Gold’s Pause Today Sets the Stage for Tomorrow’s Breakout, Says Agnico Eagle CEO
Agnico Eagle CEO Ammar Al-Joundi says gold’s rally isn’t over—it just needs to catch its breath before soaring to new heights.

After a year that saw gold explode past every historical benchmark, Agnico Eagle Mines (TSX: AEM, NYSE: AEM) CEO Ammar Al-Joundi is sending a message to investors that feels equal parts optimism and caution. The precious metal may be due for a pause before resuming its march higher.
“Of course, nobody has a crystal ball and nobody can predict near-term moves,” Al-Joundi said during the company’s quarterly conference call. “But it is very common that when a market moves up quickly, there is often a measured retracement and a period of consolidation before the next leg up.”
His words carry weight. Agnico Eagle isn’t just another miner—it’s Canada’s largest mining company and the world’s second-largest gold producer, with operations spanning Canada, Finland, Australia, and Mexico.
Record-Breaking Quarter Amid Record-Breaking Gold Prices
Agnico Eagle’s third-quarter results were nothing short of glittering. Net income surged to $1.06 billion, nearly doubling from $567 million in the same period last year. Free cash flow also ballooned to $1.2 billion, compared to $620 million a year ago.
The company’s realized gold price hit an average of US$3,476 per ounce—up sharply from last year’s US$2,492. That kind of pricing power, paired with rising production of 866,936 ounces, has set Agnico apart in a year where many producers struggled with cost inflation and energy volatility.
Still, even with these record highs, the company’s cash costs ticked up slightly to US$994 per ounce from US$921, reflecting industry-wide pressures from fuel, labor, and logistics.








