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As the price of gold hits new record highs investors may consider buying these top ranked mining stocks.
MPTI, AZZ and AEM made it to the Zacks Rank #1 (Strong Buy) growth stocks list on May 17, 2024.
Gold is one of the top-performing assets in 2024, with a strong surge as the Japanese Yen crumbles. Gold miners, such as Agnico Eagle Mines, have performed well, outperforming peers Newmont and Barrick, which are seeing costs rise too quickly. Agnico's lower jurisdictional risk significantly benefits its peers, as the gold bull thesis largely implies increased political and economic unrest in developing countries.
Gold miner stocks as a group have historically lagged behind gold prices due to difficulties in timing expansion and rising mining costs. AEM stock has outperformed other major gold miner stocks and gold prices in the past year. The outperformance is likely to continue given the quality of its mines, its cost control, and its stronger balance sheet.
Recently, Zacks.com users have been paying close attention to Agnico (AEM). This makes it worthwhile to examine what the stock has in store.