Agnico Eagle CEO Ammar Al Jundi said on Monday that the historic rise in gold prices is based on momentum that will never let up.
Aljandi told Jim Cramer in an interview on Mad Money that while it’s impossible to predict short-term price movements, the structural drivers behind gold’s 80% rise over the past year (the price of gold surpassing $5,000 an ounce for the first time in history) remain strong.
“No one knows what next week or next month will bring,” Al Jundi said. “The fundamentals that pushed gold are still there, government spending, plus the catalyst of Russia invading Ukraine a few years ago and getting kicked out of the SWIFT system. And now there’s a new catalyst, this ordered world that we lived in that seems to be becoming less ordered, and that’s clearly impacting financial markets, and gold has a role in that.”
He noted that central banks in countries such as China are also reconsidering their allocations to U.S. Treasuries and increasing their purchases of gold. Al Jundi also said that gold supplies will remain tight as annual supply increases are minimal and new mines take at least 10 years to build. “Gold will not flood the market,” Al Jundi said.
Perhaps surprisingly, Al Jundi sees other tailwinds coming from cryptocurrencies. Al Jundi argued that Bitcoin’s popularity has introduced the idea of owning a hedge against volatile fiat currencies to the younger generation. Now, some of those same investors are realizing they can buy gold for the same reasons they once bought Bitcoin, which he called “a positive force for gold.”
Over the past 12 months, the price of Bitcoin has fallen by nearly 16%. It’s up just over 1% since the beginning of the year.
For Agnico Eagle, one of the world’s largest gold companies, the gold rally has already led to record financial results, with the company’s stock more than doubling last year and rising another 27% so far in 2026.
