YRI:CC - Agnico Eagle Mines: Buy The Dip

• Agnico Eagle is down more than 45% from its all-time highs reached in Q3 2020, with declines of this magnitude being quite rare outside of secular bear markets in gold.
• In the case of most producers, these high double-digit declines are justified with many miners unable to control costs and many making continuous missteps.
• However, this is not the case with AEM, which is more shielded from cost pressures, benefits from exceptional margins, and has a glowing track record among its commodity sector peers.
• With the stock now trading at ~1.0x P/NAV and barely 8x forward cash flow, I see this pullback in the stock as a gift, and one of the most attractive ways to play the gold producer space.

For further details see: