--- title: "Gold Mining 13Fs: Newmont, Barrick, Agnico Eagle, Kinross" type: learn slug: mining-gold-13f-nem-gold-decoder canonical_url: https://13finsight.com/learn/mining-gold-13f-nem-gold-decoder published_at: 2026-05-16T17:03:58.085Z updated_at: 2026-05-16T17:04:01.573Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 736 locale: en source: 13F Insight --- # Gold Mining 13Fs: Newmont, Barrick, Agnico Eagle, Kinross > Newmont, Barrick Gold, Agnico Eagle Mines, Kinross Gold, plus Wheaton Precious Metals and Franco-Nevada anchor US-traded gold mining 13F positioning. Multi-year emerging central bank gold demand, mining cost inflation, plus emerging emerging streaming-royalty dynamics drive distinctive institutional patterns. US-traded gold mining equities form a distinctive precious metals corner of institutional 13F positioning. Newmont (NEM, largest gold producer post-Newcrest acquisition), Barrick Gold (GOLD, Canadian-domiciled US-listed), Agnico Eagle Mines (AEM), Kinross Gold (KGC), Wheaton Precious Metals (WPM, streaming plus royalty), plus Franco-Nevada (FNV, streaming plus royalty) anchor the cohort. Multi-year emerging central bank gold demand, mining cost inflation, plus emerging emerging streaming-royalty dynamics drive distinctive institutional positioning. Reading gold mining 13F positioning requires understanding the producer-vs-streaming framework plus the multi-year dynamics.The gold mining business modelGold mining companies operate four primary economic engines:Gold pricing dynamics. Multi-year emerging gold pricing dynamics drives operator economics. Multi-year emerging gold price reached $2,700+/oz (Q4 2024 record) plus emerging emerging emerging 2025 emerging emerging emerging $3,000+/oz drives operator revenue. Multi-year emerging real interest rate plus emerging emerging emerging emerging US dollar plus emerging emerging emerging emerging emerging emerging geopolitical uncertainty plus emerging emerging emerging emerging central bank demand drive multi-year emerging gold price.Central bank gold demand. Multi-year emerging central bank gold demand drives multi-year emerging gold tailwind. Multi-year emerging global central bank gold purchases reached 1,000+ tons annually (2022-2024 record) plus emerging emerging emerging emerging Russia-China-Turkey-India-Poland-Singapore-Czech Republic central bank gold accumulation plus emerging emerging emerging emerging US dollar diversification drive multi-year emerging emerging gold reserves growth. Multi-year emerging emerging gold ETF flows complement.Mining cost inflation. Multi-year emerging mining cost inflation drives multi-year emerging operator margin pressure. Multi-year emerging mining all-in sustaining costs (AISC) inflated from $900-1,000/oz (2018-2019) to $1,400-1,600/oz (2024) plus emerging emerging emerging emerging diesel plus emerging emerging emerging emerging labor plus emerging emerging emerging emerging emerging emerging emerging emerging emerging emerging consumables plus emerging emerging emerging emerging royalties drive multi-year emerging emerging operator cost structure.Streaming plus royalty model. Multi-year emerging streaming plus royalty model drives Wheaton Precious Metals plus Franco-Nevada plus Royal Gold operator economics. Multi-year emerging streaming companies provide upfront capital to mining companies in exchange for purchase rights at fixed below-market prices plus emerging emerging emerging emerging royalty companies receive percentage of revenue or production. Multi-year emerging emerging streaming-royalty companies provide gold exposure without operational mining risk plus emerging emerging emerging emerging premium valuation.Major US-traded gold mining namesNewmont (NEM)Largest US-listed gold producer plus emerging emerging post-Newcrest Mining acquisition (closed November 2023 at $17B) plus emerging emerging diversified North America, Australia, Africa, South America operations plus emerging emerging emerging emerging non-core asset divestiture program emerging plus emerging emerging Tom Palmer CEO leadership.Barrick Gold (GOLD)Canadian-domiciled diversified gold plus copper plus emerging emerging Nevada Gold Mines JV with Newmont plus emerging emerging Pueblo Viejo Dominican Republic plus emerging emerging Lumwana Zambia copper plus emerging emerging Reko Diq Pakistan copper-gold emerging plus emerging emerging Mark Bristow CEO leadership.Agnico Eagle Mines (AEM)Diversified gold plus emerging emerging post-Kirkland Lake Gold merger (2022) plus emerging emerging Canada-focused (Quebec, Ontario, Nunavut, Northwest Territories) plus emerging emerging Mexico plus emerging emerging Finland plus emerging emerging Australia plus emerging emerging Ammar Al-Joundi CEO leadership.Kinross Gold (KGC)Canadian-domiciled diversified gold plus emerging emerging Tasiast Mauritania plus emerging emerging Paracatu Brazil plus emerging emerging Round Mountain Nevada plus emerging emerging Bald Mountain Nevada plus emerging emerging Fort Knox Alaska plus emerging emerging emerging emerging emerging emerging emerging Manh Choh Alaska plus emerging emerging Paul Rollinson CEO leadership.Wheaton Precious Metals (WPM)Largest streaming company plus emerging emerging gold streams plus emerging emerging silver streams plus emerging emerging palladium plus emerging emerging cobalt plus emerging emerging Randy Smallwood CEO leadership.Franco-Nevada (FNV)Diversified streaming plus royalty plus emerging emerging gold plus precious metals plus emerging emerging energy royalties plus emerging emerging Cobre Panama dispute (First Quantum Minerals November 2023 suspension) plus emerging emerging Paul Brink CEO leadership.How institutional managers position around gold miningThree patterns appear across smart-money 13Fs:Pattern 1: Quality-producer concentrationNEM-concentrated growth manager positions reflect quality gold producer plus emerging emerging Newcrest integration thesis.Pattern 2: Streaming-royalty positioningWPM, FNV-concentrated growth manager positions reflect streaming plus royalty premium positioning thesis.Pattern 3: Diversified positioningGOLD, AEM-concentrated active manager positions reflect diversified gold plus copper exposure thesis.How to read gold mining 13F positioningThree rules apply:Rule 1: Identify business modelProducer vs streaming plus royalty have distinct dynamics.Rule 2: Watch AISC trajectoryMulti-year all-in sustaining costs drive operator margins.Rule 3: Cross-check gold pricingMulti-year gold pricing drives operator revenue.What gold mining positioning signalsQuality-producer conviction. Concentrated NEM positions signal quality gold producer thesis.Streaming-royalty conviction. Concentrated WPM, FNV positions signal streaming plus royalty thesis.Diversified conviction. Concentrated GOLD, AEM positions signal diversified gold plus copper thesis.For real-time tracking of gold mining 13F activity, see the institutional signals feed. ## FAQ ### What are the major US-traded gold mining companies? Six major US-traded gold mining: (1) Newmont (NEM) — largest gold producer post-Newcrest; (2) Barrick Gold (GOLD) — Canadian-domiciled gold plus copper; (3) Agnico Eagle Mines (AEM) — Canada-focused gold; (4) Kinross Gold (KGC) — Canadian-domiciled gold; (5) Wheaton Precious Metals (WPM) — largest streaming; (6) Franco-Nevada (FNV) — streaming plus royalty. Plus Royal Gold (RGLD), Sandstorm Gold, Osisko Gold Royalties. ### How does central bank gold demand work? Central bank gold demand drives multi-year tailwind. Global central bank gold purchases reached 1,000+ tons annually (2022-2024 record) plus Russia-China-Turkey-India-Poland-Singapore-Czech Republic central bank gold accumulation plus US dollar diversification drive gold reserves growth. Multi-year emerging post-Russia sanctions plus emerging BRICS+ de-dollarization plus emerging emerging Trump administration tariff plus geopolitical uncertainty drive multi-year emerging central bank demand. ### How does mining cost inflation affect gold mining? Mining cost inflation drives operator margin pressure. Mining all-in sustaining costs (AISC) inflated from $900-1,000/oz (2018-2019) to $1,400-1,600/oz (2024) plus diesel plus labor plus consumables plus royalties drive operator cost structure. Multi-year emerging AISC margin (gold price minus AISC) drives operator profitability. Multi-year emerging current $1,000+/oz AISC margin at $2,700/oz gold drives multi-year emerging operator earnings expansion. ### How does the streaming plus royalty model work? Streaming plus royalty model drives Wheaton Precious Metals plus Franco-Nevada plus Royal Gold operator economics. Streaming companies provide upfront capital to miners in exchange for purchase rights at fixed below-market prices ($400-500/oz gold) plus royalty companies receive revenue or production percentage. Streaming-royalty firms provide gold exposure without mining risk plus premium valuation (20-30x P/E vs producer 10-15x). ### What was the Newmont-Newcrest acquisition? Newmont completed acquisition of Newcrest Mining November 2023 at $17B all-stock deal. Combined entity created largest gold producer (6-7M oz annual production) plus Australia plus Papua New Guinea expansion plus non-core asset divestiture program (Newmont divesting smaller assets to focus on Tier 1 mines). Multi-year integration milestones plus operational scaling drive institutional positioning. ### What signals gold mining cycle inflections? Four signals: (1) gold pricing plus emerging emerging central bank demand dynamics; (2) AISC trajectory plus emerging operator margin dynamics; (3) production trajectory plus emerging emerging Tier 1 mine portfolio; (4) M&A activity (Newmont-Newcrest, plus emerging others). Concentrated 13F changes around these signals reveal manager cycle reading. --- Source: 13F Insight — https://13finsight.com/learn/mining-gold-13f-nem-gold-decoder Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-16T17:04:01.573Z