Shares of major North American gold miners blasted to record highs on Thursday as the Fed's third consecutive interest-rate cut continued to fuel one of the most powerful precious-metals rallies in decades.
Newmont Corp. (NYSE:NEM) — the world’s biggest miner — surged 6.1% in late-afternoon New York trading, marking fresh all-time highs and putting the stock on track for its strongest single-day performance since July. The move extends Newmont's staggering year-to-date gain to 168%.
Peer Barrick Mining Corp. (NYSE:B) jumped another 4% — its third straight session of gains — also carving out new records. Year-to-date, Barrick is up an eye-popping 180%.
The broader industry move was reflected in the VanEck Gold Miners ETF (NYSE:GDX), which also set new records by rising 3.9% on Thursday and by 155% year-to-date.
Precious metals themselves continued the charge.
Gold rose 1% to $2,230 per ounce, while silver soared 3.2% to $64, shattering previous highs. Year-to-date, gold — tracked through SPDR Gold Shares (NYSE:GLD) — has climbed 62%.
Silver has surged 119% year-to-date, breaking record highs for the third straight session.
Both precious metals are racing for their strongest annual performance since the late 1970s. For comparison, the S&P 500 index – tracked via the Vanguard S&P 500 ETF (NYSE:VOO) – has gained 16% year to date.
Chart: Precious Metals, Mining Stocks Eye Strongest Annual Rally Since Late 1970s
Fed Cuts Rates For 3rd Straight Meeting
The macro backdrop remains front and center.
On Wednesday, the Fed cut rates for the third straight meeting, lowering the federal funds target to 3.50%–3.75%.
The dot plot was unchanged, still projecting one rate cut in 2026 and two more in 2027. Chair Jerome Powell emphasized patience, saying the central bank is "well positioned to wait and see" how conditions evolve.
The meeting prompted traders to scale back expectations for a January rate cut, with futures pricing nearly an 80% probability of a hold at the next meeting.
However, the Fed also slipped in a notable addition: it plans to begin technical purchases of Treasury bills to support smooth market liquidity.
While not a return to quantitative easing, the move signals the central bank is prepared to address any structural stresses in the financial system's liquidity.
Experts React To Blockbuster Gold And Silver Rally
Otavio "Tavi" Costa, macro analyst at Crescat Capital, said the magnitude of gold's outperformance relative to equities should not be viewed as a short-term anomaly.
The move fits within "very long-term cycles" defined by macro imbalances that have historically preceded secular bull markets in hard assets.
According to Costa, the U.S. economy is confronting a "trifecta" of problems: debt burdens echoing those of the 1940s, inflation dynamics reminiscent of the 1970s, and valuation excesses comparable to those of late-cycle periods in the 1920s and 1990s.
The combination, he wrote, suggests that the current cycle may still be in its early stages.
Mohamed El-Erian said the continued recovery in gold prices is being reinforced by steady central-bank demand and broader adoption of gold within portfolio-allocation frameworks.
Peter Schiff wrote that the market reaction to the Fed's rate cut underscored gold's role as a preferred store of value during episodes of monetary accommodation.
He criticized Bitcoin‘s (CRYPTO: BTC) decline on Thursday, pushing back against the notion that the cryptocurrency is "digital gold," asserting that capital flows instead favor traditional precious metals.
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