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– Ryan Fitzwater, Publisher

Gold continues to hit new all-time highs every single day.

In fact, spot gold recently came in at $2,946 per ounce in February.

Yet, I’m looking at gold stocks and I’m asking myself… “why is there such a disconnect?”

I mean, sure, there might be a few gold stocks like Wheaton Precious Metals and Agnico Eagle that are showing new highs.

But when you look at the big companies like Barrick and Newmont, both are nowhere close to all-time highs.

So why are the bigger gold companies not a proxy for the price of gold?

Well, one key area to look at is actual gold production.

I recently talked to a prominent figure in the gold space, and he was mentioning how gold companies lost focus of shareholder value.

The truth is…

Big gold companies are not focused on per share metrics. Instead, companies like Barrick and Newmont go out and do transactions.

Over the past 7 years, Newmont went out and purchased two public companies – Goldcorp in 2019 and Newcrest in 2023.

For those acquisitions, Newmont more than doubled its share count.

But despite doubling its shares, it still has the same gold production now as they did back then. It also has the same reserves as it did back then.

Barrick is even worse. In fact, its reserves have gone from 125 million ounces to 77 million ounces.

So if you look at their per share metrics, both of these bigger gold companies have destroyed shareholder value.

Which is why if you look at the long-term, shares of Newmont and Barrick have significantly underperformed the gold price.

What to look for in a gold company

So when it comes to finding gold companies that focus on shareholder value, it’s important to look for gold companies that are trying to grow ounces from the ground faster than outstanding shares.

Overall, if the company is willing to issue shares in private placements and financing provided that dilution will be faster than shares outstanding, then you have a company that’s focused on shareholder value.

YOUR ACTION PLAN

With gold consistently hitting new all-time highs in 2025, it’s worth considering portfolio exposure to companies in the metals space.

However, focusing on companies that value shareholders is key, which is why I have a special company I want you to know about.

This company owns 5 to 50 times more gold per share than any leading gold company.

It’s also significantly performed on growing ounces faster than shares over the past 26 years.

And when the gold equity market is hot, its shares have the potential to significantly outperform.

Click here to unlock my latest gold pick in Catalyst Cash-Outs.