Gold’s rally is adding pressure for the two to perform: the precious metal has hit repeated record highs already this year, on a steady march toward $3,000 an ounce, thanks to increased demand for the safe-haven asset.
“Gold is at $2,900 so the market is now saying ‘Show me the money’,” said Imaru Casanova, a portfolio manager at Van Eck Associates. “As the gold price makes fresh highs, the market will be focused on the companies’ ability to expand margins.”
Barrick, the world’s No. 2 producer, reports fourth-quarter results, which is expected to include its full-year production guidance. Agnico Eagle Mines Ltd., the third-largest miner, reports on Feb. 13, followed by top producer Newmont on Feb. 20.
Senior gold producers are already seeing a rebound in their stocks. A Bloomberg index of 10 senior gold miners has soared 31% this year — almost triple the gains seen from spot gold. That is…
