BHP Has Hidden Leverage to Gold's Rush -- Market Talk

Dow Jones

Oct 22

2327 GMT [Dow Jones]--While BHP's iron-ore and copper output dominates investors' attention, Macquarie highlights the mining company's hidden leverage to the gold price. "Using our updated gold deck which utilizes a forward curve across FY 2026-28, we see EPS upgrades of 4% in FY 2027-28 given Escondida and Olympic Dam by-products," says Macquarie. Gold has been on a tear recently, before suffering its largest one-day USD decline on record on Tuesday. Still, at $4087.70/oz, the gold price is up 55.5% in 2025 so far. Macquarie has a neutral call on BHP and raises its price target by 2% to A$43.00. BHP is down 1.3% at A$43.58 today. (david.winning@wsj.com)

(END) Dow Jones Newswires

October 21, 2025 19:36 ET (23:36 GMT)

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2577486386"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2577486386\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2577486386?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-10-22 07:36","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2577486386","market":"sh","top_or_hot":-1,"title":"BHP Has Hidden Leverage to Gold's Rush -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  2327 GMT [Dow Jones]--While BHP's iron-ore and copper output dominates investors' attention, <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> highlights the mining company's hidden leverage to the gold price. \"Using our updated gold deck which utilizes a forward curve across FY 2026-28, we see EPS upgrades of 4% in FY 2027-28 given Escondida and Olympic Dam by-products,\" says Macquarie. Gold has been on a tear recently, before suffering its largest one-day USD decline on record on Tuesday. Still, at $4087.70/oz, the gold price is up 55.5% in 2025 so far. Macquarie has a neutral call on BHP and raises its price target by 2% to A$43.00. BHP is down 1.3% at A$43.58 today. (david.winning@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 21, 2025 19:36 ET (23:36 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BHP Has Hidden Leverage to Gold's Rush -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBHP Has Hidden Leverage to Gold's Rush -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-10-22 07:36</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  2327 GMT [Dow Jones]--While BHP's iron-ore and copper output dominates investors' attention, <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> highlights the mining company's hidden leverage to the gold price. \"Using our updated gold deck which utilizes a forward curve across FY 2026-28, we see EPS upgrades of 4% in FY 2027-28 given Escondida and Olympic Dam by-products,\" says Macquarie. Gold has been on a tear recently, before suffering its largest one-day USD decline on record on Tuesday. Still, at $4087.70/oz, the gold price is up 55.5% in 2025 so far. Macquarie has a neutral call on BHP and raises its price target by 2% to A$43.00. BHP is down 1.3% at A$43.58 today. (david.winning@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 21, 2025 19:36 ET (23:36 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7095","symbol_name":"多种金属与采矿","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2577486386","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2577486386","pubTimestamp":1761089760,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"2327 GMT [Dow Jones]--While BHP's iron-ore and copper output dominates investors' attention, Macquarie highlights the mining company's hidden leverage to the gold price. \"Using our updated gold deck which utilizes a forward curve across FY 2026-28, we see EPS upgrades of 4% in FY 2027-28 given Escondida and Olympic Dam by-products,\" says Macquarie. Gold has been on a tear recently, before suffering its largest one-day USD decline on record on Tuesday. Still, at $4087.70/oz, the gold price is up 55.5% in 2025 so far. Macquarie has a neutral call on BHP and raises its price target by 2% to A$43.00. BHP is down 1.3% at A$43.58 today. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7095":"多种金属与采矿","BK7511":"ESG概念","BK4588":"碎股","BHP.AU":"BHP GROUP LTD","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","BK4585":"ETF&股票定投概念","BK4168":"多种金属与采矿","BK7507":"资源股","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","BHP":"必和必拓公司"},"translate_title":"必和必拓对黄金热潮隐藏了杠杆作用——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BHP":1.5,"BHP.AU":0.9,"1OZmain":1.5},"content_text":"2327 GMT [Dow Jones]--While BHP's iron-ore and copper output dominates investors' attention, Macquarie highlights the mining company's hidden leverage to the gold price. \"Using our updated gold deck which utilizes a forward curve across FY 2026-28, we see EPS upgrades of 4% in FY 2027-28 given Escondida and Olympic Dam by-products,\" says Macquarie. Gold has been on a tear recently, before suffering its largest one-day USD decline on record on Tuesday. Still, at $4087.70/oz, the gold price is up 55.5% in 2025 so far. Macquarie has a neutral call on BHP and raises its price target by 2% to A$43.00. BHP is down 1.3% at A$43.58 today. (david.winning@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 21, 2025 19:36 ET (23:36 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}