| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 95 | $207.56 | $19,718 | 0.80% | $184.21 | $2,218 | +12.7% | — |
| HSA | 1 | $196.66 | $197 | 0.18% | $184.70 | $12 | +6.5% | — |
| Total | 96 | $19,915 | 0.44% | $2,230 | +12.6% | — |
In short: Cited as evidence, not a stance — the acquirer that paid "$500 or more US per ounce in the ground" for Rupert Resources and put ~$60M into Radisson, and the model of the major he thinks like: only one or two mines at a time, so it buys the top-decile, low-cost assets.
24:51That's the second part of the trade that I've yet to enjoy that I'm looking forward to. And a final point I'll say is this is not just hypothetical, Stein. We've seen two deals this year that clearly demonstrate that senior mining companies understand that they can pay a lot more than $100 an ounce for deals. So, we had Rupert Resources get acquired by Agnico Eagle, the largest mining company in the world, for $500 or more US per ounce in the ground.
In short: His own company, so this is the CEO talking his book. "My job is to make you money. My job is not to get bigger": production per share up ~3× in 20 years; 20–30% more production by the early-to-mid 2030s from projects already being built, self-funded, while buying back shares; ~$3B net cash, no net debt; AISC "about $400 to $500 an ounce below our peers"; Malartic and Detour to be two of the world's few million-ounce mines. Committing US$2.5B to Hope Bay (Nunavut) and "spending more" in Canada.
Agnico Eagle digs gold out of the ground, mostly in Canada (the Abitibi region of Quebec and Ontario, and Nunavut), with smaller operations in Finland, Mexico and Australia. It is the world's second-largest gold producer. Keep in mind that the person making the case here is its CEO.
His argument has three parts. First, the company only works in places where the rules are unlikely to change after it has sunk billions into a mine, and he says investors are paying more for that safety every year. Second, it grows per share: it has tripled the gold produced per share in 20 years instead of just issuing new stock to get bigger, and it plans 20–30% more output into the 2030s, paid for from its own cash flow while it buys back stock. Third, it is cheap to run. Its "all-in sustaining cost," roughly what it costs to produce an ounce and keep the mines going, is $400–500 below its rivals', because workers stay (so less money goes on rehiring and retraining), more of its mines are underground and use less energy, and its power comes from hydro and nuclear rather than diesel.
With about $3 billion of net cash, a falling gold price would squeeze profit but not threaten the company. A spinout of a new critical-minerals company to shareholders is also coming. The obvious risk is gold itself: a miner's profits swing much more than the gold price does, in both directions.
40:45What you care about is what have you done per share? And we're the only guys who talk about that. In those last 20 years, we've increased production per share by a factor of three. That's hard to do. Basically anybody can issue more shares and get bigger. What's hard is to not issue shares and get bigger. And we've done that.
In short: New pro pick #1 — the beta. "I've been a shareholder of Agnico Eagle on and off for four decades. I've known all three of their CEOs. They are better allocators of capital than their competitors are." The ranking is explicit and 30 years long: "if you look at the capital allocation decisions among Barrick, Newmont, and Agnico over the last 30 years, first, second, and third all belong to Agnico. They've done such a better job that there's no comparison." Countercyclical pipeline — "they continue to acquire and explore during the bad period. Now that the good period is here, they don't need to make overpriced acquisitions." A people argument he quantifies: "their turnover relative to their peers is a third of the level, which means that the esprit they have, but also their injury expense and their training expense, is substantially less." And a stated mispricing — investors are "ethnocentric," paying a premium for northern Nevada's Carlin trend, while Agnico "doesn't enjoy the same premium in the Abitibi… and I think that's unfounded, particularly unfounded given the returns on capital employed."
Agnico Eagle is one of the world's three biggest gold miners. Rule's case for it is not about gold at all — it is about who has spent shareholders' money well. Mining is a business that consumes itself: every ounce you dig is an ounce you no longer own, so the only thing that keeps a miner alive over decades is buying and finding replacement ounces at sensible prices. Judged on that single test over thirty years against its two direct peers, "first, second, and third all belong to Agnico. They've done such a better job that there's no comparison."
The behaviour that produces the record is countercyclical. Agnico bought and drilled through the years when gold was unloved and everyone else was cutting, so today, with gold high and every rival hunting for growth, "they don't need to make overpriced acquisitions." That is the reverse of the industry's normal cycle, in which miners buy at the top and write the purchases off at the bottom.
He adds an unusual second argument, about labour. Agnico's employee turnover is about a third of its peers'. Lower turnover means lower recruiting and training costs and — because inexperienced miners get hurt more often — a lower injury bill. And he names a mispricing: investors pay a premium for gold produced in Nevada simply because it is a famous, comfortable address, while Agnico's Canadian Abitibi belt, in his view no worse geologically or logistically, gets no such premium. This is his "beta" recommendation: the name for someone who wants gold exposure without doing company-by-company work.
1:00:17I've been a shareholder of Agnico Eagle on and off for four decades. I've known all three of their CEOs. They are better allocators of capital than their competitors are. They have a great pipeline of projects. They continue to acquire and explore during the bad period. Now that the good period is here, they don't need to make overpriced acquisitions.
In short: Named with Newmont as "the biggest miners" that should double and double again; "when Newmont and Agnico are printing as three-baggers… it's not that difficult to find 10-baggers" further down the cap scale.
Another of the largest gold producers, grouped with Newmont as the big, lower-risk miners he expects to double and double again as gold rises and investors return to the sector.
31:52Now, I call that the base. In other words, we're going to get that double and double again in Newmont, which is in Agnico Eagle. Those are kind of the biggest miners. So, the other miners are going to do even better. So, that gives you how much leverage these have. But, I think there's a possibility we could get leg four and they could double again.
In short: The second half of Simpson's disclosed add, and the more honest half — because he states the condition under which it is wrong. The support: "I like the Citi note being bullish on gold" (Wapner reads it out: bullish on gold and silver into year end, and "relatively resilient to rising energy price scenarios… more gold and silver than copper and aluminum"). The invalidator, offered unprompted: "here's where I could go wrong. If Jim's right about rate hikes, if we get a rate hike in September, October, December, then forget the gold trade. I'm completely off base with this." And again: "it also backfires if you get higher interest rates." His long-term framing is unchanged — "gold is just something that you can absolutely lean into for the long term" — but the near-term trade is explicitly hostage to Lebenthal's Fed call made twenty minutes earlier on the same show.
Agnico Eagle is a large gold miner. A miner is a leveraged way to own the metal: its costs are broadly fixed, so a move in the gold price shows up amplified in profits, in both directions.
What makes this entry unusually honest is that Simpson names, on air, the single thing that would prove him wrong — and it is a call his own colleague made twenty minutes earlier. Gold pays no interest, so it competes with cash and bonds; when interest rates rise, holding gold costs you more in forgone yield and the price typically suffers. "If Jim's right about rate hikes… then forget the gold trade. I'm completely off base with this."
That is the shape a position should have: an argument, and a specific, observable event that invalidates it. Citi's note supports him for now — bullish gold and silver into year end, and more resilient than copper or aluminium to rising energy costs.
In short: The other large-cap producer he owns outright, paired with Newmont as the consistent operators of the group: "Newmont has been consistently a leader over the years in my opinion along with Agnico, AEM, and so we own those two." Together they are the first and second largest weights in GDX.
Agnico Eagle is a large Canadian gold producer, and the second of only two big miners Feneck holds directly. He groups it with Newmont as the operators that have been "consistently a leader over the years" — the pair that make up the first and second largest weights inside the GDX index fund.
There is no separate thesis for it here beyond that judgement of execution quality, which for him is the whole point: in a sector where the metal price is the same for everyone, the difference between miners is management doing what they said they would do with the money.
8:12But Newmont has been consistently a leader over the years in my opinion along with Agnico, AEM, and so we own those two and they're I think the first and second largest holdings in GDX right now with Barrick being third. And so you want to own the sector, Jeremy, for this very reason, right? And if you just own Newmont versus Barrick, you're going to have two different experiences.
In short: Cited with Newmont and Barrick as proof of "an enormous amount of value on the balance sheets" — $4.5 billion of free cash flow last year, pristine balance sheet, conservative management, capital being allocated smartly. Also the first name a deep-value generalist named to him at a birthday party.
Agnico Eagle is one of the big three gold producers he cites for the cash-flow case: $4.5 billion of free cash flow last year. That is real spare money, not accounting profit — the kind that funds buybacks and dividends rather than being ploughed into risky expansion.
It also showed up in his best anecdote of the interview: the man at a birthday party whose portfolio was stuffed with Agnico and the royalty names turned out to run a deep-value fund, not a gold fund. In other words, gold miners are now cheap enough to be picked up by investors who don't care about gold at all — exactly the broadening he's waiting for.
1:13:03And it seems that finally generalists are realizing that there's an enormous amount of value on the balance sheets. I mean the free cash flow of Newmont last year was 7.3 billion. Agnico was 4.5 billion. Barrick was roughly 4 billion. Up more than 200%. First quarter was excellent. Second quarter was excellent.
In short: The second half of the same "buy the best" pairing — the two names he has long told non-specialists to own and then go gardening. Cited here only to frame the regret that he, as someone willing to do the work, "should have shifted my focus down market to the speculations sooner than I did." He immediately files it as a venial error: "if your greatest sin is making a little less money than you otherwise could have, that's not as great a sin as losing money. So on balance, I'm not unsatisfied with what I did." No current rating is given.
45:55I'm pretty tolerant of my own mistakes now, having made a lot of them. — Mhm. — Perhaps I spent too long in my buy the best trade. You'll recall that a couple of years ago in our interviews, I said that for most people if they bought Franco-Nevada and Agnico, and spent the time that they would have studying the juniors with their children or grandchildren or gardening, — Yeah.
In short: Simpson's way of owning the gold call through the miner rather than the metal: "we own Agnico Eagle, AEM — it was our best performer last year. The stock's still down about 9% over the past six months, and that's on a 49% run [in the past month]. So this thing's up almost 50% over the past month. So I like AEM here, and I like gold moving higher." The setup he is describing is a miner that has already put in a violent monthly rally yet is still below where it stood six months ago.
Agnico Eagle mines gold, which makes it a leveraged way to own the metal: its costs are largely fixed, so a rise in the gold price flows disproportionately into profit.
Kevin Simpson owns it — it was his best performer last year — and describes an unusual setup. The stock is up roughly 50% in the past month, yet it is still down about 9% over six months. In other words, a violent rally has not yet recovered the earlier decline, so the recent move is a recovery rather than a stretched extension. "I like AEM here and I like gold moving higher."
In short: The top of the miner ladder: "On the miners, we have a wide array. The biggest one we like is Agnico Eagle." Added back over the last six weeks with the rest of the precious-metals book.
Agnico Eagle is one of the world's largest gold miners, with most of its mines in politically stable places like Canada, Finland and Australia. Oakley owns a deliberately wide spread of miners rather than one favourite, and Agnico sits at the top of that ladder: "the biggest one we like is Agnico Eagle."
Why the size matters: a big, established miner gives you leverage to a rising gold price without the single-mine risk that can sink a small producer. It was bought back over the six weeks before this interview along with the rest of the precious-metals book, after those shares had corrected hard — and he thinks the recovery off the lows has further to run.
28:48Now, if someone tells us they want to buy physical gold, we'll point them a couple different directions, but mainly in the accounts, we're going to own one or two of the exchange traded funds on gold. On the miners, we have a wide array. The biggest one we like is Agnico Eagle. The smallest one we like is Equinox.
In short: The fourth leg of the gold-miner long — "we're also long Agnico Eagle, along with physical gold and silver."
The quality name in the group, held alongside Alamos, Kinross and Barrick. Owning four miners plus physical bullion is deliberate: it spreads out the single-mine operational risk (an earthquake, a permit, a strike) that would otherwise dominate the outcome of a rates bet.
4:18So, that's AGI. We're also long Kinross Gold. We're also long Barrick, which reported. I think we timed AGI almost perfectly at the bottom. We're also long Barrick and we're also long Agnico Eagle, along with physical gold and silver, PHYS, etc. We've also been long the REITs during the index rebalancing from the small cap index when there was big selling in Redwood because of a fear of interest rates as well. We loaded up on Redwood.
In short: Asked which majors have a depletion problem — "all of them" — with one exception: "the only one that doesn't have a 5-year depletion problem that I'm aware of is Agnico. I should change that. Agnico and Gold Fields." He owns "a lot of Agnico," and credits CEO Ammar Al-Joundi with correcting his own size rule: deposits below his threshold "don't necessarily need to amortize mill construction because they're within trucking distance of an existing hungry mill" — the origin of his strategic-acquisition test.
A mine is an asset that eats itself: every ounce sold is an ounce gone. So the important question about a big gold producer isn't this quarter's profit, it's whether the company has enough approved ore to keep going. Rick's audit of the majors is brutal — asked which of them has a depletion problem, he answers "all of them," because "none of them have been making sufficient sustaining capital investment."
Agnico is the exception he names first, and one of only two companies he can say has no five-year depletion problem. He owns "a lot of Agnico."
Agnico is also where his own method came from. He used to write off small Abitibi deposits that couldn't justify building their own processing plant. Agnico's CEO corrected him: a deposit that small doesn't need its own mill if it sits "within trucking distance of an existing hungry mill" — a mill with spare capacity that will happily buy the ore. That single correction is what defines a strategic acquisition in his framework, and it is why small deposits next to operating mines are worth far more than the same rocks in the middle of nowhere.
25:47Agnico and Gold Fields. The rest of them have some challenges. They've got some mid-range development projects. I think assuming that Barrick and Newmont can work out their differences and Fourmile gets added back into the Northern Nevada pipeline that for 5 years eliminates the challenges in front of Newmont and Barrick.
In short: Repurchased in the six-week replenishment of the gold-miner book — "We bought went back into Agnico Eagle." Miners are cheap on relative earnings, same as the energy names.
Agnico Eagle is one of the largest and best-run gold miners, with most of its mines in politically safe jurisdictions like Canada and Finland. Oxbow sold down its gold-miner book into the January peak and has bought Agnico back over the last six weeks after the group corrected 35–40%.
The valuation case is the same one he applies to energy: miners are cheap against their own earnings while the broad index is expensive, and he expects "all of that stuff will do well going into the end of the year."
37:30We bought went back into Agnico Eagle, bought a little company well, we bought Alamos Gold, which is a great company. We bought a little company called Equinox selling at five and a half times earnings 27 earnings and it's still a great buy. But I and then we bought added some silver back, just a straight silver.
In short: Asked whether Agnico dumping $261M of juniors to fund buybacks is a cycle top signal: "not necessarily anything" — they simply judged a bird in the hand worth two in the bush, and "they don't have to enjoy any exploration success. They grow for 5 years based on development assets." The quality tell: "year after year after year for 20 years there's been a positive reconciliation" — more ounces upgraded from resource to reserve through the drill bit than were produced, every year.
A shareholder asked a clever bear question: Agnico sold $261 million of its junior-mining shareholdings in one quarter — three times what it bought — and used the money to buy back its own stock. If the best acquirer in the industry prefers itself to the juniors, is that a top signal?
Rick says no. They simply compared a speculative value (what those juniors might be worth) with a known one (what their own shares are worth) and took the bird in the hand. Agnico also doesn't need exploration luck: it already has enough development projects to grow for five years.
The durable point is the quality test he offers in passing, and it is one any investor can run on a miner: for 20 consecutive years Agnico has enjoyed a "positive reconciliation" — through drilling it upgraded more ounces from resource (probably there) to reserve (economically minable) than it dug up that year, while still growing the resource. A miner that can't do that is quietly liquidating itself.
16:51They grow for 5 years based on development assets. It's also very important to know in Agnico that year after year after year for 20 years there's been a positive reconciliation between, on the negative side, the gold ounces produced and, on the positive side, the conversion of resources to reserves.
In short: His model of strategic M&A: "an Agnico Eagle that has a plethora of infrastructure in the Abitibi taking over a company that has an attractive deposit but a deposit that couldn't advertise the construction of a mill. Agnico takes it over because it has a mill within trucking distance and it doesn't have to build a $350 million mill. In other words, a deposit is more valuable to it than it is to the current shareholders."
Agnico is his textbook case of strategic M&A — the kind that creates value rather than just size. It owns a dense cluster of infrastructure across Quebec and Ontario's Abitibi belt, including processing mills.
A small deposit that can't justify building its own $350 million mill is close to worthless on its own. To Agnico, sitting within trucking distance of an existing mill, the same deposit is simply more ore to run through a plant it already owns. "In other words, a deposit is more valuable to it than it is to the current shareholders" — which is exactly why it can pay a premium and still profit.
The practical use for an investor: look for orphaned deposits inside trucking distance of a major's mill, because the acquirer's economics make the takeover close to inevitable.
20:25Correct. And there's now two types of M&A, at least in the markets that I follow. There's the first which is strategic, which is to say an Agnico Eagle that has a plethora of infrastructure in the Abitibi taking over a company that has an attractive deposit but a deposit that couldn't advertise the construction of a mill.
In short: Housekeeping, explicitly flagged: the trim date is corrected from 07/20/2026 to 07/13/2026. The gold miner stays on Holds/Trims rated H (lot 02/10/2025 @ $97.04, marked $146.76, +51.24%) — i.e. the trim was executed a week earlier than the published table had shown, a record correction rather than a fresh stance.
Agnico Eagle is a large, high-quality gold miner Haymaker has held since early 2025, up about 51%. Nothing changes in the stance this week — it stays a hold — but the published table is corrected: the date on which he trimmed the position was wrong, and moves from July 20 to July 13, 2026. Worth recording only because the tables double as the newsletter's public scorecard, and the trim date determines the price at which the sale is credited.
In short: "Agnico Eagle, Franco-Nevada and Wheaton have been crushed, which I think for most investors is a gift from God." The 5–10yr gold-sector beta "is so big that you don't need to chase alpha" — buy the best of the best, take no single-company or operating risk, at "really really really attractive arithmetic multiples."
Agnico Eagle is one of the world's biggest and best-run gold miners. It has been "crushed" in the recent selloff — it even reported record earnings and then fell about 20% — and Rick calls that, for most investors, "a gift from God."
His argument is about beta versus alpha. Beta here means the gold sector as a whole outperforming the broad stock market; alpha means the extra return you try to squeeze out by picking clever small names. He thinks the sector's beta over the next 5–10 years is so large that you don't need to hunt for alpha at all — so you can buy the highest-quality producer, take no single-company or operating risk, and still get most of the move. And you can do it today at what he calls "really, really attractive arithmetic multiples."
12:46on the royalty streaming side of things as well? Agnico Eagle, Franco-Nevada, and Wheaton have been crushed,
12:54which I think for most investors is a gift from God. I think the beta that we will enjoy in
In short: His model of "people and culture" — only three CEOs in a 50-year career, never chase trends, one-third the industry's turnover, only synergistic acquisitions "by location," build their own mines rather than hire contractors. Also his exemplar of a strategic M&A consolidator (the Finland roll-up).
Agnico Eagle is a large, well-run gold producer, and Rule uses it as his textbook example of why "people and culture" — not the gold price — separate a great mining company from a lucky one. His evidence: just three CEOs in 50 years (stability), staff turnover a third of the industry's (so no constant retraining cost), and a refusal to do empire-building deals — they only buy things close to mines they already run, and they build mines themselves rather than pay contractors.
He also flags Agnico as the model of "strategic" M&A: its consolidation in Finland is the kind of deal where a big company scoops up a neighbor and squeezes more production from assets it already owns. In plain terms, it's the quality name you can own through a whole cycle and trust management not to destroy value.
11:58Those CEOs have never chased trends. They have thought very seriously about what makes a great mining company and they've tried to create a great mining company. They treat their people well, which means that their turnover is a third of the turnover in the industry. They don't have that retraining expense.
In short: Hold, $187 target (+12.2% from $166.66) — the quality name at full price: 1.0× P/NAV and the highest implied gold among the miners ($3,576 levered / $4,162 unlevered).
In short: "One of the best ideas" — the most impressive management team in global mining; stock down 40%, $6–7B/yr FCF, buying back $2B of stock near all-time market highs — the Einhorn free-cash-flow + buyback setup, "a beautiful risk-reward situation."
Agnico Eagle is a big, top-quality gold miner he calls the best-managed in the world. It's down 40% — not because the business broke but because "tourist" money that piled into gold last year got flushed out when the Iran war pushed up diesel costs and rate-hike fears, and cash-strapped emerging-market central banks dumped gold. The company still produces $6–7 billion a year of free cash (money left after running the mines) and is buying back $2 billion of its own stock.
That's the exact setup hedge-fund manager David Einhorn taught him to hunt: cheap, big free cash flow, real buyback, washed-out sentiment — while the broad market sits at highs. With gold he thinks heads to $6,500 in ~18 months, he calls it "a beautiful risk-reward situation."
24:56All this happened at the same time. So it created a big flush. And one of the things David Einhorn talks about in our book is free cash flow. So you take a company like Agnico Eagle. This is one of the best ideas. The most impressive management team in all of global mining by far. If you've been on the calls, if you talk to them, the CEO has like literally seven lieutenants that are just as smart as he is.
In short: Ranks it a 4 (1=best, 10=worst) and is buying more — "the price action is wonderful because I'm trying to buy more." Operationally "easily the best gold mining company on the planet": wonderful mine builders, disciplined capital allocators, a built-in 5-year production-growth pipeline. He'll host CEO Ammar Al-Jundi at the July Symposium.
Agnico is a big, well-run gold miner, and Rule's highest gold grade here (a 4 on his 1-best-to-10-worst scale). His point is simple: the people running it build mines on time and on budget and don't waste shareholders' money, and there's a clear five-year plan to dig up more gold each year. The falling share price doesn't bother him — it lets him buy more of a company he thinks is the best operator in the business, not just the cheapest stock.
9:21If that occurred, you would have what would be easily the most valuable gold mining company on the planet. Notice that I said if. — Understood. So, five here. Thanks for the background there, Rick. The next company is another big one, Agnico Eagle. That is AEM on the New York Stock Exchange. Ooh, what do you think about them? — I have Agnico as a four.
In short: "I think Agnico Eagle's off 40%. You could just buy that… one of the best gold miners in the world." Cited as the easy major while he hunts the beaten-down juniors; gold-miner bullish-percent index at zero = capitulation.
Agnico is one of the world's best gold miners, and it's down about 40%. Polomny's signal is the gold-miners "bullish-percent index" — a gauge of how many miners are in uptrends — which just hit zero, something he's never seen on a chart going back to 2016. When sentiment is that washed out while the companies are still profitable at the current gold price, history says you're near the end of the decline, not the start.
He's long-term bullish gold and added a beaten-down junior to the newsletter portfolio, but flags Agnico as the easy version: a top-tier major you can "just buy" after a 40% drop instead of stock-picking among the riskier juniors. Caveat: he can't time the exact bottom and expects miner earnings to dip near-term as gold pulls back.
48:52I'm reviewing several other juniors. I said probably over the last 6 months that I was looking down from the majors. I think Agnico Eagle's off 40%. You could just buy that. One of the best gold miners in the world. But I think there's a lot of opportunity in small and mid-tier market caps here, especially when there's basically no one's bullish on these things.
In short: Down 40%, 5.9× EV/EBITDA (cheapest in 20–30 years), $6–7B FCF, $2B buyback — the Einhorn setup. Risk/reward ~10–15% down vs 200% up; gold at $6,500 a year out could put it up 100%.
Agnico Eagle is a big, well-run gold miner that just got marked down 40% — not because the business broke, but because "tourist" money that piled into gold miners got flushed out when rate-cut hopes turned into rate-hike fears and emerging-market central banks sold gold to raise cash. The company still throws off $6–7 billion a year in free cash (money left after running the mines) and is buying back $2 billion of its own stock — the exact setup hedge-fund manager David Einhorn taught him to look for.
His math: maybe 10–15% more downside against ~200% upside. With consumers wounded, the Fed can't really raise rates even as inflation sticks — slow growth plus high inflation is rocket fuel for gold, which he sees at $6,500 an ounce a year out. That could roughly double the stock.
20:21So the bottom line is the gold miners been hammered. Look at Agneo here. It's trading at 40% off, right, 5.9 Enterprise to EBITDA and we can go back 20, 30 years. That's one of the cheapest valuations. They've got six to seven billion of free cash flow, Eric. Six to seven billion of free cash flow. They're buying back $2 billion worth of stock.
In short: A top gold name he wants more of — "delighted to see Agnico Eagle fall by half" so he can accumulate at value.
Agnico is a top-tier gold miner Rule wants more of. Same logic as Exxon: he'd "be delighted to see Agnico Eagle fall by half" so he can accumulate it cheaply. It's on his shopping list to buy on weakness, not to chase at today's price.
37:32I wonder what these IPOs — SpaceX, Anthropic, OpenAI — will do to liquidity, sucking capital from other names. The beginning of the end? I certainly hope so. There are a lot of names in conventional financial services and natural resources I'd like to own much more of — I'd be delighted to see Exxon Mobil, Agnico Eagle or Franco-Nevada fall by half. The only way I've found to become profoundly materially richer is to buy undervalued assets and wait until they return to value. So my hope is that higher oil prices and IPO-driven illiquidity lead to materially worse equity markets, particularly in financial services and natural resources — the markets I know best.
In short: His model "synergistic" consolidator — buys deposits within trucking distance of its mills (plus the Finland roll-up); the go-to example of disciplined M&A.
Agnico is Rule's textbook example of a disciplined gold miner that grows the smart way: it buys deposits close enough to its existing processing mills to truck the ore in, so it adds output without building expensive new plants. He points to its recent roll-up of nearby deposits in Finland. The go-to model of takeovers that actually create value rather than just bulk.
5:38We've been talking about that in interviews for a couple years. What's not coming anymore? It's here. you know, we're with it. Um, and I think you're going to see it increase in frequency. Uh, you were at my conference last year, Darl, when I talked to Amar Aljundi, CEO of Agniko Eagle on stage, and he was talking about synergistic acquisition, which is to say somebody like Agniko Eagle buys a deposit within trucking distance of their existing mill.
In short: His top new gold-miner buy: ~$6–7B free cash flow (David Einhorn's rule), down ~30% off the highs, running a $2B buyback, "best management team in all of gold" — risk/reward "spectacular." Gold buy-zone ~4,100; target 6,500–7,000.
Agnico Eagle is a large, well-run gold miner — his top new gold-miner buy. He applies investor David Einhorn's checklist: it throws off $6–7 billion in free cash flow (cash left over after running the business), the stock is down about 30% from its high, it's buying back $2 billion of its own shares, and it has "the best management team in all of gold." That combination makes the risk/reward "spectacular."
His broader gold view: gold could dip to around $4,100 first (a buying zone), then run toward $6,500–7,000 over the next year or two as inflation and AI-driven job losses push the economy toward recession.
21:53With the United States, we're very lucky. Other countries are are just in incredible stress when go when oil goes up that much. Now, here we are with the inflation bounce. We're starting to buy Agico Eagle and the gold miners. I want to buy the gold miners first um because they're down a lot. AO's down 30% off the highs.
In short: A senior gold producer "important in silver" and a good silver name; separately his model "strategic/synergistic" acquirer (the Finland roll-up — adjacent deposits that leverage existing infrastructure).
Agnico is a large, well-run gold producer that also mines a useful amount of silver, so Rule lists it among the safe starter names for silver exposure. He also holds it up as the model of smart takeovers: it buys deposits close enough to its existing mills that it can truck the ore in and run it through plants it already owns — getting more output without building everything from scratch (its recent roll-up of nearby deposits in Finland is his example).
25:43Um Agniko Eagle uh a senior gold producer that's uh important in silver and Pan-American Metals used to be called Pan-American silver. Uh those are all good silver names. If you are less ethnosentric and you're willing to take more political risk um than many Americans are, uh I think you look at companies like industri panles in Mexico.
In short: Cited as smart-money validation — one of the world's premier gold producers participated in Perpetua's October 2025 financing, part of the >$800M of equity PPTA has raised since June 2025.
Agnico Eagle is one of the biggest, most respected gold miners in the world. Prins points out that it chose to put money into Perpetua's October 2025 fundraising. When a heavyweight like that backs a small developer, it's a vote of confidence — a "smart money" signal that the Stibnite project is the real deal. Agnico itself isn't the recommendation here; it's named as supporting evidence.
In short: Cited as a Canada example — named (with Barrick) as a top-tier producer working to extend the life of mature mines in Canada's Abitibi Greenstone Belt; an illustration of the Canadian gold theme, not a rated pick.
Agnico Eagle is one of the world's biggest gold miners, with a strong presence in Canada's Abitibi region — a famously rich, stable gold belt. Prins names it (alongside Barrick) as an example of top-tier producers squeezing more years of life out of established mines, to illustrate why Canada is a "hotspot" for gold mining in 2026. She isn't rating the stock here — she's pointing to it as proof of the Canadian gold theme.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.