Overview

UBS has released a thematic note naming six gold mining equities as its preferred picks amid heightened market volatility. The bank highlights that, although near‑term risks are skewed to the downside if U.S. economic data remains robust, real yields continue to rise and a stronger dollar could pressure gold, the medium‑term outlook remains supported by central‑bank accumulation, rising sovereign‑debt burdens and an ongoing trend toward geopolitical and monetary de‑dollarisation.

Market Context

At the time of writing, the gold spot price was down 0.09 % against the U.S. dollar. Individual miner stocks showed mixed moves: Newmont rose 0.79 %, while the broader gold ETF (GLD) slipped 0.30 %. Other notable moves included SSR Mining up 3.75 % and the broader market index (AU) gaining 3.01 %.

UBS Top Picks

1. Newmont Corp. – Ranked as UBS’s top pick. The bank cites an improving risk‑reward profile after recent price corrections. Newmont reported Q2 2026 revenue and earnings that fell short of analyst expectations, and Argus lowered its price target while maintaining a Buy rating.

2. AngloGold Ashanti – UBS’s second‑ranked choice. The company announced Q2 2026 earnings and revenue below Wall Street forecasts, yet structural demand factors keep it in the preferred list.

3. Endeavour Mining – Placed third. Adjusted earnings per share beat estimates, but revenue missed forecasts for Q2 2026.

4. SSR Mining – Fourth on the list. The firm completed the sale of its stake in the Hod Maden project, reinstated its quarterly dividend and secured an additional $500 million share‑repurchase authorization. Following these actions, RBC Capital upgraded SSR to an Outperform rating.

5. Franco‑Nevada Corporation – Ranked fifth. The company posted Q1 2026 earnings and revenue that exceeded analyst expectations, prompting UBS to reiterate its Buy rating.

6. Genesis – Rounded out the six picks. UBS views the stock as benefiting from improving risk‑reward dynamics after the recent gold price correction.

UBS Commentary

The bank acknowledges the difficulty of establishing a floor price for gold, noting the metal’s negligible industrial use and lack of a consistent valuation methodology. Nonetheless, UBS believes the combination of central‑bank buying, sovereign‑debt pressures and de‑dollarisation will continue to underpin medium‑term demand for gold as a reserve‑diversification asset and a hedge against systemic risks.

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