Agnico Eagle (AEM) Has Mines In the Safest Places, Says Jim Cramer

We recently published Jim Cramer Discussed These 12 Stocks & Wondered Whether He Should Melt Silver. Agnico Eagle Mines Limited (NYSE:AEM) is one of the stocks that Jim Cramer discussed.

Agnico Eagle Mines Limited (NYSE:AEM) is one of Cramer’s favorite mining stocks. The shares are up by 101% over the past year and by 16% year-to-date. Agnico Eagle Mines Limited (NYSE:AEM) is one of the few gold stocks that Cramer has consistently discussed. Banking giant JPMorgan initiated coverage on the firm in late January as it set a $248 share price target and a Neutral rating on the stock. The investment bank pointed out that Agnico Eagle Mines Limited (NYSE:AEM) was one of the largest gold mining companies in the world and benefited from operating mines in stable countries. Cramer has frequently discussed the point about mine stability, and he expanded on it in this appearance:

“I keep coming back to what Agnico Eagle told me, which is that, gold is so high in price, that anywhere it’s in the undeveloped world, the contracts could be broken. And the miners could be kidnapped. Because the people who have gold in their countries in Africa are saying, those contracts are no good, let’s rip them up. But, Agnico Eagle is in Canada, in Finland, and a nice part of Mexico.”

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Disclosure: None. This article is originally published at Insider Monkey.