CUR - Agnico Eagle Mines: Benefitting From Gold's Breakout
2024-04-12 18:00:41 ET
Summary
- Gold prices reached a new record of $2,400 per ounce, driven by geopolitical risks, despite rising real interest rates.
- Agnico Eagle Mines Limited is a gold mining company with strong upside momentum and the potential for healthy earnings in the quarters ahead.
- AEM's technical chart shows a bullish reversal pattern, with increasing volume and strong RSI indicating further upside potential.
- I highlight key price levels to watch ahead of earnings due out later this month.
Gold prices continue to surge. The spot price of the precious metal touched $2,400 per ounce on Friday, April 12, a new record. It comes after a years-long consolidation that frustrated many investors seeking diversification and safety from geopolitical risks and ballooning US federal debt. With a decisive breakout above $2100 per ounce earlier this year, it appears to be clear skies ahead. What has made the latest thrust higher all the more impressive is that it has come amid rising real interest rates and a firming dollar - both are thought to be headwinds for gold. Of course, rising geopolitical risks in the Middle East is a bullish factor....
Agnico Eagle Mines: Benefitting From Gold's Breakout