Tailings spill reaches creek at Agnico Eagle’s Detour Lake mine

The TSX Composite Index fell 0.3% to 36,514 on Friday after Canadian jobs data missed expectations, showing a 41,700 decline. US payrolls surged, boosting Fed rate hike expectations. Major banks, miners, and tech stocks were mixed, with TD Bank and Scotiabank down, while Celestica rose.

Agnico Eagle Mines (AEM) revised its 2026 gold production forecast to the lower end of guidance (3.3-3.5M oz) due to operational changes at Canadian Malartic. The company reported strong first-half earnings but faces investor concerns over near-term output and capital spending. Analysts project $14.7B revenue and $6.2B earnings by 2029, with a 4% upside to current price.

Federal Reserve Chair Kevin Warsh's hawkish remarks on inflation caused a sharp decline in precious metals mining stocks. First Majestic Silver (AG) led the drop, falling 5.09%, while other miners like AngloGold Ashanti (AU) and Barrick Mining (B) also saw significant decreases. Warsh's comments pushed up interest-rate expectations, increasing the opportunity cost of holding non-yielding assets like gold and silver.

Gold prices fell 1% to $4,649.10/oz after a hotter-than-expected US inflation report, retreating from a three-month high. Spot gold is still up 14% in August. Silver also declined. The Fed's preferred inflation gauge, PCE, rose 3.7% YoY in July, above forecasts. Investors await Fed Chair Warsh's speech at Jackson Hole for further rate guidance. Gold's recent rally was driven by US Treasury bond market intervention and ETF inflows. Miners like Agnico Eagle and AngloGold have seen significant gain

Zacks Equity Research highlights Carter's (CRI) as a Bull of the Day, citing a strong Q2 earnings beat, raised guidance, and positive analyst revisions. The company's stock has seen a pullback, presenting a potential buying opportunity. Agnico Eagle Mines (AEM) is named Bear of the Day due to falling estimates, rising costs, and a stock price that may have already priced in gold's rally. Additionally, Zacks provides analysis on Rocket Companies (RKT), UWM Holdings (UWMC), and PennyMac Financial

Agnico Eagle Mines (AEM) reported Q2 EPS of $3.05, beating estimates, but revenue missed slightly. The company raised capex guidance and lowered production forecasts. Analyst estimates have declined over the past 60 days. AEM's stock has rallied with gold prices, but rising costs and softer production may pose risks.