Newmont (NEM) Climbs to All-Time High Amid Strong Gold Momentum

With a low forward price-to-earnings multiple and significant hedge fund interest, Newmont Corporation (NYSE:NEM) secures a spot on our list of the 12 cheap gold stocks to buy now.

Newmont (NEM) Climbs to All-Time High Amid Strong Gold Momentum

Newmont Corporation (NYSE:NEM), one of the world’s two largest gold producers, alongside Barrick, reached its all-time high of $102.13 on December 12, 2025, before closing at $98.14. This year has been a strong one for the miner, with its shares surging nearly 164% in 2025 alone and over 76% in the past six months.

Amid strong share price momentum, Newmont Corporation (NYSE:NEM) has attracted analyst attention, with roughly 80% of analysts bullish on the stock as of December 12, 2025, projecting a one-year upside of 14.12%. In particular, UBS analyst Levi Spry revisited Newmont Corporation CHESS (Australian listing) on December 12, setting a price target of A$190.00 with a “Buy” rating, according to The Fly.

On December 1, 2025, UBS analyst Daniel Major, who covers the NYSE-listed stock Newmont Corporation (NYSE:NEM), raised the price target from $105.50 to $125.00 while reiterating a “Buy” rating. The update reflects the analyst’s gold outlook, which expects the safe-haven asset to enter 2026 on the bullish note it maintained through 2025. Major attributes this outlook to broad-based demand from the private and official sectors. Acknowledging the overexcitement shown by investors earlier in the year, he stated that their analysis for the next six- to twelve-month period does not indicate  a bear-market setup in 2026.

Newmont Corporation (NYSE:NEM), a global gold producer, has diversified mining and exploration operations across the Americas, Australia, and the Asia-Pacific region, with a growing exposure to copper and other metals.

While we acknowledge the potential of NEM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NEM and that has 100x upside potential, check out our report about this cheapest AI stock.

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