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Agnico Eagle's Boyd: Gold blossoms under low real interest rates

Section: Daily Dispatches

By Tyler Clifford
CNBC, New York
Monday, July 29, 2019

Gold is trading at levels it has not seen in years and could be on its way to reaching all-time highs in the near future, the CEO of a Canadian miner told CNBC today.

Sean Boyd, the vice chairman and CEO of Agnico Eagle Mines, said the current state of interest and inflation rates creates a perfect environment for the industry. The price of gold broke above the $1,400 level last month for the first time since 2013 and is currently hovering in the $1,420 range.

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"We're in a period now where gold blossoms -- when you have low real interest rates ... gold does well," Boyd said in an interview with Jim Cramer of "Mad Money."

"And then the inability of the industry to respond to a higher gold price is, I think, the key to get it going forward."

Agnico Eagle's share price, too, has reached its highest level in recent years. The stock, which bottomed out at about $32 in September, rose more than 1% to $71.54 today. Gold traded below $1,200 in September, while the market was reaching record highs before a brutal sell-off kicked in. ...

... For the remainder of the report:

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