Gold prices hit a new record high above $4,500 an ounce, with strong momentum suggesting higher highs are on the way.
Agnico Eagle Mine (AEM) Gold production in 2024 is 3.4 million ounces, with all-in sustaining costs of approximately $1,373 per ounce.
barrick mining corp. (B) Generated record operating cash flow of $2.4B and free cash flow of $1.5B in the third quarter.
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Gold prices surged to record highs, well above $4,500 an ounce, with spot prices as high as $4,575. Year-to-date, the metal is up about 71%, its strongest annual performance since 1979.
Several factors are driving this growth. Robust central bank purchases provided continued support, with institutions adding hundreds of tonnes of reserves as they continued to diversify into the U.S. dollar. Investor flows into gold-backed exchange-traded funds (ETFs) also remained strong, reflecting demand for safe-haven assets. Geopolitical tensions, including ongoing conflicts and trade uncertainty, have also increased gold’s appeal as a hedging tool.
Gold is soaring as expectations of further Fed rate cuts reduce the opportunity cost of holding gold (gold has no yield) and a weaker dollar makes it more attractive to overseas buyers.
However, as gold prices continue to rise with no end in sight, miners Agnico Eagle Mine (NYSE: AEM) and barrick mining corp. (NYSE: B ) is uniquely positioned to take advantage of this situation.
Agnico Eagle Mines is a high-grade gold producer with mines located primarily in Canada, Australia, Finland and Mexico—regions known for lower political risk.
The company focuses on regions that provide stability, consistent operations and long-term planning. In 2024, it produced approximately 3.4 million ounces of gold, and at current rates, its reserves provide approximately 15 years of mine life.
Agnico Eagle maintained costs in the second quartile of the global curve, reporting third-quarter all-in sustaining costs (AISC) of approximately $1,373 per ounce. This means that while Agnico is not the lowest-cost miner, it is competitive with costs below the industry median. This allows it to expand profits as gold prices rise, as higher real prices directly increase profitability without increasing costs at the same rate. In the third quarter, Agnico’s gold production was about 77% of management guidance, while costs were about the midpoint.
The miner continues to demonstrate its financial strength with record cash flow and debt reduction. Net cash increased to $2.16 billion, while long-term debt decreased by $400 million to $196 million. Ratings agency Moody’s also upgraded Agnico’s debt profile to A3 from Baa1, which will lower its borrowing costs and give it easier access to capital markets.
Analysts highlighted Agnico Eagle’s operational efficiency and its focus on mining in low-risk areas, which has helped it perform strongly during the current gold price rally.
Barrick Mining is one of the world’s largest gold and copper producers, with a portfolio that includes six Tier 1 gold assets, which are large-scale, long-lived mines capable of producing more than 500,000 ounces per year at low cost.
Its operations span multiple countries, providing geographic diversification that helps mitigate disruption in any one country. Barrick’s production has been strong, and despite year-on-year declines due to sales at the Hemlo and Tongon mines and unplanned downtime at the Goldstrike roaster, gold production still increased 4% sequentially, and the miner maintained full-year gold production guidance of 3.15 million ounces and 3.5 million ounces.
Rising gold prices gave Barrick record operating cash flow ($2.4 billion) and free cash flow ($1.5 billion) given its size, cost structure and disciplined capital allocation, but further helped boost shareholder returns through dividends (it boosted payouts 25% to $0.125 per share in the third quarter) and share repurchases.
Growth projects, including expansions in Nevada and Africa, are progressing as planned and positioning Barrick for continued production. Its gold and copper portfolio adds leverage to the commodity’s upward trend, while it continues to work to streamline its assets and improve overall efficiency.
Strong tailwinds are driving Barrick forward, and even though its shares have tripled in 2025, the company is still a buy to capture the significant upside gold can still have.
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