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« Yamana Gold Incorporated: Declares July Dividend! | Main | Gold: A Terrific Run! »

Agnico-Eagle Mines Limited: A question of timing!

AEM Chart 16 July 2008

There is no doubt about it Agnico-Eagle Mines Limited (AEM) is a class act and deserves a place in everyone’s portfolio, however timing an entry point is also crucial.

As we can see on the above chart of Agnico’s progress the technical indicators, RSI, MACD and the STO are in the sell zone which suggests that AEM could well take a breather shortly. AEM has returned to challenge its all time high rather quicker than most other stocks which is testament to its quality.
Also note that the 200dma is advancing steadily but the gap between it and the stock price is widening. The 50dma has also resumed its upward progress adding support to the stock price.

We are owners of this stock and do not wish to put you off making a purchase especially considering the current economic and political climate, however we think that a dip could occur in the near future presenting us with a cheaper entry level.

We first bought this stock in 1982, and have traded it on and off, ever since then. Despite a twenty-five year bear market in gold AEM not only survived but also managed to pay a dividend every year, which is a remarkable achievement.

AEM has a market capitalisation of $10.87 billion, a P/E ratio of 74.53 with 143.69 million shares outstanding.

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

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