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« The Two Dollar Bear! | Main | $1000 Gold: Achieved! »
Sunday
Mar162008

Agnico-Eagle Still Buzzing at $80.00!

Agnico-Eagle Chart:

Agnico-Eagle Chart 17 March 2008


As a producer and an explorer this old bird is very hard to beat if you are looking for a gold mining company. On 25th June 2006 we wrote this about Agnico:

“You should never fall in love with a stock but this is one of our favourites. We first bought this stock in 1982, and have traded it ever since then. Despite a twenty-year bear market in gold they not only survived but also managed to pay a dividend every year, which is a remarkable achievement.”

The stock price has more than doubled since June 2006 and has been very good to us. If you could own just one mine then Agnico-Eagle would probably get the nod.

The question now is where can it go from here? As we write the Sydney market is trading and the Hong Kong market has just opened and we can see that both gold and silver are off to a cracking start with gold up $19.30 at $1021.70 and silver up $0.37 at $21.04. It remains to be seen if the London Exchange and the New York Exchange join in the fun and carry the precious metals to a record breaking day.

It could also be a case of buy the rumour, which in this instance is the upcoming Feds rate cut on the 18th March 2008. Buying in anticipation of this cut, another blow to the dollar and a boost for gold and silver! Fascinating for us to observe, however its what happens after the announcement when the euphoria wears off that we will need to keep a very close eye on. But, until then blast through the shower and have a super Monday.

Taking a quick look at Agnico's chart we can see just what a good run it has been on with volume of shares traded on Friday up to 4.96 million compared to its average volume of 2.88 million shares traded. Watch the indicators though as they are at the top of their respective ranges tapping on the ceiling.

If you do not have any investments in this sector and would like to follow our adventures in gold and associated precious metals mining opportunities then please click here to receive our free investors newsletter.

Agnico logo

Agnico-Eagle trades on both the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol of AEM.





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