Good morning GoldBuzzers, and welcome to Tuesday!

Coeur Mining crashes into our Company Corner this week after Q2 earnings that turned record production into a $146M free cash flow explosion - proof positive that mid-tier miners can flex harder than the mega-caps when the stars align.

And if you’ve got a little time to spare, check out this interesting documentary just released by The World Gold Council, in which Elton John talks about the role gold has played throughout his life!

OK, let’s dive in.

Gold hit a record $3,680/oz on Monday as a weaker dollar and sliding Treasury yields sent investors piling into the safe-haven trade.

All eyes are now on tomorrow’s Fed meeting, where a 25 bps rate cut looks almost baked in. It would be the first move lower since last December, with more easing expected before year-end.

The central bank is threading the needle between softening jobs data and stubborn inflation fears, all while batting away critics questioning its independence.

Coeur Mining (NYSE: CDE) isn't one of the mega-miners like Newmont or Barrick, but it's no small fry either ($10.5 billion market cap). With five operating mines spread across the U.S., Mexico, and Canada, Coeur has carved out a solid niche as a mid-tier producer focused on both gold and silver.

But unlike pure gold plays, about one-third of its revenue comes from silver, which has been absolutely ripping this year, riding the same monetary chaos fueling gold's historic breakout.

As one of the few U.S.-centric precious metals companies, Coeur offers investors direct exposure to both metals without the geopolitical headaches that plague some of its larger, globally scattered rivals.

This positioning turned out to be perfect in this year’s roaring bull market, helping the company deliver a second quarter that rivals anything in its history, and frankly puts pressure on the big boys to keep up.

Coeur crushed it across the board this quarter:

Revenue: $481M (+117% YoY) – driven by soaring gold and silver prices plus higher production

Gold Production: 108,487 oz (+25% Q/Q, +38% YoY)

Silver Production: 4.7M oz (+27% Q/Q, +79% YoY)

Adjusted EBITDA: $244M (a company record)

Free Cash Flow: $146M (up 8× from last quarter)

GAAP Net Income: $71M ($0.11/share)

This marks the fourth straight quarter of positive free cash flow and the fifth consecutive quarter in the black - clear evidence that Coeur's operations have hit their stride.

Coeur didn't just post monster profits; they got their financial house in order:

This shift from debt paydown to returning cash to shareholders tells you everything about management's confidence. They're doubling down on themselves just as precious metals hit multi-decade highs.

This quarter's performance wasn't just operational excellence - it was about being in the right place at the right time:

With gold smashing records and silver finally playing catch-up, Coeur was perfectly positioned. Unlike many competitors who hedge their production, Coeur stays largely unhedged - meaning they captured nearly every dollar of the price surge.

This dual-metal exposure helped Coeur post growth that actually outpaced some larger players like Newmont, which lean heavily into gold and deal with jurisdictions all over the map.

It’s no surprise to see Coeur’s share price is up 180% YTD already.

Coeur stuck with its full-year 2025 production guidance:

That translates to expected annual growth of +20% for gold and a whopping +62% for silver versus 2024.

CEO Mitchell Krebs also hinted at $800M+ EBITDA and $400M+ free cash flow for the year if prices hold - numbers that would make 2025 a true breakout year. Worth noting: Coeur based this guidance on excessively conservative price assumptions ($2,700 gold, $30 silver), so if this bull market keeps rolling, actual results could blow past these targets.

While the quarter was undeniably strong, there are some warning signs worth watching:

Share dilution: Worth noting that Coeur significantly expanded its share count this year (up 61% to 643M shares), diluting the per-share impact of these record profits. It's the classic growth trade-off - more shares today for bigger operations tomorrow.

Price sensitivity: Coeur's success is married to gold and silver staying elevated. Any serious pullback would hammer cash flow fast.

Operational risks: Rochester's expansion is still finding its rhythm, and other sites like Wharf and Kensington actually saw slight production declines. Any operational hiccups could derail this momentum.

I’d have to say that Coeur Mining just delivered one of the best quarters in company history. You don't often see a mid-tier miner lap the sector this decisively, but Coeur is riding a perfect storm: higher metal prices, ramping production, and disciplined cost management.

Sure, some of this success rides on 2025's raging bull market, but Coeur deserves credit for positioning itself to capture the full upside. If gold and silver keep marching higher for the rest of the year, Coeur could emerge as a standout winner - not just among mid-tiers, but across the entire precious metals sector.

Check it out at Coeur Mining.

A quick roundup of stories you might have missed:

ANZ sees gold hitting $3,800 by year-end — and potentially cruising toward $4,000 by mid-2026 — as weak dollar vibes and relentless central bank buying set the stage for a massive melt-up. Reuters

Goldman Sachs drops a bombshell: If the Fed’s independence comes under political fire, gold could rocket to $5,000 as investors ditch the dollar for hard assets. Investopedia

Sprott’s bullish call: Technical momentum plus geopolitical chaos are lining up to push gold even higher, with “next leg up” vibes building fast. Mining.com

Fed meeting jitters: Gold’s rally is taking a breather as traders await the Fed policy decision, which could light the fuse for the next move. Economic Times

Jobs slump = gold support: Soft U.S. labor data keeps expectations of a rate cut alive, helping gold cling to record highs. Reuters

Gold miner ETFs are crushing it: Some funds have doubled (and then some) off their lows, leaving tech stocks in the dust as investors chase leveraged exposure to the gold boom. Benzinga

Barrick goes premium-only: The company is unloading its last Canadian mine for $1.09 billion to focus on higher-tier global assets. Investors

That’s a Tuesday wrap, folks. See you on Thursday.

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Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com