Sean Boyd has some explaining to do. The CEO of one of Cramer’s favorite gold diggers, Agnico-Eagle Mines, led his company to a 2-cent a share loss last quarter, when the Street expected a gain of 21 cents. The company also produced 30,000 fewer ounces than expected and lowered its production guidance for the year. And Agnico’s cash costs registered at almost double the analyst estimates.
No wonder Cramer always endorses the SPDR Gold Shares ETF over any other gold-related stocks. It’s better to trade the price of gold, he said, than the companies that mine it. While they might struggle with higher cash costs, mine shutdowns, delays in construction or production shortfalls, all of which happened to Agnico , the GLD never will.
Still, Cramer had been bullish on the stock, which is why he wanted to give CEO Boyd the chance to defend himself. Maybe the worst has passed, and it’s all up from here. That’s what the Mad Money host wanted to ask. Watch the video for the full interview.
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