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.
35.4B mcap
15.3B mcap
57.5B mcap
2.2B mcap
2.8B mcap
33.9B mcap
114.9B mcap
9.7B mcap
43.6B mcap
88.1B mcap
45.8B mcap
10.6B mcap
4.1B mcap
6.7B mcap
11.5B mcap
68.2B mcap
3.9B mcap
16.1B mcap
573M mcap
7.2B mcap
6.2B mcap
6.3B mcap
6.2B mcap
3.4B mcap
3.3B mcap
8.1B mcap
9.6B mcap
3.0B mcap
585M mcap
3.2B mcap
700M mcap
1.5B mcap
1.3B mcap
3.4B 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.