Gold prices hit new record highs above $4,500 an ounce, with strong tailwinds signaling higher highs to come.
Agnico Eagle Mines ( AEM ) produced 3.4 million ounces of gold in 2024 at a sustaining cost of approximately $1,373 per ounce.
Barrick Mining (B) Q3 generated record operating cash flow of $2.4B and free cash flow of $1.5B.
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Gold traded above $4,500 an ounce to hit a new all-time high, while gold rose to $4,575. This marks a year-to-date gain of nearly 71%, representing the metal’s strongest annual performance since 1979.
Several factors have driven this growth. Strong central bank purchases have provided continued support, with institutions adding hundreds of tonnes to reserves as they continue to diversify away from the US dollar. Investor flows into gold-backed exchange-traded funds (ETFs) also remained strong, reflecting demand for safe-haven assets. Geopolitical tensions, including ongoing conflict and trade uncertainty, also boosted gold’s appeal as a hedge.
With expectations of further Federal Reserve rate cuts lowering the opportunity cost of holding gold – which is not a yield – and a weaker dollar making it more attractive to foreign buyers, the yellow metal is rising.
Yet as the price of gold rose, the miners Agnico Eagle Mines (NYSE: AEM ) and Barrick Mining (NYSE:B) are uniquely positioned to capitalize on the situation.
Agnico Eagle Mines operates as a senior gold producer with mines primarily in Canada, Australia, Finland and Mexico – jurisdictions known for low political risk.
The company focuses on areas that provide stability and provide for continuous operations and long-term planning. In 2024, it produced approximately 3.4 million ounces of gold, with reserves providing a mine life of 15 years at current rates.
Agnico Eagle maintains costs in the second quarter of the global curve, reporting an all-in sustaining cost (AISC) of $1,373 per ounce in the third quarter. This means that while Agnico is not the lowest cost mine, it is competitive, with costs below the industry average. This allows margins to expand as gold prices rise, as higher realized prices directly increase profits without increasing costs at the same rate. In Q3, Agnico’s gold production was about 77% of management’s guidance, while costs came in at the midpoint.
The miner continues to flex its financial strength through 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 has also upgraded Agnico’s debt profile from Baa1 to A3, which should reduce its borrowing costs and give it easier access to capital markets.
Analysts have highlighted Agnico Eagle’s operational efficiency and focus on mining in low-risk areas, contributing to its strong performance in the current gold rally.
Barrick Mining is one of the world’s largest gold and copper producers, with a portfolio of six Tier One gold properties – large, long-life mines capable of producing more than 500,000 ounces annually at low costs.
Its operations are spread across multiple countries, providing geographic diversity that can help reduce bottlenecks in any one country. Production has remained strong for Barrick, and despite declining year-over-year figures due to the sale of its Hemlo and Tongon mines — and unplanned downtime at its Goldstrike roster — gold production still rose 4% sequentially, and the mine maintained full-year gold production guidance of 3.15 million and 3.15 million ounces.
Higher gold prices led to record operating cash flow ($2.4 billion) and free cash flow ($1.5 billion) for Barrick, given its scale, cost structure, and disciplined capital allocation, but it also helped boost shareholder returns through dividends — it increased payouts in Q3 25% to $0.125 and buybacks per share increased to $0.125.
Development projects, such as expansions in Nevada and Africa, are moving forward on schedule and positioning Barrick for sustained production. Its mix of gold and copper exposure benefits from commodity uptrends, while ongoing efforts to streamline its assets improve overall efficiency.
Strong tailwinds are driving Barrick forward, and even though its stock has already tripled in 2025, the miner remains a buy to capture the substantial upside still available in gold.
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