In these last nine reported quarters, the GDX top 25’s implied unit profits clocked in at $601, $680, $775, $1,048, $1,046, $1,207, $1,470, $1,861, and $1,915 per ounce.  The last six were all records, besting the previous one of $884 from Q3’20.  That outstanding unit-earnings growth is even more apparent in year-over-year terms, soaring an epic 87.2%, 46.7%, 31.5%, 75.3%, 74.0%, 77.5%, 89.7%, 77.6%, and 83.1%!

Averaging a jaw-dropping +71.4% YoY in this span, that has to be unrivaled in all the stock markets!  And Q4’25’s unit profits are going to accelerate this extraordinary streak.  The GDX top 25’s historical data can feed into an AISC estimate for last quarter before we get the actual results later.  A year ago in Q4’24, the GDX top 25’s AISCs averaged $1,454 per ounce.  Coincidentally that’s also exactly their last-four-quarter average.

AND THE MONEY SHOT….

But to be conservative, let’s assume last quarter’s average AISCs surged again to a record $1,600 per ounce.  That’s getting up near worst-case-scenario territory, quite unlikely.  Yet subtract $1,600 from Q4’25’s astounding record $4,150 average gold price, and that implies mind-blowing GDX-top-25 implied unit earnings of $2,550 per ounce!  That would skyrocket a staggering 111% YoY, more than doubling Q4’24!

Looking for growth stocks you say?  Hey all you brain dead AI analysts, look….cash flow out the wazoo……get em before the retail wakes up.