Major + mid-cap gold miners - Newmont, Barrick, Agnico Eagle, Franco-Nevada. Cyclical commodity exposure, but the streaming/royalty players (Franco-Nevada, Wheaton Precious Metals) earn capital-light returns insulated from operating risk.
Industry leader
Gold Fields Limited GFI
Buffett-Fit: 72/100
Gold mining returns track gold-price moves + production cost discipline + reserves replacement. The streaming/royalty model (Franco-Nevada, Wheaton Precious Metals) avoids operating risk by paying upfront for future production rights - capital-light cash flow with gold-price upside. Buffett's historical position has been short gold (no cash flow) but selectively long quality miners.
Sorted by composite quality score - ROIC, margin stability, balance-sheet strength, growth quality. Click any ticker for the full Buffett verdict.
35.7B mcap
19.1B mcap
44.5B mcap
60.2B mcap
2.3B mcap
36.0B mcap
117.2B mcap
3.0B mcap
10.3B mcap
11.1B mcap
91.6B mcap
49.0B mcap
11.5B mcap
6.9B mcap
19.9B mcap
4.6B mcap
71.5B mcap
3.9B mcap
17.1B mcap
618M mcap
7.2B mcap
6.3B mcap
6.5B mcap
8.8B mcap
3.3B mcap
3.5B mcap
8.6B mcap
3.0B mcap
10.7B mcap
799M mcap
606M mcap
3.7B mcap
720M mcap
771M mcap
1.5B mcap
853M mcap
619M mcap
1.4B mcap
3.8B mcap
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Educational framework analysis only. Not investment advice, not a recommendation, not personalized to your situation. Always do your own research.