Analysts Favor AngloGold, Kinross, Equinox, Orla Mining as Gold Leverage Plays

Gold mining stocks are drawing investor attention as a leveraged wager on gold’s recovery following a sharp price pullback. Gold has fallen over 13% from its record $5,247 per ounce and now trades above $4,500. The VanEck Gold Miners ETF (GDX) is down 24% since late February 2026, widening the discount for miners with high fixed costs that amplify gold’s moves. Technical support is holding near $4,500, with a secondary floor at $4,376, according to LPL Financial. Central banks added 17% annually to gold reserves from 2021 to 2025, underpinning the long-term bullish trend. JPMorgan strategists forecast gold will reach $5,245 by 2027, a roughly 16% gain. Analysts screened for companies deriving at least 90% of revenue from gold and beating GDX over the past year. AngloGold Ashanti (AU), Kinross Gold (KGC), and Equinox Gold (EQX) each surged more than 70%, topping GDX’s 61% rise. Orla Mining (ORLA), which will merge with Equinox in an all-stock deal in Q3 2026, has recently moved in lockstep—on May 29, both climbed 7.6% when gold added 1%.