Gold Near $3,000: Why Mining Stocks Aren’t Soaring

Is the mining industry facing a crisis of investor confidence? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Kevin Murphy, Research Director for Metals and Mining at S&P Global Market Intelligence, at the 2025 Mines and Money Conference in Miami. Murphy discussed the current state of the commodity cycle. He highlights the divergence in commodities, with gold prices flirting with $3,000 an ounce while others like nickel and zinc struggle. Murphy also addresses the difficulties junior mining companies face in securing financing and the impact of past debt and changing investor attitudes. Murphy touches on M&A activity, shareholder returns, and the need for the mining industry to better advocate for itself to attract generalist investors.