Agnico-Eagle Mines (AEM.TO)

He added more shares during this pullback in the metals. It's an opportunity. However, if there's rate hikes through the end of this year, then forget the gold trade, he will be wrong about metals. Long term there's a lot of value, and the stock is cheap.

One of the highest-quality gold miners in Canada. Strong operating record, very good balance sheet. Most assets are in relatively stable jurisdictions. Last quarter strong, production better than expected, costs well-controlled. Record FCF. Modest upside. Wait to add on weakness, don't chase here.

Full-year production now expected near lower end of guidance. Watch that, as well as price of gold. She owns ABX instead.

Thinks we're in the second leg of the gold bull market. Printing money. Second leg might even be bigger than the first. Consistently delivers, diversified assets, more upside.

Good production growth and track record. Their major assets are in safe countries.

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.