Trump's Tariffs Lift Gold Prices. These Mining Stocks Are Basing.

• Gold rose 3% and silver gained 7% on Monday, with mining stocks following: Kinross Gold up 6%, Agnico-Eagle up 5%, Barrick Mining up 3%, and Newmont up 1.5%
• Mining companies reported strong earnings with major growth: Kinross EPS rose over 200%, Barrick and Agnico-Eagle saw profit increases of 126% and 113% respectively, driven by historic gold price run-ups
• Trump implemented a temporary 15% universal tariff for 150 days after the Supreme Court ruled certain earlier tariffs unconstitutional, requiring Congressional approval for extensions

Summary

Trump's Tariffs Boost Gold and Mining Stocks

President Trump's new 15% universal tariff, implemented over the weekend, drove investors toward safe-haven assets, lifting gold and silver prices significantly. On Monday, gold rose approximately 3% while silver gained 7%, providing a lifeline to mining stocks that had declined following recent earnings reports.

Key Mining Companies:

Major miners rebounded strongly: Kinross Gold (KGC) advanced over 6%, Agnico-Eagle Mines gained more than 5%, Barrick Mining rose nearly 3%, and Newmont—the largest company in the gold and silver mining industry group—increased 1.5%.

Strong Earnings Performance:

All four companies reported robust financial results earlier this month, beating analyst earnings expectations (only Kinross missed on revenue). Earnings growth was substantial: KGC's quarterly EPS surged over 200% year-over-year, while Agnico-Eagle and Barrick Mining saw profit increases of 113% and 126%, respectively. Newmont recorded annual EPS growth approaching 100% despite a 4% quarterly decline.

Technical Picture:

Between January 29-30, Newmont, Barrick, and Kinross tumbled approximately 15% from recent highs but stabilized above their 10-week moving averages, forming potential new base patterns.

Tariff Developments:

The Supreme Court ruled on Friday that certain tariffs implemented using the International Emergency Economic Powers Act were unconstitutional, requiring tariffs to be "nondiscriminatory." In response, Trump signed an executive order implementing the 15% duty, which can remain in place for 150 days before requiring Congressional approval. Administration officials pledged to explore additional legal methods to maintain the tariff regime.

Market Implications:

The tariff uncertainty reinforces gold's role as a safe-haven asset during volatility, potentially supporting continued strength in mining stocks.