst price target for Newmont has been adjusted slightly higher to reflect updated assumptions around profit margins and a lower future P/E, even as recent Street research has featured both target hikes and cuts tied to changing views on gold prices, the new CEO's agenda, and input costs such as diesel. Analyst Commentary Recent research on Newmont reflects a mix of optimism and caution, with several bearish analysts flagging risks around costs, execution, and valuation.
HYMC
US$43.97
Hycroft Mining Holding
7D
11.1%
1Y
1,128.2%
DC
US$6.14
Dakota Gold
7D
6.4%
1Y
114.7%
AU
US$106.49
AngloGold Ashanti
7D
-2.4%
1Y
141.1%

AU: Rich P/E And Costly Nevada Project Will Likely Restrain Future Returns

Analysts have kept their price target for AngloGold Ashanti steady at $75.00, citing updated assumptions that reflect a slightly higher discount rate and lower revenue growth, along with a stronger profit margin profile and a modestly lower future P/E multiple. What's in the News Completed a Technical Report Summary for the Arthur Gold Project in Nevada, outlining a Tier One gold deposit with an initial nine year mine life and average annual production of about 500,000 oz of gold, supported by a first time Probable Mineral Reserve of 4.9 Moz of contained gold and 7.8 Moz of contained silver as at 31 December 2025 (Key Developments).
MUX
US$25.79
McEwen
7D
10.2%
1Y
219.6%
CMCL
US$26.14
Caledonia Mining
7D
3.0%
1Y
83.8%

CMCL: Stronger Margins And 2026 Production Guidance Will Drive Bullish Repricing

Analysts have trimmed their price target on Caledonia Mining from $46.25 to $42.73 as they factor in a higher discount rate, a more moderate revenue growth outlook of 16.20%, a stronger projected profit margin of 40.63%, and a slightly lower future P/E of about 6.25x. What's in the News Caledonia Mining issued production guidance for 2026, with Blanket Mine gold output expected in a range of 72,000 to 76,500 ounces (Key Developments).
GROY
US$3.81
Gold Royalty
7D
3.3%
1Y
129.5%

GROY: Future Production Ramp And Mixed Ratings Will Shape Upside Potential

The updated analyst price target for Gold Royalty moves to $5.00 from $4.50, as analysts point to revised assumptions around revenue growth, profit margins, and P/E expectations reflected in recent mixed target changes and a valuation downgrade. Analyst Commentary Recent research on Gold Royalty has been mixed, with some analysts revising targets higher while others trim expectations or shift to a more neutral stance.
NAMM
US$2.10
Namib Minerals
7D
-3.7%
1Y
-80.4%
DRD
US$30.90
DRDGOLD
7D
-2.5%
1Y
85.0%
AUGO
US$105.19
Aura Minerals
7D
1.2%
1Y
432.6%
VGZ
US$2.17
Vista Gold
7D
6.9%
1Y
147.7%
GORO
US$1.66
Gold Resource
7D
17.7%
1Y
342.4%