Gold is surging to new all-time highs, trading well above $4,500 per ounce with spot prices reaching as high as $4,575. This marks a gain of approximately 71% year-to-date, representing the metal’s strongest annual performance since 1979.
Several factors have propelled this rise. Strong central bank purchases have provided consistent support, with institutions adding hundreds of tonnes to reserves as they continue diversifying away from the U.S. dollar. Investor inflows into gold-backed exchange-traded funds (ETFs) have also remained robust, reflecting demand for safe-haven assets. Geopolitical tensions, including ongoing conflicts and trade uncertainties, also boosted gold’s appeal as a hedge.
With expectations of further Federal Reserve rate cuts lowering the opportunity cost of holding gold — which doesn’t have a yield — and a weaker dollar making it more attractive for overseas buyers, the yellow metal is soaring.
Yet as gold ratchets higher with no end in sight, miners Agnico Eagle Mines (NYSE:AEM | AEM Price Prediction) and Barrick Mining (NYSE:B) are uniquely positioned to capitalize on the situation.
Agnico Eagle Mines (AEM)
Agnico Eagle Mines operates as a senior gold producer with mines primarily in Canada, Australia, Finland, and Mexico — jurisdictions known for lower political risk.
The company is focused on regions that offer stability and provide for consistent operations and long-term planning. In 2024, it produced approximately 3.4 million ounces of gold, with reserves providing about 15 years of mine life at current rates.
Agnico Eagle maintains costs in the second quartile of the global curve, reporting all-in sustaining costs (AISC) around $1,373 per ounce in the third quarter. This means that while Agnico is not the lowest-cost miner, it is competitive, with costs below the industry median. This allows for it to expand margins as gold prices rise, as higher realized prices directly boost profitability without increasing cost at the same rate. In Q3, Agnico’s gold production was approximately 77% of management’s guidance, while costs came in at about the midpoint.
The miner continues to flex its financial strength through record cash flows and debt reduction. Net cash grew to $2.16 billion while reducing long-term debt by $400 million to $196 million. Ratings agency Moody’s also upgraded Agnico’s debt profile to A3 from Baa1, which should lower its borrowing costs and give it easier access to capital markets.
Analysts have highlighted Agnico Eagle’s operational efficiency and its focus on mining in low-risk areas, which contributes to its strong performance during the current gold rally.
Barrick Mining (B)
Barrick Mining is one of the world’s largest gold and copper producers, with a portfolio including six Tier One gold assets — large, long-life mines capable of producing over 500,000 ounces annually at low costs.
Its operations span multiple countries, offering geographic diversification that can help mitigate disruptions in any one country. Production has been strong for Barrick, and despite year-over-year figures declining due to the sales of its Hemlo and Tongon mines — and the unplanned downtime at its Goldstrike roaster — gold production still rose 4% sequentially, and the miner maintained its full-year gold production guidance of 3.15 million and 3.5 million ounces.
Higher gold prices drove 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 further helped boost shareholder returns through dividends — it hiked the payout 25% in Q3 to $0.125 per share — and stock buybacks.
Growth projects, such as expansions in Nevada and Africa, are advancing on schedule and positioning Barrick for sustained production. Its mix of gold and copper exposure adds leverage to commodity uptrends, while ongoing efforts to streamline its assets improve overall efficiency.
With robust tailwinds propelling Barrick forward, and despite its stock already tripling in 2025, the miner remains a buy to capture the substantial upside still available in gold.
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