Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 11 mines and interests in two joint ventures in the Americas, Africa, Australia, and Papua New Guinea. The company is expected to sell roughly 5.6 million ounces of gold in 2025 from its core mines after selling six higher-cost, smaller mines following the Newcrest acquisition. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves, along with significant byproduct reserves at the end of December 2024.

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 11 mines and interests in two joint ventures in the Americas, Africa, Australia, and Papua New Guinea. The company is expected to sell roughly 5.6 million ounces of gold in 2025 from its core mines after selling six higher-cost, smaller mines following the Newcrest acquisition. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves, along with significant byproduct reserves at the end of December 2024.

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to sell roughly 5.6 million ounces of gold in 2025 from its core mines after selling six higher-cost, smaller mines. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at the end of December 2024.

The dollar, the world's dominant currency, has been in hot demand since the pandemic. On a worldwide trade-weighted basis, the greenback is up 7% since January 2020; compared to a basket of emerging market currencies, it has risen 9%. Investors seek a safe haven for their assets when global uncertainty increases, but that has started to unwind a bit in 2025. Year to date, the dollar has given back 5% on a global, trade-weighted basis; and 7% compared to an index of advanced economy currencies. Versus the euro alone, the dollar is down 14%. Some of the slide can be linked to the uncertainty caused by President Trump's trade and tariff policies, though reasons also include the swelling U.S. federal debt, which is not a new trend. Countries and their sovereign wealth funds are thus rethinking their commitment to U.S. assets as the cost of doing business in America increases and the balance sheet groans. Even so, we would hesitate to term the dollar at risk of losing its global currency of choice status. Despite the pullback this year, the dollar is still 15% above its 20-year average value, supported by the depth of a $27 trillion market, not to mention by the Federal Reserve and by the country's time-tested political/economic system of democratic capitalism. The alternatives (the euro, yen or yuan) have issues as well. We view the dollar as one of the main checks and balances to the status of the U.S. as the leader of the global economy. We would be concerned that the country could be at risk of losing that status if the dollar were to plunge another 20% in a short time. The last time that occurred was when S&P downgraded U.S. debt back in 2011. The greenback returning to 2011 levels would almost certainly mean higher interest rates, a potential drag on the economy, and intense pressure on stocks.