Agnico-Eagle Mines (AEM-T)

He continues to be bullish on gold. Still owns, but took partial profits just before it reported. Nothing against AEM, but wanted to spread the risk via another gold producer with more torque. Major thrust behind the move has been the gold price moving higher.

Chart shows yet another lovely story for gold. Trend is your friend till it ends (silly rhyme, but there's truth to it). It can always pull back to the trendline. But until it breaks lows and highs and the chart starts looking terrible, just go with it. Buy on dips.

It's one of his best performers with fine margins and they cleaned up their balance sheet. They pay a small dividend, but grows rapidly. More momentum in gold to come.

Perhaps the best gold operator. They delivered an excellent quarter last week and operate at low costs. They definitely benefit from high gold prices.

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.

Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been AEM for its low-political-risk regions, growing mining operations, and good execution by very good management. Performed very well long-term over the cycle.

It's great that it's run up and is a significant portion of a portfolio. It's provided great diversification. Absolutely don't buy more, do not chase. If you own it, let it run.

We believe quite strongly in the gold sector right now, and AEM still looks good. We would be comfortable buying some at current levels. 
Unlock Premium - Try 5i Free

Best in class, the best gold producer, and he's bullish gold, which has taken over from cryptos.

Likes that about 90% of mines are in Canada, with rest being in geopolitical-positive environments. Strong management team are good allocators of capital. Stock's done so well, hard to find entry for new clients; a function of the price of gold and flight to safety. 

His favourite gold senior. His guess is that in the next month or so, Trump's going to roll back a lot of stuff and the economy will be better. So areas like gold are going to sell off.

Ranks #1 in the head-to-head battles. Doing the best out of all the Canadian stocks right now. Trending up, and gold has broken through $3000. Continues to outperform, hasn't seen a 3-box reversal at all. Yield is 1.54%.