Three Ways to Own Gold. Most Investors Pick One.

Newmont's Safety Score is 99.03 out of 100. Interest coverage sits at 52.85x. Piotroski F-Score is a perfect 9. This is not a typical gold miner balance sheet.

The company generated $7.3B in free cash flow in 2025, paid down $3.4B in debt, and ended the year in a net cash position. The cleanup is done.

GNG fair value is $127.94. Vulcan fair value is $144.88. The stock is trading near $105. Every serious valuation model shows a meaningful discount.

Gold belongs in your portfolio as a regime hedge. Physical via (IAUM) or (GLD), a basket via (GDX), and a best-in-class equity position in (NEM) serve three different functions.

Operating leverage is the miner's advantage over the metal. At current gold prices, Newmont's per-ounce spread is roughly $1,420 above its all-in sustaining cost.

2026 is a transition year with softer production guidance and elevated capex. That's the known risk. The balance sheet strength means the company can absorb it.

The 1-year max drawdown is 66.7%. Entry discipline and position sizing matter more here than with an index fund.

Every serious portfolio has a foundation layer. Not the exciting stuff. Not the AI darlings or the biotech moonshots. The layer that holds when everything else wobbles. For thousands of institutional investors and retail holders alike, that foundation has been gold, and for years one company has served as the most liquid, most financially rigorous way to own it at scale.

That company is Newmont Corporation NEM). And right now, it sits at a genuinely interesting crossroads.

Three Ways to Own Gold. Most Investors Pick One.

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