Gold stocks to watch in ‘structural’ bull market

Haywood Securities and other analysts see a “structural bull market” for gold, arguing gold equities remain undervalued despite a strong start to 2026. Analysts view recent pullbacks as entry points, with BMO raising gold-equity targets ~15% (and copper targets ~19%) and Haywood forecasting gold to average $4,906/oz in 2026 and $5,000/oz in 2027. Higher gold prices, record margins and rising free cash flow are expected to drive valuations, support M&A activity and lift producer shares. Haywood highlights names with production growth and leverage to higher gold (e.g., Newmont, Equinox Gold, Troilus), while noting senior producers trade at ~9.6x next-12-month cash flow versus a five-year average of 8.35x. Overall market impact: stronger gold price outlook and sector consolidation could spur further gains in gold equities and prompt increased investor interest and transactions across the mining sector.