"Gold is surging to new all-time highs, trading well above $4,500 per ounce with spot prices reaching as high as $4,575. This marks a gain of approximately 71% year-to-date, representing the metal's strongest annual performance since 1979. Several factors have propelled this rise. Strong central bank purchases have provided consistent support, with institutions adding hundreds of tonnes to reserves as they continue diversifying away from the U.S. dollar."
"With expectations of further Federal Reserve rate cuts lowering the opportunity cost of holding gold - which doesn't have a yield - and a weaker dollar making it more attractive for overseas buyers, the yellow metal is soaring . Yet as gold ratchets higher with no end in sight, miners Agnico Eagle Mines ( ) and Barrick Mining ( ) are uniquely positioned to capitalize on the situation."
Gold has climbed to all-time highs above $4,500 per ounce, rising roughly 71% year-to-date and marking the metal's strongest annual performance since 1979. Central bank purchases and investor inflows into gold-backed ETFs have supported demand as institutions add hundreds of tonnes to reserves and diversify away from the U.S. dollar. Geopolitical tensions have reinforced gold's safe-haven appeal. Expectations of Federal Reserve rate cuts and a weaker dollar have lowered the opportunity cost of holding gold and boosted overseas demand. Agnico Eagle Mines and Barrick Mining stand to benefit, with Agnico operating in low political-risk jurisdictions, producing about 3.4 million ounces in 2024, holding roughly 15 years of reserves, and reporting Q3 all-in sustaining costs near $1,373 per ounce in the second cost quartile.
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