Gold & Precious Metals by Company
Gold, silver, platinum and palladium, and the companies that mine and finance them. Gold is the only major asset priced almost entirely on what money is worth rather than on what it produces, which is why its drivers are real interest rates, central bank reserve buying and ETF flows rather than industrial demand. The sector splits into two very different businesses: miners who operate assets at mid-40s margins, and royalty companies who finance them at nearly 70%.
The Gold & Precious Metals sector on Sterling tracks 29 companies, led by Newmont (16.6%), Agnico Eagle (12.5%), Barrick Mining (10.4%) by market share.
Gold & Precious Metals market share by company (2026)
| # | Company | Market share |
|---|---|---|
| 1 | NewmontNEM Market cap $98.8B | 16.6% |
| 2 | Agnico EagleAEM Market cap $74.3B | 12.5% |
| 3 | Market cap $61.9B | 10.4% |
| 4 | Market cap $50.9B | 8.5% |
| 5 | Market cap $42.1B | 7.1% |
| 6 | Market cap $40.6B | 6.8% |
| 7 | Gold FieldsGFI Market cap $29.5B | 5% |
| 8 | Kinross GoldKGC Market cap $27.5B | 4.6% |
| 9 | Valterra PlatinumANGPY Market cap $19.4B | 3.3% |
| 10 | Market cap $18.1B | 3% |
| 11 | Royal GoldRGLD Market cap $17.0B | 2.9% |
| 12 | Coeur MiningCDE Market cap $15.5B | 2.6% |
Precious Metals at a Glance
- •Share here is share of tracked market capitalization ($596B across 29 companies), not share of global metal production. Revenue share would be misleading because the five South African producers report in rand.
- •The royalty model is the sector's standout economics: operating margins of roughly 59 to 71 percent for Franco-Nevada, Wheaton and Royal Gold, against mid-40s for the gold producers, earned without bearing mine operating or capital costs.
- •Gold's price drivers are monetary rather than industrial. Real interest rates, central bank reserve buying and ETF flows set the price, which is why it can rally in both inflationary and deflationary stress.
- •The four metals are not one trade. Gold is almost entirely monetary demand, platinum and palladium are almost entirely autocatalyst demand and therefore exposed to electrification, and silver is roughly half industrial with solar a major growth market.
- •Miner profits are geared to the metal price because costs are largely fixed. That leverage is the reason to own miners over bullion, and the reason they fall harder when the price turns.
Gold and Silver, Six Decades
Platinum, Palladium and Gold
Precious Metals at a Glance, 2025
Gold demand 2025
5,002t
First year above 5,000t including OTC
Gold mine supply
3,672t
Record mine production, up 1%
Official gold buying
863t
Still elevated, down from 1,092t
Silver deficit 2025
40 Moz
Fifth straight annual shortfall
Platinum deficit 2025
1,082 koz
Largest WPIC-series shortfall
USGS world gold mine
3,300t
2025e, different cut than WGC
London vault gold
9,534t
LBMA plus Bank of England, July 2026
Royalty vs miner margin
Wide gap
Royalty names near 60-70%, miners near the mid-40s
Gold Demand by Category
Gold Supply: Mine Versus Recycle
Gold to Silver Ratio
Gold Mine Production by Country
Margins Across the Whole Sector
Companies in the Gold & Precious Metals sector (29)
- Newmont
- Barrick Mining
- Agnico Eagle
- AngloGold Ashanti
- Gold Fields
- Kinross Gold
- Harmony Gold
- B2Gold
- IAMGOLD
- Alamos Gold
- Eldorado Gold
- New Gold
- DRDGOLD
- Franco-Nevada
- Wheaton Precious Metals
- Royal Gold
- Sandstorm Gold
- Triple Flag
- Pan American Silver
- Coeur Mining
- First Majestic Silver
- Hecla Mining
- Silvercorp Metals
- Endeavour Silver
- MAG Silver
- Sibanye Stillwater
- Impala Platinum
- Valterra Platinum
- Platinum Group Metals
Frequently asked questions
What is the Gold & Precious Metals sector?
Gold, silver, platinum and palladium, and the companies that mine and finance them. Gold is the only major asset priced almost entirely on what money is worth rather than on what it produces, which is why its drivers are real interest rates, central bank reserve buying and ETF flows rather than industrial demand. The sector splits into two very different businesses: miners who operate assets at mid-40s margins, and royalty companies who finance them at nearly 70%.
Which companies lead the Gold & Precious Metals sector?
Sterling tracks 29 companies in Gold & Precious Metals, led by Newmont (17%), Agnico Eagle (13%), Barrick Mining (10%), Wheaton Precious Metals (9%), Franco-Nevada (7%) and AngloGold Ashanti (7%).
How can I invest in the Gold & Precious Metals sector?
Publicly traded names in Gold & Precious Metals include Newmont (NEM), Barrick Mining (B), Agnico Eagle (AEM), AngloGold Ashanti (AU) and Gold Fields (GFI). Compare them side by side on Sterling. Data last updated August 30, 2026.
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