Gold Stock Could be a Great Pick to Finish Out the Year

by Sam Collins | November 27, 2012 1:00 am

Agnico-Eagle Mines Ltd. (NYSE:AEM[1]) — This Canada-based international gold producer has operations in most gold-producing countries.

The company reported Q3 earnings of $0.77, soundly beating estimates of $0.40. Production guidance for the year has been raised, and costs have fallen to the lower end of management’s estimates.

Technically, the stock has been in a four-month bull market, interrupted only by a round of profit-taking two weeks ago that ended with a buy signal from our proprietary Collins-Bollinger Reversal (CBR) indicator.

On Monday, AEM broke a triple-top as it made a new 52-week high. Near term, expect AEM to add another upward leg with a target of $65. Longer-term buyers could expect the stock to climb to $80 within 12 months.

11 27 12 aem 300x218 Gold Stock Could be a Great Pick to Finish Out the Year
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chart key 300x84 Gold Stock Could be a Great Pick to Finish Out the Year

Endnotes:
  1. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM

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