Bullboard - Stock Discussion Forum Agnico Eagle Mines Ltd T.AEM

Alternate Symbol(s): AEM

Metals & Mining Gold

Agnico Eagle Mines Limited is a Canada-based gold mining company engaged in producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of exploration and development projects in these countries as well as in the United States. Its operations include Canadian Malartic Complex, Detour Lake, Fosterville, Goldex, Kittila, La India, LaRonde Complex, Macassa... see more

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Agnico Eagle Mines Ltd > Citi

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Post by retiredcf on Jul 10, 2024 8:36am

Citi

Citi analyst Aakash Doshi expects continued strong demand for gold bullion,

“Physical gold demand likely softened in 2Q versus 1Q, albeit off a very strong base. Underlying gold consumption growth is still trending positive for 2024 and could help push 2H’24 spot trading towards a record $2,400-2,600/oz average price range, as financial investors play catch-up. Chinese retail gold imports and global central bank gold demand eased in recent months following a record 1Q seasonal. However, bullion ETF inflows have started to manifest, and buying interest there could become more pronounced into quarter-end and year-end. We remain constructive on gold physical uptake over the next 12m with a potential Fed cutting cycle and US labor market headwinds buttressing paper demand for the yellow metal. Our base case price targets $2,800-3,000/oz gold trading for mid-2025 (+10-20% versus the forwards)”

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