When this desk found out about the late-stage talks to buy Kirkland Lake (KL) a couple of weekends ago, which included Australia’s Newcrest (NCM) but with Agnico (AEM) clearly in the mix, there was a second line of thought to consider: When IKN receives quality intel such as this, you have to wonder just why the person on the other end has chosen their time and place to reveal non-public material information:
However, we publish all the same (and be damned). It’d be foolish not to, this site has a rep for breaking sector news and gets eyeballs accordingly. But with two weeks now washed through, one glance at a comparative price chart is enough to know that the leak two weekends ago was a big help to AEM and got Tony Makuch to make up his mind. The three month chart above could not be more illustrative; AEM continues to trade with peers, but also gets to pick up the biggest precious metals growth story of the last decade. That price chart also tells us Bristow read it wrong and was a fool for walking away on price.