Opinions
Greg Newman
Agnico-Eagle Mines
AEM-T
HOLD
Apr 25, 2025
Stock price when the opinion was issued
You might be interested:
Premium contentIt is a benchmark name but fully valued. Has an excellent management team. It faces a growth deficit relative to its peers but might have more torque to the upside. He likes B2 Gold which provides enormous opportunity in Mali and Indonesia. He is not too concerned about the political situations there but they are not as safe an area as Northern Ontario or Quebec.
Go-to name (along with LUG) in the gold space. Rock star. Awesome chart. Looking at the 6-month chart, he's cautious. Starting to see some selling pressure in gold underneath the surface. Importantly, seasonality as we get through September-October is really weak for gold stocks; really picks up from November-April.
Pretty good support ~$172.50, so that's where he'd prefer to step in.
Premium contentYesterday, he took just a little bit of gold out; on a 14% weighting, he sold around 2%. Doesn't own this one right now. If you're a longer-term player, gold has lots of room to go.
Gold looks a bit extended (temporarily). You can see that on the AEM chart; the breakout was around $80, had a good move, and now it's arcing off of the trendline.
Premium content
Nice beat on recent earnings announcement. $600M in free cashflow. 3% higher production. Importantly, 3-6% lower costs than market expected. Very important that they maintained guidance for projects. Not cheap at 23x 2026 earnings.
Gold will keep working if clarity doesn't come from the US administration. Risk is that you get something that's necessary and sufficient from them; clarity and good policy would cause gold to fall off a lot, and the rest of the market will rally. Don't add here.