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NEM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Newmont Corporation (NEM) stock moving?
NEM closed at $119.96 on Nov 10, down about 4% from $125.16 on Nov 9, after gold fell below $4,060 on hotter US inflation data and Fed Governor Waller's rate-hike remarks. The stock had rallied from a $107.47 close on Nov 3 to $125.16, helped by an 9.9% jump on Nov 4 (118.11, volume 11.0M) and a further spike on Nov 5 (volume 12.6M, roughly double the late-October average). Supportive items include Argus raising its price target to $123 from $110 on Oct 29, a Nov 4 update to 2026 by-product cost guidance citing cost discipline, and commentary that gold miners are offering leveraged cash-flow exposure versus bullion. The stock now trades near that $123 Argus target, which limits near-term upside on that metric. Joint-venture and exploration news (Barrick's Fourmile timing in the Nevada Gold Mines JV, Newmont-linked option and farm-in projects) is a minor, mixed factor. The Oct 22 Q3 results 8-K and 10-Q were filed, but their contents were not available in the input, so they are not used here. Macro rate expectations remain the main swing factor for gold and therefore for NEM.
News behind the analysis
- Why Is Newmont Stock Falling on Tuesday?NEM shares fell as gold dropped below $4,060 an ounce after hotter US inflation data and Fed Governor Waller's rate-hike remarks.
- Barrick Re-evaluates Fourmile Gold Deposit Plans Within Nevada Gold Mines Joint VentureBarrick is re-evaluating engineering and access plans for the Fourmile deposit, which could affect the timing of the pre-feasibility study in the Nevada Gold Mines joint venture with Newmont.
- Forget the ETF Outflows: Gold Miners Offer 3X Leverage As Cash Flow SurgesGold ETF flows are shifting as gold miners outpace bullion, with traders rotating into NEM, AEM and GDX.
- Why Is Newmont Stock Surging on Wednesday?NEM gained alongside rising gold prices, weaker Treasury yields and broad market futures strength.
- Newmont Updates Full-Year 2026 Cost GuidanceNewmont updated its full-year 2026 gold by-product cost guidance, citing continued cost discipline and stronger co-product pricing.
- Argus Adjusts Price Target on Newmont to $123Argus Research raised its price target on Newmont to $123 from $110.
- Gold Terra Resource Corp. Announces Initial Drill Results on Zone 103NGold Terra reported initial drill results from Zone 103N, a property under an option agreement with a Newmont subsidiary.
- V Ten Metals Provides Update on Tanami Property Exploration Joint Venture with NewmontV Ten Metals reported progress on its Tanami Property exploration joint venture, which includes a farm-in agreement with a Newmont subsidiary.
About Newmont Corporation
Newmont is the world's largest gold miner. It's based in Denver and runs mines in North and South America, Africa, Australia and Papua New Guinea. What sets it apart is its size: it expects about 5.3 million ounces of gold in 2026 (its own guidance), and it also produces a lot of copper and silver. Its shares trade in New York, Australia and Papua New Guinea.
How it makes money
Most of its revenue comes from selling the gold it mines, so its earnings depend heavily on the gold price compared with its all-in cost of mining an ounce. Management targets that cost at roughly $1,680 an ounce in 2026. Copper, silver, zinc and lead bring in a smaller but meaningful share; in Q3 2026 it produced about 23,000 tonnes of copper and about 11 million ounces of silver. Recently it has returned much of its cash to shareholders through a quarterly dividend (about $0.26 a share) and large share buybacks.
What usually moves NEM
- Gold price moves
- Mining cost inflation (energy, labor, materials)
- Production versus guidance and how new or expanding mines ramp up
- Copper and silver prices
- Interest rates and the US dollar