As Gold Smashes Records Above $4,500, These 2 Miners Are a Must-Buy Today

Industry Overview - Gold prices have surged to new all-time highs, trading above $4,500 per ounce, marking a year-to-date gain of approximately 71%, the strongest annual performance since 1979 [1][2] - Factors driving this rise include strong central bank purchases, robust investor inflows into gold-backed ETFs, and geopolitical tensions that enhance gold's appeal as a safe-haven asset [2][3] Agnico Eagle Mines (AEM) - Agnico Eagle Mines operates as a senior gold producer with mines in Canada, Australia, Finland, and Mexico, focusing on regions with lower political risk [4] - In 2024, Agnico produced approximately 3.4 million ounces of gold, with reserves providing about 15 years of mine life at current rates [4] - The company reported all-in sustaining costs (AISC) around $1,373 per ounce in Q3, maintaining costs in the second quartile of the global curve, allowing for margin expansion as gold prices rise [5] - Agnico's net cash grew to $2.16 billion, and long-term debt was reduced by $400 million to $196 million, with Moody's upgrading its debt profile to A3 from Baa1 [6] - Analysts highlight Agnico's operational efficiency and focus on low-risk mining areas as key contributors to its strong performance during the current gold rally [7] Barrick Mining (B) - Barrick Mining is one of the largest gold and copper producers globally, with a portfolio that includes six Tier One gold assets capable of producing over 500,000 ounces annually at low costs [8] - Despite year-over-year production declines due to asset sales and unplanned downtime, Barrick's gold production rose 4% sequentially, maintaining full-year guidance of 3.15 million to 3.5 million ounces [9] - Higher gold prices resulted in record operating cash flow of $2.4 billion and free cash flow of $1.5 billion, enhancing shareholder returns through a 25% dividend hike in Q3 and stock buybacks [10][11] - Barrick's growth projects in Nevada and Africa are advancing on schedule, positioning the company for sustained production, while its mix of gold and copper exposure adds leverage to commodity uptrends [11] - Despite its stock tripling in 2025, Barrick remains a buy to capture substantial upside in gold [12]