What is AEM? Agnico Eagle Mines Limited is a Canadian-based gold producer with operations in Canada, Finland and Mexico and exploration and development activities extending to the United States. Agnico Eagle has full exposure to higher gold prices consistent with its policy of no-forward gold sales
MAY 17, 2020 10:00AM EDT After learning that 3 million more Americans filed unemployment claims last week, investors raced to the gold market -- one of the most sought-after safe havens for investments. The latest indication of the devastation on the economy wrought by the COVID-19 outbreak led to the price of gold surpassing $1,740 per ounce -- a level not seen since November 2012.
With the commodity trading at a multi-year high, some investors may believe that it's too late to add gold stocks to their portfolios; however, there are plenty of prognosticators predicting that the yellow stuff will continue to rise, as the COVID-19 outbreak continues with no end in sight. Therefore, investors interested in the metal would be well-served to consider several compelling options right now: Agnico Eagle Mines (NYSE: AEM), Newmont Corporation (NYSE: NEM), and Royal Gold (NASDAQ: RGLD).
As seen on this chart currently I have a slight correction. This may or may not happen given the nature of why mining companies are soaring; a result of people hedging funds directly into gold, which is known to be a safe haven during times of crisis.
@IMZ35, Minning companies are going up period but will have corrections along the way. I would wait for a correction because it is never a good idea longing at the top area. This could retrace as I have here.
@IMZ35, After every impulse there is a correction. How low depends on how bullish the market is. So watching the trend on a 4hr scale with a fib tool will tell you when to get in. There is a bottom then a retest then a move up or down but in this case a move up. Bullish is 38.2 percent or even 23.6. Most retraces hit the golden ratio (61.8%) unless really bullish.