14 Best Precious Metals Stocks to Buy Now

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3. Agnico Eagle Mines Ltd. (NYSE:AEM)

Market Cap: $81.1 Billion

Number of Hedge Fund Holders: 52

Agnico Eagle Mines Ltd. (NYSE:AEM) is one of the best precious metals stocks to buy now. On September 19, UBS analyst Daniel Major increased the price target on the company’s stock to $160 from $125, while maintaining his Neutral rating. Major is among the few analysts who hold a cautious stance on the stock, which is otherwise viewed optimistically by the majority of analysts. Among the recent ones is the analyst at RBC Capital, who reiterated a Buy rating with an unchanged $175 price target on September 15.

On the investment side, the company made two notable announcements on September 9. Firstly, it announced the purchase of 586,619 units of Maple Gold Mines Ltd. for a total value of around $352,000. Each unit comprises one common share and a purchase warrant which entitles the company to buy one common share at C$0.85, and is valid for 36 months.

With this purchase, Agnico now owns 16.32% of Maple Gold equity on a partially diluted basis. The company believes this aligns with its strategy of capitalizing on opportunities with high geological potential.

In another decision, the company monetized its stake in Orla Mining Ltd. by selling its 11.3% stake or ~38 million shares for a total consideration of C$560.5 million. The company made the decision by taking into consideration the current gold market and its strategic priorities.

Agnico Eagle Mines Ltd. (NYSE:AEM) is Canada’s largest mining company and the second largest gold producer in the world.

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