AEM vs. NEM: Which Gold Mining Giant Should You Invest in Now? - TradingView

AI desk brief

Agnico Eagle (AEM) and Newmont (NEM) are being assessed as leverage plays on a gold market that has slipped from a late-August high near $4,650/oz to around $4,300/oz after the Fed’s first rate hike in more than three years and expectations of another hike before year-end. The macro tone is softer for bullion near term, with a stronger U.S. dollar and higher oil prices adding pressure, even though gold remains about 15% higher year over year.

On company fundamentals, AEM stands out for stronger cash generation and a net cash position of about $3.3 billion, but faces rising costs: Q2 AISC was $1,459/oz, up 14% YoY, and Barnat pit wall movement at Canadian Malartic is expected to cut second-half output by 60,000-80,000 oz. NEM also has strong liquidity at roughly $13 billion and record Q2 free cash flow of $2.2 billion, but attributable Q2 gold production fell 13% YoY to 1.29 million oz and full-year 2026 output is guided lower at about 5.26 million oz versus 5.89 million oz in 2025.