Ammar Al-Joundi, CEO of Agnico Eagle, shared his insights on the recent historic rise in gold prices during an interview on “Mad Money.” He noted that the factors contributing to gold’s impressive 80% increase over the past year, pushing prices above $5,000 per ounce for the first time, are unlikely to diminish anytime soon.
Al-Joundi explained that although predicting short-term price fluctuations remains challenging, the fundamental drivers behind the surge in gold prices are robust. He highlighted that government spending continues to influence the market significantly, alongside recent geopolitical events, including Russia’s invasion of Ukraine and its subsequent exclusion from the SWIFT payment system. According to Al-Joundi, these factors have contributed to a decreasing order in the global landscape, impacting monetary markets and enhancing gold’s appeal as a stable investment.
He pointed to a shift in strategy among central banks, particularly in countries like China, which are reconsidering their investments in U.S. Treasuries while increasing their gold reserves. Al-Joundi emphasized that with supply growth remaining minimal and new mining operations taking years to develop, gold supplies are expected to stay tight. He confidently stated, “You’re not going to see gold flooding the market.”
In a potentially surprising twist, Al-Joundi also identified the cryptocurrency space as a positive influence for gold. He argued that Bitcoin’s growing popularity has introduced a younger demographic to the concept of investing in stable assets as a hedge against unreliable fiat currencies. Many investors who were initially drawn to Bitcoin for this reason are now turning to gold as well, viewing it as a viable alternative.
The impact of the gold rally has already been felt by Agnico Eagle, which has reported record financial results. The company’s share price more than doubled last year and has continued to climb, reflecting a 27% increase so far in 2026. As the gold market continues to evolve, both Al-Joundi and investors appear optimistic about the metal’s future performance, driven by a complex blend of economic, political, and market dynamics.
