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With gold closing in on $1000 per ounce, Cramer thinks it’s time to expand his gold picks beyond Yamana [AUY
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]. How about a mine play like the Toronto-based Agnico-Eagle [AEM
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]?
According to AEM CEO Sean Boyd, the company is in the process of opening five new mines that will quintuple its 2007 output. He said he expects the company to go from producing just over 200,000 ounces of gold to 1.3 million by 2010. Cramer’s response to that was simple:
“Why don’t I own this stock?”
AEM also has a nice little thing going for it by the name of "negative cash cost.” What that means is the company’s flagship Quebec mine produces gold but happens to also extract significant quantities of other in-demand metals like silver, zinc and copper that offset its operating costs.
Click for the rest of Friday's show: |
With strong demand and curtailed mine supply, along with its traditional role as a safe haven investment in uncertain times, the bull market in gold is here to stay, Boyd and Cramer agreed.
The results are in, Cramer said. “AEM is for me.”
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