Freedom Broker upgrades Agnico Eagle Mines to Buy from Hold, keeps price target at $212

Gold rose 3.5% on November 4, 2026, reaching $4,073 per ounce. Newmont (NEM) climbed 9.94%, while SPDR Gold Shares (GLD) gained 3.67%. The rally was driven by a weaker dollar and lower Treasury yields. However, traders still see an 83% chance of a Fed rate hike in December, which could pressure gold prices.

Gold mining stocks surged in premarket trading on Wednesday, following a 3.02% rise in gold prices to $4,446.90 per ounce, driven by a weaker US dollar after Democratic midterm election victories. Barrick Mining (B) and Newmont (NEM) shares gained over 5%, while Kinross Gold (KGC) rose 6.8%. The weaker dollar, which hit a one-month low, made gold more affordable internationally, boosting demand and prices.

Agnico Eagle Mines (AEM) reported Q3 2026 earnings beating expectations due to high gold prices, despite lower production. Production fell to 814,012 ounces due to a mining halt at Canadian Malartic, risking 150,000 ounces annually in 2027 and 2028. Full-year guidance is now at the lower end of 3.3-3.5M ounces, with costs near the upper range. Development capital rose to $560.8M.

Gold prices averaged $4,262/oz in Q3 2026, up 23% YoY but down from Q1 2026. Miners like Newmont (NEM), Agnico (AEM), Kinross (KGC), and Alamos (AGI) reported higher realized prices. The Fed's rate hikes and Treasury yields impacted gold prices. Gold ETFs saw record inflows. Newmont reported Q3 earnings of $2.5B, Agnico $1.35B, Kinross $583.2M, and Alamos $165.6M.

Agnico Eagle Mines (AEM) reported Q3 2026 earnings with $1.35B net income, $852M free cash flow, and 814K ounces of gold produced. Costs rose due to diesel expenses, and shares fell 5.99%. The company maintained production guidance but expects lower-end results. It allocated capital to sustaining operations, growth, and shareholder returns, with $800M spent on buybacks. Growth projects aim for 20-30% production increases by the early 2030s.

Agnico Eagle Mines (AEM) reported Q3 2026 earnings with cost pressures, including higher diesel prices and tariffs. Total cash costs were $1,133 per ounce, 1% above guidance. The company expects full-year costs to reach the upper end of its range. Labor availability and housing constraints pose challenges for future growth. Management discussed cost inflation, labor strategies, and production updates during the earnings call.