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Cava revenue beats estimates as Mediterranean chain reports double-digit same-store sales growth

Editor's pick 3 Mins Read

Cava on Thursday reported better-than-expected sales in its latest fiscal quarter, shaking off the malaise the broader restaurant industry has felt as consumers have cut back on dining.

The Mediterranean chain said its same-store sales grew 10.8% in the three months that ended April 20, lifted by traffic growth of 7.5%. Analysts surveyed by StreetAccount were projecting same-store sales growth of 10.3%.

“When we look at our consumers in the quarter, we saw an increase in premium attachment on higher priced items, like our pita chips or amazing housemade juices. We also saw that our per person average continued to increase, and then when we look at our results, there’s positive traffic across all of our geographies, across all of our income cohorts, as well as the different formats of our restaurants and dayparts,” Chief Financial Officer Tricia Tolivar told CNBC.

She added that diners have been trading up from fast food and down from casual-dining restaurants into Cava’s bowls and pitas, a trend the company has seen for several quarters.

Elsewhere in the restaurant industry, companies have been reporting very different behavior from consumers, although many companies’ results did not include any time in April, when the industry’s sales and traffic performance improved.

Fast-casual rival Chipotle said its transactions fell 2.3% in the first quarter as consumers pulled back their spending in February, spooked by economic uncertainty. Sweetgreen reported its first quarterly same-store sales decline since it went public in 2021. McDonald’s CEO Chris Kempczinski said fast-food industry data showed both low- and middle-income consumers spending less. The burger giant said U.S. same-store sales declined 3.6% for the first quarter.

Despite the strong quarterly performance, Cava reiterated its same-store sales forecast, sticking with its projections of a 6% to 8% increase. The chain said last quarter that it is expecting slower growth in the back half of its fiscal 2025.

The stock fell 5% in extended trading. As of Thursday’s close, Cava shares have slid 11% so far this year, hurt by investor concerns over its conservative outlook for the fiscal year and the economic fallout from the Trump administration’s tariffs.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

The company reported fiscal first-quarter net income of $25.71 million, or 22 cents per share, up from $13.99 million, or 12 cents per share, a year earlier. Cava reported an income tax benefit of $10.7 million related to stock-based compensation, which boosted its earnings this quarter.

Net sales climbed 28% to $332 million. On a 12-month trailing basis, Cava’s revenue has surpassed $1 billion, representing a major milestone for the company.

The company did raise some of its projections for the fiscal year.

Cava now anticipates adjusted earnings before interest, taxes, depreciation and amortization of $152 million to $159 million, up from its prior forecast of $150 million to $157 million. The company also plans to open between 64 and 68 new locations, higher than its previous outlook of between 62 and 66 restaurant openings.

This post appeared first on NBC NEWS

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Editor's pick

Boeing would avoid guilty plea, prosecution over 737 Max crashes in possible DOJ deal

Editor's pick 2 Mins Read

The Justice Department isn’t planning to prosecute Boeing in a case tied to two crashes of the aerospace giant’s 737 Max, a person familiar with the matter said, a tentative agreement that would allow the plane-maker to avoid a guilty plea.

Boeing agreed to plead guilty in the case last summer in a deal with the Justice Department after the Biden administration found earlier that year that the company violated a 2021 agreement tied to the crashes. A judge rejected that plea deal last year, citing concerns about diversity, equity and inclusion, and opened the possibility that Boeing could face trial.

The fraud charge stems from Boeing’s development of the 737 Max. The U.S. had accused Boeing of misleading regulators about its inclusion of a flight-control system on the Max that was later implicated in the two crashes.

A final, non-prosecution agreement hasn’t been reached yet, the person said. The Justice Department and Boeing didn’t immediately comment.

Under the new agreement, Boeing could pay family members of victims of the two Max crashes. In total, the two crashes of the best-selling Boeing jet killed all 346 people on board the planes.

The new tentative agreement, which was reported earlier on Friday by Reuters, would mean Boeing wouldn’t be labeled a felon. That label could have come with restrictions on defense contractor work.

Boeing is the country’s biggest exporter and, in addition to making commercial jetliners, it’s a major defense contractor. The Trump administration recently awarded the company a multibillion-dollar contract to build a next-generation fighter jet.

This post appeared first on NBC NEWS

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Tariff Tensions Ease, Nasdaq Soars — But is SMH the Emerging Leader?

Stock 6 Mins Read

For months, investors have been on edge over U.S.-China tariff tensions, bracing for everything from fears of empty shelves to rising prices. But after this weekend’s trade talks, where both sides agreed to temporary tariff cuts (emphasis on temporary), stocks surged.

On Monday, the Dow Jones Industrial Average ($INDU) jumped 1,160 points, while the S&P 500 ($SPX) and Nasdaq Composite ($COMPQ) rallied 3.26% and 4.35%, respectively.

Monday’s rally sparked hopes that the worst may be over. Yet analysts remain split: some see signs of a bottom, while others warn this 90-day pause is just the start of a long, messy negotiation.

So here’s the critical question: If this is the bottom, which sector (or industry) leads the rebound, and is it worth investing in it right now? For investors, the answer could be the difference between riding the next bull wave or watching it pass by.

Nasdaq-100 Shows Strength, but Which Sector Leads?

Checking StockCharts’ Market Summary midday on Monday, the Breadth panel showed that the tech-heavy Nasdaq 100 ($NDX) had the most percentage of stocks (62%) trading above their 200-day simple moving average (SMA), indicating early strength and recovery (displayed in the Moving Averages tab).

FIGURE 1. MARKET SUMMARY – INDICES TRADING ABOVE 20 TO 200-DAY MOVING AVERAGES. The Nasdaq 100 is the most bullish index above the 200-day, warranting a closer examination.

About 51% of the Nasdaq 100 is made up of Information Technology stocks, while Consumer Discretionary and Communication Services together account for roughly 31% of the index.

Information Technology Dominates the Index

To get a clearer sense of market breadth, it’s useful to examine the sector-level Bullish Percent Index (BPI), which shows the percentage of stocks within each sector exhibiting technical strength.

FIGURE 2. MARKET SUMMARY SECTOR BULLISH PERCENT INDEX. While many sectors have bullish BPIs, the tech sector is leading.

While Communications and Discretionary are exhibiting technical strength, the Information Technology sector is leading the pack, with over 91% of stocks triggering Point & Figure buy signals.

Semiconductors: The Bellwether to Watch

While tech is also comprised of various industries, only one—semiconductors—is widely regarded as a “bellwether” industry. Shifting over to the US Industries panel, semiconductors displayed the highest StockCharts Technical Rank (SCTR).

FIGURE 3. BELLWETHER INDUSTRY SCTR SCORES. Among the bellwether industries listed, chipmakers are outpacing everything else.

While my threshold for bullish SCTR reading is 76, the semiconductor industry is the only bellwether industry that clears that bar.

But what might the performance of the Nasdaq 100, semiconductor, and broader market performance look like side by side? To answer this question, I plotted all three on a one-year PerfCharts view.

 FIGURE 4. PERFCHARTS OF SEMICONDUCTORS, NASDAQ 100, AND THE S&P 500. Here, semiconductors aren’t looking so hot, being the laggard of the bunch.

Using VanEck Vectors Semiconductor ETF (SMH) as the industry proxy, you can see that SMH was leading the Nasdaq 100 and S&P 500 last summer, but began lagging the two indexes starting in November. SMH was the hardest hit in the aftermath of the Trump tariffs, and, while it’s recovering, its performance is still trailing both indices.

This raises two key questions: First, is SMH’s upswing a true recovery or a temporary bounce? And second, is it worth investing in SMH in this stage of the cycle (in other words, does it present an opportunity to catch an uptrend early on)?

Weekly Chart Signals: Bear Market Drop or Recovery?

Let’s take a closer look at SMH, starting with a weekly chart.

FIGURE 5. WEEKLY CHART OF SMH. From a primary trend perspective, one that can last years, the uptrend is arguably intact, though facing challenges.

Here are the key points to look at:

  • SMH is trading above the 40-week SMA (equivalent to a 200-day SMA) following a sharp price gap up. But can it hold above that level?
  • SMH plunged 39.8% from its 2024 high of around $280 to the 2025 low of $170. This is a textbook bear market drop that raises the question: Is this latest surge just a bear market rally?
  • On the other hand, a long-term Fibonacci Retracement measured from the 2022 low to the 2024 high found support at the 50% and 61.8% retracement levels. This kind of pullback is not only “normal”, but also supports the view that SMH’s bullish “primary trend” is still intact.
  • However, the Chaikin Money Flow (CMF) is signaling weak buying pressure. For the rally to continue, there needs to be stronger accumulation, something the CMF has yet to confirm.

Daily Chart View: Support, Resistance, and Warning Signs

After looking at SMH from a broader scale, what might the price action reveal if we were to zoom in using a daily chart?

FIGURE 6. DAILY CHART OF SMH. Zooming in, SMH’s situation looks even less bullish.

This chart tells a tougher story: SMH looks ready to re-enter the months-long trading range it broke to the downside in March.

Should You Invest In SMH? Here’s What to Watch

To answer this question, here’s some points you might want to focus on:

For one, note how closely the stochastic oscillator cycles mirror SMH’s fluctuations. With a reading above 96, SMH may be due for a near-term pullback.

Should it pull back, SMH will need to remain above or bounce at the $210 support range (highlighted in blue) for the current, albeit small, uptrend to remain intact. Below that, it might bounce at the consecutive swing lows—$185 and $170—but such a deep pullback indicates weakness and raises the possibility that SMH may slip back into the trading range (highlighted in yellow) that dominated a lengthy five-month period.

On the upside, SMH needs to eventually clear that same range before challenging its all-time highs at the $281 level. If SMH manages to do so, it’s likely to unfold in a series of higher highs and higher lows, which will take some time to develop.

At the Close: A Bullish Setup or Bull Trap?

While SMH has begun to exhibit significant technical strength, warning signs remain. If you’re bullish on semiconductors, the next few weeks will be critical. Holding the $210 support zone is key for keeping the uptrend intact. A drop toward $185 or $170 would raise serious doubts about the sustainability of the current rally.

If SMH can clear its trading range and build a structure of higher highs and higher lows, it could be poised to challenge its all-time highs once again. Until then, stay cautious and keep a close eye on the technical levels discussed above.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your personal and financial situation, or without consulting a financial professional.

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How to Use Relative Strength in a Volatile Market

Stock 1 Min Read

Want to know how to find strong stocks in a volatile market? In this video, Joe uses Relative Strength (RS), Fibonacci retracements, and technical analysis to spot top sectors and manage downside risk.

Follow along as Joe breaks down how to use the Relative Strength indicator to separate outperforming stocks from those failing at resistance. He highlights sectors showing strong or improving RS, discusses the Fibonacci retracement on QQQ, and explains what it means for downside risk.

Joe wraps up with detailed chart analysis on viewer-submitted symbol requests, including QTUM, HOOD, and more, to help you sharpen your trading decisions with expert insights.

The video premiered on May 14, 2025. Click this link to watch on Joe’s dedicated page.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

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The S&P 500 Snapped Back Hard: Now What?

Stock 5 Mins Read

The S&P 500 ($SPX) just staged one of the sharpest rebounds we’ve seen in years. After tumbling into deeply oversold territory earlier this year, the index has completely flipped the script—short-term, medium-term, and even long-term indicators are now pointing in a new direction.

One longer-term indicator that hit an extreme low in early April was the 14-week relative strength index (RSI), which dropped to 27. That’s among the lowest levels since the 2008 financial crisis.

The obvious takeaway: it was a great time to buy, even in cases where the low RSI didn’t mark the low. Everyone who pounded the table a few weeks ago has been proven right, even if the rebound was faster and stronger than most could’ve predicted. So, what happens next?

Don’t Expect a Straight Line Up

The long-term picture looks promising, but markets rarely move in a straight line. Even though the market was higher months and years after these deeply oversold readings, the path wasn’t a straight shot to new highs (even if long-term log charts sometimes make it look that way).

The chart below shows the lowest weekly RSI readings in the S&P 500 since 2008.

FIGURE 1. THE LOWEST WEEKLY RSI READING SIN THE S&P 500 SINCE 2008.

Almost every time, there was a pause, often more than one. Some were sharp, others more prolonged. The first real test typically came when RSI bounced back to the 50-zone (the mid-point of its range). Each of these moments is highlighted in yellow in the chart below.

FIGURE 2. AFTER DEEPLY OVERSOLD RSI READINGS, THERE WAS OFTEN A PAUSE IN THE INDEX.

As shown, this often marked the initial digestion phase after the face-ripping rally off the lows. Eventually, the SPX climbed back to a weekly overbought condition, but not right away. This pattern was clearest in 2011, 2015–16, and 2022. The depressed weekly RSI showed that things were getting washed out, but volatility persisted before a lasting uptrend took hold.

Indeed, the current snapback is one of the quickest and most powerful turnarounds in decades, but this pace is also unsustainable. A slowdown is inevitable.

So how does the market handle the next round of profit-taking? By continuing to make higher lows – and converting those into additional bullish patterns.

XLK Makes A Comeback

The market comeback has been led by large-cap growth; that much is clear. The Technology Select Sector SPDR ETF (XLK) has roared back nearly 30% in just six weeks. That’s a massive move in a short period, and far larger than any failed bear market rally seen in 2022. The best six-week rally back then came in the summer and topped out at 17%.

The last time we saw a six-week gain of 20%+ was the period following the COVID-19 low in spring 2020. As we know, that snapback continued, with XLK overtaking its pre-crash highs and ultimately rallying 160% into the early 2022 peak.

This isn’t a prediction, but we shouldn’t ignore it either. Why? Because before 2020, the last such move happened in April 2009, right after the ultimate low of the 2008 financial crisis.

FIGURE 3. WEEKLY CHART OF XLK.

Industrials are Building Strength Too

The Industrial Select Sector SPDR ETF (XLI) and XLK are the first sector ETFs to register overbought 14-day RSI readings. While that suggests a short-term pause could be near, it wouldn’t be a negative. As the weekly chart shows, a pullback could help complete a large bullish formation.

Once again, bouts of intense volatility eventually can lead to the biggest bullish chart formations. Let’s keep XLI on our radar screens.

FIGURE 4. WEEKLY CHART OF XLI.

Even Solar Stocks Are Waking Up

The Invesco Solar ETF (TAN), which has been stuck in a brutal downtrend for years, just rocketed higher by 40%, using intra-day highs and lows. That rally has produced the first overbought reading since late May 2024, which, notably, lasted only a day before momentum faded.

Yesterday, TAN tagged its 200-day moving average, prompting a round of profit-taking. This sets up a critical test for TAN, which has consistently failed at resistance or after short-term pops. Selling strength in TAN has been a highly effective strategy for quite some time.

FIGURE 5: DAILY CHART OF TAN.

The weekly chart clearly shows this pattern playing out since TAN topped in early 2021. Like anything else, TAN could eventually turn the corner—but to do so, it would need to form a legitimate higher low from here.

For now, the downtrend deserves respect. Chasing this move is not advised. Selling strength remains the recommended approach—until proven otherwise.

FIGURE 6. WEEKLY CHART OF TAN.

The Bottom Line

Yes, the market’s comeback has been fast and fierce. But fast moves don’t necessarily mean a straight path higher. Expect slowdowns and pullbacks, watch for bullish setups, and don’t chase runaway rallies. There’s opportunity out there, but it’s all about timing and discipline.

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SMCI Stock Rebounds: Why Its SCTR Score is Screaming for Attention

Stock 4 Mins Read

Let’s be real. How many of you kicked yourselves for not jumping into some long positions last Friday?

Of course, hindsight is 20/20, and unless you’ve got a crystal ball, there’s no sure way to know what the market will do next. What you can do, though, is be ready for the next opportunity, and one stock that’s flashing signals is Super Micro Computer, Inc. (SMCI).

Super Micro Computer has had a rocky ride. The company was delisted from the Nasdaq in 2018, after there was a report of possible accounting issues by Hindenburg Research, and it risked being delisted from the Nasdaq again in February 2025. SMCI managed to get its act together, filed its 10-K, and clawed its way back into compliance. Now it’s back on the SCTR radar, and with a current reading of 99 — an impressive move. As such, the stock has made its way into the Top 10 StockCharts Technical Rank (SCTR) report in the Large Cap category. Will it muscle its way back into the top three like it did in early 2024?

SMCI Stock’s Journey

The three-year arithmetic scale weekly chart of SMCI below shows the stock price rising higher and making a steep vertical upward move in 2024. SMCI’s stock price hit a high of $122.90 on the week of March 4. From there, things weren’t great. The stock price faced headwinds, bringing the stock price to a low of $17.25 by mid-November 2024. SMCI’s stock price has been grinding higher, carving out a series of higher lows.

FIGURE 1. WEEKLY CHART OF SMCI STOCK. After hitting a high of $129.90 in early March 2024, the stock tanked to $17.25 by mid-November. It is starting to show signs of recovery, but how far will it go this time?Chart source: StockCharts.com. For educational purposes.

From a weekly perspective, SMCI looks like it’s regrouping, and this week’s spike might just be the shot of adrenaline it needs.

The Daily View: A More Granular Perspective

A partnership with Advanced Micro Devices (AMD), a Saudi Arabian data center deal, and a couple of analyst nods may have had something to do with SMCI’s stock price gap up on Wednesday. But let’s shift away from the headlines and talk technicals (see daily chart of SMCI below).

FIGURE 2. DAILY CHART OF SMCI STOCK. The stock gapped up on Wednesday. Will it continue higher, or will the gap get filled? Chart source: StockCharts.com. For educational purposes.

  • SMCI has broken above its 200-day simple moving average (SMA) (even if it’s still sloping downward … a small detail not to be overlooked).
  • The relative strength index (RSI) is getting close to its 70 line, indicating momentum is heating up.
  • The percentage price oscillator (PPO) is crossing above its zero line.
  • And again: SMCI’s SCTR score is at 99.1, a position of technical strength.

Is It Time to Get In Front of SMCI?

You know the drill. Timing a trade is about strategy. There’s always the temptation to hit the buy button, but rushing in can lead to expensive regrets. Ever place a limit order and end up canceling it because your nerves got the better of you? We’ve all been there.

Gaps like the one we saw in SMCI on Wednesday are tricky. They often get filled, but not always. So, in the case of SMCI, it may be worth waiting for the dust to settle. This is where patience becomes your superpower. 

An ideal scenario would be a pullback in price to perhaps the 200-day SMA, followed by a reversal. If the RSI breaks above 70 and the PPO rises above the zero line, it would confirm the necessary follow-through to push the price higher. Wait for the ideal setup before you make your move.

In other words: Don’t chase. Let the trade come to you.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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What Sector Rotation Says About the Market Cycle Right Now

Stock 1 Min Read

Where are we in the market cycle? In this video, Julius reviews the sector rotation and asset class performance from the past 2-3 weeks to provide an objective take on where we stand in the current market cycle. Using his signature Relative Rotation Graphs (RRG), he uncovers shifts in momentum and leadership across sectors and asset classes.

This video was originally published on May 15, 2025. Click on the icon above to view on our dedicated page for Julius.

Past videos from Julius can be found here.

#StayAlert, -Julius

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Investing

Westport Publishes Annual General and Special Meeting Results

Investing 2 Mins Read

Westport Fuel Systems Inc. (‘Westport’ or the ‘Company’) (TSX:WPRT Nasdaq:WPRT), today held its Annual General and Special Meeting of Shareholders (the ‘Meeting’) in a virtual format. Shareholders approved all resolutions presented at the meeting including the election of all nominated directors for the ensuing year, the appointment of KPMG LLP as the Company’s auditors for the fiscal year, the advisory vote on executive compensation, and the sale of Westport Fuel Systems Italia S.r.l in accordance with the terms of the sale and purchase agreement dated as of March 30, 2025.

A summary of the results are as follows:

Resolution Outcome
of Vote 		Percentage of
Votes For 		Percentage of
Votes
Withheld/Against
Election of Directors
Michele Buchignani Approved 81.22% 18.78%
Anthony Guglielmin Approved 87.16% 12.84%
Daniel M. Hancock Approved 61.47% 38.53%
Daniel Sceli Approved 91.10% 8.90%
Karl-Viktor Schaller Approved 61.28% 38.72%
Eileen Wheatman Approved 81.43% 18.57%
Appointment of Auditors Approved 93.83% 6.17%
Executive Compensation
(Advisory Vote) Agree 52.87% 47.13%
Sale of Westport Fuel Systems Italia S.r.l Approved 83.38% 16.62%


About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com .

Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

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Top 10 Gold Reserves by Country

Investing 11 Mins Read

Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold’s association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.

Today, gold’s hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.

Even though gold seems to be everywhere, in reality it’s a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.

For investors interested in the yellow metal and the companies that mine it, it’s important to understand global gold reserves. This data can provide critical information on the long-term viability of supply and which countries have room to grow.

Data for this article comes from the most recent Mineral Commodity Summary from the US Geological Survey as well as Mining Data Online (MDO).

Although gold is often measured and discussed in ounces, the USGS uses metric tons for its gold data, so this article will contain a mix of the two measurements. For perspective, 1 metric ton of gold is equal to 35,274 ounces and worth US$116 million at a price of US$3,300 per gold ounce.

According to the US Geological Survey, identified economic gold reserves currently stand at 64,000 metric tons globally. This is a significant jump from 59,000 metric tons in the previous report, with reserves for many countries revised to the upside. Read on to learn about the top 10 gold reserves by country.

1. Australia

Gold reserves: 12,000 metric tons

The sixth largest country by land area, Australia is tied for the most gold reserves of any nation at 12,000 metric tons, with over 60 percent of its gold deposits located in Western Australia.

The mining nation is also one of the top producers of gold, digging up 290 metric tons of the metal in 2024.

Australia is home to many large gold mines, including Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Boddington and Cadia Valley operations, which produced 590,000 ounces and 464,000 respectively in 2024. It also hosts the Tropicana mine, a joint venture between AngloGold Ashanti (NYSE:AU) and Regis Resources (ASX:RRL,OTC Pink:RGRNF) that produced 426,000 ounces of gold.

1. Russia

Gold reserves: 12,000 metric tons

Russia has the largest land area of any country, and unsurprisingly is now tied for the top country for gold reserves, boasting an impressive 12,000 metric tons of gold. Its reserves were raised from 11,100 in 2023, but they mark an even more sizeable increase from the 6,800 metric tons of reserves reported for 2022.

Additionally, Russia’s gold output remained steady in 2024 with 310 MT extracted. Russia has several large gold mines, but none are more prolific than Polyus’ (MCX:PLZL) Olimpiada mine in the Krasnoyarsk Krai region of Siberia. According to the company’s most recent data, the mine produced 1.48 million ounces in 2024.

Russian gold is having difficulties reaching most markets following the country’s invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates following the sanctions, according to Reuters, and Russian gold has also made its way into the country’s stockpiles.

3. South Africa

Gold reserves: 5,000 metric tons

South Africa remains a powerhouse in terms of global gold reserves, and the country’s Witwatersrand Basin is among the top gold jurisdictions in the world.

Although South Africa remains comfortably in the top three countries for reserves with 5,000 metric tons, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 metric tons extracted in 2000. The country’s output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa produced just 100 metric tons of gold in 2024.

One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, eight of South Africa’s gold mines are among the world’s 10 deepest mines for any commodity, with AngloGold Ashanti’s (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 4 kilometers below surface. This has made industrial mining operations prohibitively expensive and more dangerous.

Harder to reach resources and high electricity costs have resulted in limited investment in exploration as companies looked to lower cost projects in other countries like Australia and Canada.

4. Indonesia

Gold reserves: 3,600 metric tons

Indonesia is home to 3,600 metric tons of gold reserves. The country jumped significantly from 2023, adding more than 1,000 metric tons to its reserves and climbing to number four on our list.

Indonesia is home to the Grasberg complex, one of the world’s largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg includes several underground mines and the Kucing Liar deposit, which is currently being developed.

Once Kucing Liar is operational, Freeport expects it to deliver an additional 520,000 ounces of gold per year for 6 million total ounces between 2029 and 2041.

5. Canada

Gold reserves: 3,200 metric tons

Canada’s gold reserves total 3,200 metric tons, up 900 metric tons in the latest USGS report. Its gold reserves had previously remained constant since 2012 at 2,300 metric tons. The country has more than doubled its gold output in that time, jumping from 97 metric tons in 2012 to 200 metric tons in 2024.

Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country’s gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.

Canada has a number of very large gold mines, the largest of which is Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Canadian Malartic Complex in Québec. The mine produced 689,000 ounces of gold in 2023 and hosts proven and probable reserves of 7.92 million ounces.

Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.

6. China

Gold reserves: 3,100 metric tons

China’s importance as a gold miner has been growing over recent years and made significant gains, moving from number nine on our list with 1,900 metric tons in 2022, to number six with 3,100 metric tons in 2024. Additionally, China’s gold output ranks first overall globally with 380 metric tons of gold last year.

China’s gold-mining industry is dominated by state-owned operators. Some of the largest companies include Zijin Mining Group (HKEX:2899), which owns the Shanxi mine, the largest gold mine in the Shanxi province. The mine produced 107,700 ounces of gold in 2024.

Another of China’s largest companies is China Gold International Resources (TSX:CGG,HKEX:2099), which owns a 96.5 percent stake in the Chang Shan Hao gold mine located in Inner Mongolia, one of China’s largest gold mines. Chang Shan Hao produced 108,188 ounces of gold last year.

In addition to its high gold reserves and production, China also has a strong impact on the gold market through significant purchases by the People’s Bank of China in recent years. As of April 2025, the Chinese central bank holds an estimated 2,280 metric tons of gold.

7. United States

Gold reserves: 3,000 metric tons

Gold reserves in the US have remained steady at 3,000 metric tons since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 metric tons in 2012 to 160 metric tons in 2024.

The largest gold-mining assets in the US are all owned by Nevada Gold Mines, a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont, and consist of Turquoise Ridge, the Cortez Complex and the Carlin Complex. Between them, the mines produced 3.03 million ounces of gold in 2023.

8. Peru

Gold reserves: 2,500 metric tons

Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Its gold reserves peaked in 2022 with 2,900 metric tons before falling to 2,300 metric tons in 2023. Peru’s gold reserves were back up slightly in this report, helping it to land at number eight on our list with 2,500 metric tons.

Peru’s gold production has remained consistent over the past two years at 100 metric tons.

Large players make up the bulk of Peru’s gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. In 2024, output from the mine reached 354,000 ounces of gold, a significant jump from 2023’s 276,000 ounces.

There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.

To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.

9. Brazil

Gold reserves: 2,400 metric tons

Home to the first modern gold rush over 300 years ago, Brazil currently has 2,400 metric tons of economic gold reserves. Brazil has an undeniable history with the precious metal, although its extracted only 70 metric tons in 2024.

The largest gold mine in Brazil is AngloGold Ashanti’s AGA Mineracao Operaation in Minas Gerais. In 2024, the mine produced 271,000 ounces of gold. New production also came online last year. G Mining Ventures (TSX:GMIN,OTCQX:GMINF) declared commercial production at its Tocantinzinho mine in September 2024, and the mine produced 63,566 ounces of gold by the year’s end.

Much like Peru, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.

10. Kazakhstan

Gold reserves: 2,300 metric tons

Kazakhstan’s gold reserves total 2,300 metric tons, up a sizeable 1,300 metric tons compared to the prior year, a big enough boost to break into this top 10 gold reserve list.

The jump is owed to a significant increase in exploration, which saw 23 new deposits, including 20 metric tons of gold, added to the country’s subsoil registry. Launched in 2023, the registry has helped to streamline the exploration process and allowed modern technology to be applied to historical data sets.

Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, owned by mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF).

In its 2024 production report, Glencore stated that it produced 603,000 ounces of gold across all its Kazakhstan assets, the majority of which came from the Altyntau Kokshetau mine.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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