Class is forever.
Form is temporary.
Agnico-Eagle Mines Limited is a quality gold mining stock and now is great time to add a few more to the portfolio.
If gold prices move to higher ground from here then Agnico-Eagle will surpass its all time high and hit $50.00.
The recovery has begun very well with the stock price gaining $5 in 5 days. The RSI, MACD and the Stockastics have also turned positive suggesting that there is more to come.
This is a $5.5 billion company with a P/E ratio of 35.5 and 134 million shares outstanding. Currently planning to produce over 1.2 million ounces by 2010 with gold reserves totaling 15.4 million ounces. Agnico has is financially solid with a cash position of around $495 million and no long-term debt. It would not surprise us to see them on the acquisition trail in the near future.
Agnico-Eagle is one of our favourite gold mining stocks and forms part of our core position in this sector.
In the USA Agnico-Eagle Mines Limited trades on the NYSE: AEM
In Canada Agnico-Eagle Mines Limited trades on the TSX: AEM