We recently published a list of 10 Best Canadian Gold Stocks to Buy Now. In this article, we are going to take a look at where Agnico Eagle Mines Limited (NYSE:AEM) stands against other best Canadian gold stocks to buy now.
Gold remains a trusted store of value during economic uncertainty. Due to global inflation, geopolitical tensions, and central bank demand, the appeal of gold is surging to new highs. According to Fortune Business Insights, the global gold market, worth $291.68 billion in 2024, is projected to reach $457.91 billion by 2032, growing at a CAGR of 5.8%. Reuters reported that this price surge has attracted investors, with spot gold hitting a record $2,936.38 per ounce and U.S. futures reaching $2,956.10.
Investor interest remains high as gold-backed ETFs saw a 26% jump in 2024, their best performance since 2010. Additionally, central bank demand is expected to exceed the 500-ton long-term average in 2025, further supporting prices, though any purchasing slowdown could pose risks.
Macroeconomic factors also affect gold’s future as the U.S. recently imposed a 25% tariff on Mexican and Canadian imports, along with additional duties on Chinese goods, sparking inflation worries. While automakers received temporary exemptions, market uncertainty persists. According to a Reuters survey, investors are watching the upcoming U.S. non-farm payrolls report, which could affect Federal Reserve policy and gold prices.
On the supply side, global gold production held steady at about 3,300 metric tons in 2024, with China, Russia, Australia, and Canada as the top producers. Meanwhile, the recycled gold supply rose 11% to 1,370 tons, reflecting increased market liquidity. With China and India accounting for over 60% of annual gold consumption, the countries remain crucial market influencers in 2025.
However, global gold trade patterns are shifting from their traditional eastward flow to meet China’s and India’s demands. Gold shipments are now being redirected to the U.S. as Asian retail demand weakens. Reuters reported that bullion banks are capitalizing on Comex futures rather than premium spot prices by redirecting gold supplies to the U.S. Furthermore, U.S. gold inventories have jumped nearly 80% since late 2024, with increased imports from London, Switzerland, and Asian markets, cementing America’s key role in the global market.
Additionally, technological innovation is reshaping the gold industry. Advances in bio-leaching, cyanide-free processing, and nanotechnology are boosting extraction efficiency and sustainability, promising lower environmental impact and positioning the sector for long-term growth.
Entering 2025, the U.S. gold market continues to be shaped by inflation, geopolitical uncertainties, changing trade policies, and technological advances. Amid these shifting market dynamics, gold remains a vital asset for those seeking security and growth potential.
Methodology
To compile our list of the 10 Best Canadian Gold Stocks according to hedge funds, we used the Finviz stock screener to find the 30 largest Canadian companies that are involved in the production, extraction, processing, or sale of gold. We then used Insider Monkey’s Hedge Fund database to rank those stocks according to the number of hedge fund holders as of Q4 2024. Finally, we picked ten stocks with the highest number of hedge fund holders. The list is sorted in ascending order of hedge fund sentiment.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
A macro view of a gold mine, with miners hard at work in the foreground.
Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 50
Agnico Eagle Mines Limited (NYSE:AEM) is a renowned gold producer with operations spanning Canada, Australia, Finland, and Mexico. The company hit record production with solid financial performance in 2024, backed by high gold prices, operational improvements, and careful cost control.
Agnico Eagle Mines Limited (NYSE:AEM) produced 3.49 million ounces of gold in 2024, slightly crossing its midpoint target. For the fourth quarter, output reached 847,401 ounces, with cash costs of $923 per ounce. The company generated $2.14 billion in free cash flow for the year, reducing net debt by $1.29 billion and ending 2024 with just $217 million in net debt. These gains came mainly from record throughput at Detour Lake, steady performance at LaRonde, and cost savings across major sites.
A major highlight for Agnico Eagle Mines Limited (NYSE:AEM) was Detour Lake’s performance, where mill throughput hit a record 77,000 tons daily in Q4. This boost improved efficiency and strengthened the company’s long-term outlook. Meanwhile, the Odyssey Underground project at Canadian Malartic advanced, with shaft depth reaching 1,026 meters by year-end. Ongoing exploration at Odyssey, especially in the East Gouldie zone, should extend the mine’s lifespan and maintain production levels.
Agnico Eagle Mines Limited (NYSE:AEM) also acquired 96.5% of O3 Mining shares, expanding its position around Canadian Malartic. This purchase supports its “fill-the-mill” approach, aimed at maximizing throughput and creating regional efficiencies. The move could boost future production and expand Agnico’s resource base.
For the future, Agnico Eagle Mines Limited (NYSE:AEM) projects annual gold production of 3.3–3.5 million ounces through 2027. Cash costs for 2025 are expected to be between $915 and $965 per ounce, reflecting modest inflation. With ongoing investment in high-grade projects and cost optimization, Agnico is one of the best Canadian stocks on our list.
Overall, AEM ranks 1st on our list of best Canadian gold stocks to buy now. While we acknowledge the potential of AEM, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
