Stephen Green

Steven Green is the Senior Analyst covering gold and precious metals equities at TD Cowen (formerly TD Securities), one of the longest-tenured sell-side voices on North American mining stocks. For more than two decades, institutional investors have turned to him for a careful, numbers-first read on the senior and mid-tier gold producers that anchor the TSX and NYSE precious-metals complex.

Green joined TD Securities in 2003 after completing his MBA at the University of Toronto's Rotman School of Management and earning the CFA designation. He has built out and maintained one of the most consistent gold-equities coverage lists on the Street, with names such as Kinross Gold and the broader Barrick-Newmont complex under regular review. He has authored the firm's annual Mining Conference Key Takeaways reports for more than fifteen years, distilling what institutional miners, executives, and investors say behind closed doors each year in Toronto. On TipRanks his recommendations are tracked at a 4.47-star rating, with a roughly 51 percent success rate across his roughly 21 covered names.

Green's reports lean on three pillars: operating fundamentals (AISC, or all-in sustaining costs, the true cash cost of keeping a mine in production), jurisdictional risk, and capital-allocation discipline, rather than thematic narrative. Where generalists ask whether gold is going up, Green focuses on which producers sit lowest on the cost curve, hold the longest reserve tails, and can ride out the next cyclical trough with the cleanest balance sheet. He has used the Barrick-Newmont Nevada Gold Mines transaction, in which Barrick sold its 61.5 percent stake to Newmont for 795 million dollars upfront plus contingent payments tied to future discoveries, as a textbook case in value extraction through consolidation rather than greenfield exploration.

Green's most recent public note, Precious Metals Are Just Warming Up, argues the current gold cycle has further to run, supported by central-bank buying, real-rate compression, and the structural underinvestment in exploration that took hold after the 2013 to 2016 bear market. For a resource investor, his coverage matters because he has been through three full gold cycles and his recommendations tend to be anchored to producer-level cash flows rather than spot-price calls. Following Green is, in effect, a bet on the careful miner rather than the chart.