Jim Cramer Highlights Why He Likes Agnico Eagle

Agnico Eagle Mines Limited (NYSE:AEM) is one of the stocks that Jim Cramer shared takes on, along with navigating market shortages. Cramer discussed the company in light of rising gold prices, as he said:

So listen to me first about gold… We just don’t have enough of it. You think that with all the miners out there, the supply of gold will grow 2, 3, or 4% a year, right? Nope. The miners only grow the supply by 1%. They don’t call it precious for nothing. Plus, most of the gold is in places that are, let’s just say, not so great for doing business. I like Agnico Eagle, they were on the other night, second largest gold miner, because almost all of their gold is in Canada, a normal developed country. Now that gold has broken out above $5,400 an ounce, and I’m telling you, it is not done yet… Both Agnico Eagle and Barrack were up huge today. I would keep the gold. I’m a gold bug from way back.

Image by Csaba Nagy from Pixabay

Agnico Eagle Mines Limited (NYSE:AEM) is a gold mining company that explores for and produces precious metals, including gold, silver, zinc, and copper. Cramer discussed the stock while noting the shortages in precious metals during the January 23 episode. He stated:

Unfortunately, it’s not just tech. We’ve got some real shortages in metals. Gold, silver, and copper are climbing relentlessly. The world has a lot of copper, so even though it’s used in the data center, I’d be circumspect about chasing it. But man, silver’s up 46% since the beginning of the year, and gold’s up 15%. Now, a lot of that’s because the dollar’s weak. It’s a store… of value, but we do have a permanent shortage in gold, not in silver, but in gold. Each year, we only replace about 1% of the world’s holdings between all the geopolitical uncertainty and the weakness of the dollar. There’s huge demand here. I would buy Agnico Eagle if I wanted to participate in it because they’re the best miner.

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