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Silver & Gold Seeker Issue #50 ~ This Week in Mining: Earnings Season Begins

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Gold and silver continue to trade sideways, though silver continues to act stronger the gold. However, this isn't being reflected in some silver producers but is in others. The mining index XAU-to-gold ratio continues to trade at very depressed levels relative to the past two decades; however, this doesn't paint an entirely accurate picture. It doesn't account for dilution, of which there has been a fair amount. Earnings season has started and will last through mid-March. With the passing of the next massive stimulus bill nearing, initiating or adding to existing positions will prove smart. At the same time, it is also a good idea to keep a cash position in the case of another market crash similar to 2008/2020 given how leveraged the system is. 


Agnico-Eagle Mines: Reported Q4 and full-year 2020 results. Agnico set a record in Q4 for the highest quarterly production of 501.4k oz. Au @ AISC of $985/oz. Full-year 2020 production totaled 1.736m oz. Au @ AISC of $1,051/oz., the mid-point of guidance. 2021 and 2022 production guidance Is 2.05-2.1m oz. Au and 2.125m oz. Au in 2023. 2021 cost guidance is AISC of $950-$1,000/oz. Reserves increased 12% to 24.1m oz. Production growth over the next three years will be sourced from Kittila, Meliadine, Amaruq underground (2022), and the Odyssey project (2023). Agnico's balance sheet continues to strengthen with cash and equivalents of $406.5m.

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