Jim Cramer Suggests Owning Agnico Eagle

Agnico Eagle Mines Limited (NYSE:AEM) is one of the stocks in focus in the game plan Jim Cramer shared. Cramer highlighted it as his preferred gold stock, as he commented:

“If you want to own a gold stock, don’t own Newmont, which has disappointed. Own Agnico Eagle, which has incredibly low finding costs. That’s what matters.”

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Agnico Eagle Mines Limited (NYSE:AEM) explores, develops, and produces precious metals, primarily gold, in addition to silver, zinc, and copper. Cramer mentioned the stock during the October 8 episode in light of the gold rally and said:

“What do we make of the spectacular rally in the price of gold, taking in above $4,000 an ounce for the first time in history? I always tell you to have some gold in your portfolio, yes, I am a gold bug, as a kind of insurance against inflation or currency devaluation, or just economic chaos. And this year, that insurance policy has paid off. Gold’s up 54% for the year. But you know what? You’ve done much, much better if you own certain gold miners. Take Cramer fave, Agnico Eagle Mines, up blistering 117% year to date. These guys have a bunch of low-cost mines coming online in the not-too-distant future. In other words, as long as gold prices stay high, I mean, these guys can make a killing.”

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