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« Newmont Scraps Hedges: About time too! | Main | UK Interest Rates Rise Yet Again »
Friday
Jul062007

Agnico-Eagle up 6.22% on Q2 2007 News

Agnico-Eagle Gold Mines was up $2.32 or 6.22% yesterday one the announcement that they will release their Q2 Results for this year on August 1st, which many people, including us, expect to be very positive.

Agnico-Eagle up 6.22% on Q2 2007 News

The stock has also been rising on good news from their Pinos Altos project in Mexico.

This recent relatively small spike is good news as we had previously thought that AEM was in a down channel and, although this tick up does not completely destroy that theroy, it goes a fair way to breaking the downtrend that AEM has been in since the beginning of this year.

Agnico Eagle is a top quality gold stock which we have been fortunate enough to have been invested in for number of years. Indeed we first traded the stock back in the late 1980's but it has been one of our favourites in this latest gold bull market as, less that two years ago AEM was trading for as little as $10.00-$13.00 a share, so it has put in quite a performance.

The company has a good portfolio of gold projects and a good gold resource base which they plan to expand to 14-20 million ounces in the next few years. It could be said that perhaps AEM is getting too large to offer investors significant percentage gains, but we will continue to stick with this gold stock as it has good fundamentals (such as being totally unhedged and has paid a dividend for over 25 consecutive years) and our patience has been rewarded in the past.

We also see 2008 as being a good year for AEM as their Goldex mine near LaRonde, Kittila gold mine in Finland and Lapa deposit are all expected to begin production in 2008 so this should prove to be a very positive year for the stock and its performance. AEM has projects in Canada, Mexico, USA and Finland so it is not involved in any geopolitically unstable areas of the world.

Agnico Eagle trades as AEM on the New York Stock Exchange and also as AEM on the Toronto Stock Exchange.

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