Agnico-Eagle Mines (AEM.TO)

Cashflow machine. $3B or so in cash on the balance sheet. Down 34% from peak (including $30 jump from yesterday). Largest and best gold miner in Canada. Low-risk jurisdictions. Lots of growth plans beyond 2030 to increase production, much of it by expanding existing mines (means lower risk). Very conservative management. Yield is 1.08%.

It's the best gold miner in the world. He had a large holding, since trimmed. Buy at current levels. Gold is insurance, good to hold if the world goes to hell in a handbasket.

Gold is now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

He has no opinion on the future gold price, but AEM is a great way to get exposure to gold. They hold excellent assets with mines in Canada, a safe place. Trades at a 7% free cash flow yield.

Gold has room to fall and this could fall another 15%. See his comments about Carley Garner.

Very high-quality company. Hard for him to understand why any serious investor in Canada wouldn't own it. Reasonable valuation. Absolutely superlative company. Generates a whole bunch of cash. Five years of development growth already within the company. 40-year track record of operational excellence and superb capital allocation. 

Would absolutely put $$ in today (doesn't mean it won't be cheaper a year from now, but it definitely will be higher 5 years hence). Yield is 1.07%.

He likes materials, but pared back on gold last March. All materials moved up and are now consolidating. AEM went parabolic in early 2026, so no surprise it's pulled back, and the chart is now on the historic trendline. It's an okay play if you're patient. Maybe wait for it to bounce off this trendline. He expect gold to move up in a few months.

Biggest and best gold producer in Canada. Very low political risk. Loves its recent acquisitions. Pullback is buyable. Gold price is cooling off after meteoric rise last year, but bull run is not over.

Parabolic increase in January, things got extended. He reduced then. Gold bull markets advance in stages, with corrections lasting ~3-5 months. We're now 3-4 months into that. He's been rebuilding. Next leg should be a strong leg higher.

Long-term investors should just buy and hold.

A dividend pick. Dividend are one of the best, easiest ways to hedge against inflation. This is a dividend grower, increasing each year by nearly 202% annually over the past 5 years. The total return over 3 years is 230%.

He recently added, but still underweight gold.