Why Did Agnico Eagle Stock Fall? Trefis Team Wed, November 11, 2026 at 3:43 PM EST 3 min read AEM -2.09% GC=F -0.89% ^GSPC +1.31% NEM +2.49% GOLD -0.72% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Agnico Eagle Mines (AEM) shares dropped 5.1% on Tuesday, November 10, 2026, as the S&P 500 slipped 0.4%. The company released no announcement, earnings report or filing around the move. A hot October inflation report was in the news that day, and all five stocks on its Trefis peer list fell as well. Our data does not show how that report reached gold miners' shares. Inflation was already part of Agnico Eagle's own cost outlook before it.
Diesel Is Agnico Eagle's Biggest Rising Cost
Inflation reaches Agnico Eagle's costs through fuel and other supplies. Management said on its October 29, 2026 call that diesel is the biggest cost increase and makes up about 11% of its operating costs. Diesel prices above budget added about $30 an ounce to costs in the third quarter, and management said that could grow to $50 to $60 an ounce in the fourth.
Management also pointed to industry-wide inflationary pressures, yet it still expects full-year 2026 costs to finish within the upper end of its guidance range. It said its fuel exposure is well below the industry average, because its mines use grid power in Ontario and Quebec and are mostly underground. In the third quarter, all-in sustaining costs were $1,648 per ounce, while gold prices averaged about $4,300 an ounce. That leaves a gap of about $2,650 an ounce, far larger than the diesel hit.
Did Agnico Eagle Stock Fall Alone?
No. Agnico Eagle shares fell alongside every company on its Trefis peer list, even as its broader sector barely moved. The peers' falls ranged from 2.2% at Gold.com to 5.8% at Kinross Gold, with Newmont, Franco-Nevada and Royal Gold also lower. XLB, the SPDR fund for the materials sector, dipped just 0.2%, less than the smallest fall among those peers.
Where Does The Fall Leave Agnico Eagle Stock?
A drop this size is not rare for Agnico Eagle. Over the prior 365 days, the stock had 13 sessions with a fall at least this large. The latest move as big in either direction was a 9.7% rise on November 4, starting a run of gains through November 9.
Over the past 12 months the stock returned 19.0%, against 13.1% for the S&P 500. The shares ended the session at $190.46, sitting well below their 52-week closing high of $252.19 on March 2, 2026, but well above the closing low of $136.34 on July 20, 2026. Over the past six months they lost 2.9%, while the S&P 500 gained 2.2%.
Agnico Eagle trades at 6.4 times sales, against 3.2 for the S&P 500. On earnings it is cheaper, at 15.6 times against 22.3 times for the index. When the company reports its fourth-quarter 2026 results, expected in February 2027, the measure to watch is its all-in sustaining cost per ounce.
Still Holding Agnico Eagle Mines After The Drop?
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