Jim Cramer Was Talking About These 10 Stocks Amid Tariff Chaos

4. Agnico Eagle Mines Ltd (NYSE:AEM)

Number of Hedge Funds Investors: 54

Jim Cramer was recently asked about his thoughts on Barrick Gold. He instead recommended Agnico Eagle Mines Ltd (NYSE:AEM) as a better buy.

“It’s killing me, it’s killing me that that thing isn’t moving. It’s not doing what I thought it should, so that’s why I’m saying pivot. Agnico Eagle, that’s the one I like. Agnico Eagle, let’s go to.”

Conventum – Alluvium Global Fund stated the following regarding Agnico Eagle Mines Limited (NYSE:AEM) in its Q3 2024 investor letter:

“Our gold miners performed quite well. Agnico Eagle Mines Limited (NYSE:AEM) was up 22.4%, and Regis Resources was up 16.2%. Moving on to Agnico Eagle, its update was all positive, and included promising expansion plans for existing assets. Unlike Regis, there was no reason for its share price not to respond to the favourable conditions in the direct gold markets. However, over the course of our ownership (originally in Kirkland Lake which then merged with Agnico), our investment has moved more toward exploration from operations. Whilst we like upside, and there is no doubt the Agnico management team have executed well and are likely to continue to do so, this was never the main game when it came to our investment in Kirkland Lake in mid 2020. So, it no longer meets our original investment thesis, nor our refined investment philosophy. This is perhaps best illustrated by our earnings based valuation approach. We updated our gold price and exchange rate assumptions leading to higher maintainable earnings estimates, and we adjusted our discount rate to reflect higher growth prospects and increased confidence in management. And our valuation increased by 47%. However it is still barely half the current share price. Accordingly, we sold our position.

So, we no longer invest in any gold miners. The timing of our Regis sale was not great as we missed a subsequent 26.7% rally to the end of the quarter. However, the decision to sell was the right one. This is an example that one should not judge the quality of a decision by its outcome. Net-net the Fund’s total return over its holding period for the gold miners was disappointing, as our 82.8% capital return from Agnico was almost completely wiped out by our 39.8% capital loss from Regis.”