Gold-mining margins are surging well ahead of gold prices: Average all-in sustaining cost (AISC) margins surged +134% YoY in Q1 2026, to a record $3,076 per ounce. AISC margin is the amount miners earn per ounce of gold after covering the costs of sustaining their mining operations. This is far above the +70% YoY increase in gold prices over the same period. Furthermore, AISC margins among the 10% of gold miners with the highest production costs rose +32% QoQ, to $2,363 per ounce. Since March 2024, global miner AISC margins have more than tripled, while gold prices have roughly doubled over the same period. Gold miners are realizing massive profits.(The Kobeissi Letter)