<h3>快速阅读</h3>
<ul>
<li>黄金价格突破每盎司 $4,500 的新纪录，强劲的市场趋势表明更高的价格即将到来。</li>
<li>Agnico Eagle Mines (AEM) 在 2024 年生产了 340 万盎司黄金，综合维持成本约为每盎司 $1,373。</li>
<li>Barrick Mining (B) 在第三季度创造了 24 亿美元的创纪录运营现金流和 15 亿美元的自由现金流。</li>
<li>如果你在考虑退休或认识正在考虑退休的人，有三个简单的问题让许多美国人意识到他们可以比预期更早退休。花 5 分钟了解更多信息。</li>
</ul>
<p>黄金价格飙升至历史新高，交易价格远超每盎司 $4,500，现货价格最高达到 $4,575。这标志着年初至今约 71% 的涨幅，成为自 1979 年以来金属表现最强的一年。</p>
<p>推动这一上涨的因素有几个。强劲的中央银行购买提供了持续的支持，各机构在继续多元化投资组合的同时增加了数百吨的储备。投资者对黄金支持的交易所交易基金（ETFs）的流入也保持强劲，反映出对避险资产的需求。地缘政治紧张局势，包括持续的冲突和贸易不确定性，也增强了黄金作为对冲工具的吸引力。</p>
<p>随着市场预期美联储进一步降息降低持有黄金的机会成本——黄金没有收益——以及美元走弱使其对海外买家更具吸引力，黄金价格飙升。</p>
<p>然而，随着黄金价格不断攀升且没有结束的迹象，矿业公司 <strong>Agnico Eagle Mines</strong> (NYSE:AEM) 和 <strong>Barrick Mining</strong> (NYSE:B) 正处于独特的位置，可以利用这一局面。</p>
<h2>Agnico Eagle Mines (AEM)</h2>
<p>Agnico Eagle Mines 作为一家高级黄金生产商，主要在加拿大、澳大利亚、芬兰和墨西哥等政治风险较低的地区运营。</p>
<p>该公司专注于提供稳定性并确保持续运营和长期规划的地区。在 2024 年，它生产了约 340 万盎司黄金，储备提供了约 15 年的矿山寿命，按当前开采速度计算。</p>
<p>Agnico Eagle 的成本保持在全球曲线的第二四分位，第三季度报告的综合维持成本（AISC）约为每盎司 $1,373。这意味着虽然 Agnico 不是成本最低的矿商，但其竞争力强，成本低于行业中位数。这使得随着黄金价格上涨，它能够扩大利润率，因为更高的实现价格直接提升盈利能力，而成本并未以相同的速度增加。在第三季度，Agnico 的黄金产量约为管理层指导的 77%，而成本则处于中间水平。</p>
<p>该矿商通过创纪录的现金流和债务减少继续展现其财务实力。净现金增长至 21.6 亿美元，同时将长期债务减少 4 亿美元至 1.96 亿美元。评级机构穆迪也将 Agnico 的债务评级从 Baa1 上调至 A3，这将降低其借款成本并使其更容易进入资本市场。</p>
<p>分析师强调了 Agnico Eagle 的运营效率及其在低风险地区的采矿专注，这在当前黄金上涨期间为其强劲表现做出了贡献。</p>
<h2>Barrick Mining (B)</h2>
<p>Barrick Mining 是全球最大的黄金和铜生产商之一，拥有六个一流黄金资产的投资组合——这些大型、寿命长的矿山每年能够以低成本生产超过 50 万盎司黄金。</p>
<p>其运营遍布多个国家，提供地理多样性，有助于减轻任何一个国家的干扰。Barrick 的生产表现强劲，尽管由于出售 Hemlo 和 Tongon 矿以及 Goldstrike 烘干炉的意外停机，年同比数据有所下降，但黄金产量仍环比增长 4%，并且矿商维持了全年黄金产量指导为 315 万至 350 万盎司。</p>
<p>由于黄金价格上涨，Barrick 创造了创纪录的运营现金流（24 亿美元）和自由现金流（15 亿美元），得益于其规模、成本结构和严格的资本配置，同时通过分红进一步提升了股东回报——在第三季度将分红提高了 25% 至每股 $0.125——以及股票回购。</p>
<p>如内华达州和非洲的扩张等增长项目正在按计划推进，为 Barrick 的持续生产奠定基础。其黄金和铜的组合增加了对商品上涨趋势的杠杆，同时持续努力精简资产，提高整体效率。</p>
<p>在强劲的市场趋势推动下，尽管其股票在 2025 年已经上涨三倍，Barrick 仍然是一个值得购买的股票，以捕捉黄金仍然可用的巨大上行空间。</p>
<h2>颠覆退休计划的新报告</h2>
<p>你可能认为退休是关于选择最佳股票或 ETF，但你错了。即使是优秀的投资在退休时也可能成为负担。这是积累与分配之间的简单区别，而这会产生巨大的影响。</p>
<p>好消息是？在回答三个简单问题后，许多美国人正在重新调整他们的投资组合，发现他们可以比预期更早退休。如果你在考虑退休或认识正在考虑退休的人，花 5 分钟了解更多信息。</p>

阿尼科伊格尔矿业

巴里克矿业

<p>黄金价格已飙升至每盎司超过 4,500 美元的历史高位，主要受到中央银行强劲采购、地缘政治紧张局势以及市场对美联储降息预期的推动。阿尼科伊格尔矿业和巴里克矿业在这一趋势中处于有利位置。阿尼科伊格尔在 2024 年生产了 340 万盎司黄金，成本具有竞争力，而巴里克矿业则报告了创纪录的现金流并增加了股息。在黄金上涨的背景下，这两家公司都提供了潜在的投资机会</p>

<h3>Quick Read</h3>
<div class="lb-trans"><h3>快速阅读</h3>
</div><ul>
<li>Gold hit new record highs above $4,500 per ounce, with strong tailwinds indicating even higher highs are coming.</li>
<li>Agnico Eagle Mines (AEM) produced 3.4 million ounces of gold in 2024 with all-in sustaining costs around $1,373 per ounce.</li>
<li>Barrick Mining (B) generated record operating cash flow of $2.4B and free cash flow of $1.5B in Q3.</li>
<li>If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier than expected. take 5 minutes to learn more here</li>
</ul>
<div class="lb-trans"><ul>
<li>黄金价格突破每盎司 $4,500 的新纪录，强劲的市场趋势表明更高的价格即将到来。</li>
<li>Agnico Eagle Mines (AEM) 在 2024 年生产了 340 万盎司黄金，综合维持成本约为每盎司 $1,373。</li>
<li>Barrick Mining (B) 在第三季度创造了 24 亿美元的创纪录运营现金流和 15 亿美元的自由现金流。</li>
<li>如果你在考虑退休或认识正在考虑退休的人，有三个简单的问题让许多美国人意识到他们可以比预期更早退休。花 5 分钟了解更多信息。</li>
</ul>
</div><p>Gold is surging to new all-time highs, trading well above $4,500 per ounce with spot prices reaching as high as $4,575. This marks a gain of approximately 71% year-to-date, representing the metal's strongest annual performance since 1979.</p>
<div class="lb-trans"><p>黄金价格飙升至历史新高，交易价格远超每盎司 $4,500，现货价格最高达到 $4,575。这标志着年初至今约 71% 的涨幅，成为自 1979 年以来金属表现最强的一年。</p>
</div><p>Several factors have propelled this rise. Strong central bank purchases have provided consistent support, with institutions adding hundreds of tonnes to reserves as they continue diversifying away from the U.S. dollar. Investor inflows into gold-backed exchange-traded funds (ETFs) have also remained robust, reflecting demand for safe-haven assets. Geopolitical tensions, including ongoing conflicts and trade uncertainties, also boosted gold's appeal as a hedge.</p>
<div class="lb-trans"><p>推动这一上涨的因素有几个。强劲的中央银行购买提供了持续的支持，各机构在继续多元化投资组合的同时增加了数百吨的储备。投资者对黄金支持的交易所交易基金（ETFs）的流入也保持强劲，反映出对避险资产的需求。地缘政治紧张局势，包括持续的冲突和贸易不确定性，也增强了黄金作为对冲工具的吸引力。</p>
</div><p>With expectations of further Federal Reserve rate cuts lowering the opportunity cost of holding gold -- which doesn't have a yield -- and a weaker dollar making it more attractive for overseas buyers, the yellow metal is soaring.</p>
<div class="lb-trans"><p>随着市场预期美联储进一步降息降低持有黄金的机会成本——黄金没有收益——以及美元走弱使其对海外买家更具吸引力，黄金价格飙升。</p>
</div><p>Yet as gold ratchets higher with no end in sight, miners <strong>Agnico Eagle Mines</strong> (NYSE:AEM) and <strong>Barrick Mining</strong> (NYSE:B) are uniquely positioned to capitalize on the situation.</p>
<div class="lb-trans"><p>然而，随着黄金价格不断攀升且没有结束的迹象，矿业公司 <strong>Agnico Eagle Mines</strong> (NYSE:AEM) 和 <strong>Barrick Mining</strong> (NYSE:B) 正处于独特的位置，可以利用这一局面。</p>
</div><h2>Agnico Eagle Mines (AEM)</h2>
<div class="lb-trans"><h2>Agnico Eagle Mines (AEM)</h2>
</div><p>Agnico Eagle Mines operates as a senior gold producer with mines primarily in Canada, Australia, Finland, and Mexico -- jurisdictions known for lower political risk.</p>
<div class="lb-trans"><p>Agnico Eagle Mines 作为一家高级黄金生产商，主要在加拿大、澳大利亚、芬兰和墨西哥等政治风险较低的地区运营。</p>
</div><p>The company is focused on regions that offer stability and provide for consistent operations and long-term planning. In 2024, it produced approximately 3.4 million ounces of gold, with reserves providing about 15 years of mine life at current rates.</p>
<div class="lb-trans"><p>该公司专注于提供稳定性并确保持续运营和长期规划的地区。在 2024 年，它生产了约 340 万盎司黄金，储备提供了约 15 年的矿山寿命，按当前开采速度计算。</p>
</div><p>Agnico Eagle maintains costs in the second quartile of the global curve, reporting all-in sustaining costs (AISC) around $1,373 per ounce in the third quarter. This means that while Agnico is not the lowest-cost miner, it is competitive, with costs below the industry median. This allows for it to expand margins as gold prices rise, as higher realized prices directly boost profitability without increasing cost at the same rate. In Q3, Agnico's gold production was approximately 77% of management's guidance, while costs came in at about the midpoint.</p>
<div class="lb-trans"><p>Agnico Eagle 的成本保持在全球曲线的第二四分位，第三季度报告的综合维持成本（AISC）约为每盎司 $1,373。这意味着虽然 Agnico 不是成本最低的矿商，但其竞争力强，成本低于行业中位数。这使得随着黄金价格上涨，它能够扩大利润率，因为更高的实现价格直接提升盈利能力，而成本并未以相同的速度增加。在第三季度，Agnico 的黄金产量约为管理层指导的 77%，而成本则处于中间水平。</p>
</div><p>The miner continues to flex its financial strength through record cash flows and debt reduction. Net cash grew to $2.16 billion while reducing long-term debt by $400 million to $196 million. Ratings agency Moody's also upgraded Agnico's debt profile to A3 from Baa1, which should lower its borrowing costs and give it easier access to capital markets.</p>
<div class="lb-trans"><p>该矿商通过创纪录的现金流和债务减少继续展现其财务实力。净现金增长至 21.6 亿美元，同时将长期债务减少 4 亿美元至 1.96 亿美元。评级机构穆迪也将 Agnico 的债务评级从 Baa1 上调至 A3，这将降低其借款成本并使其更容易进入资本市场。</p>
</div><p>Analysts have highlighted Agnico Eagle's operational efficiency and its focus on mining in low-risk areas, which contributes to its strong performance during the current gold rally.</p>
<div class="lb-trans"><p>分析师强调了 Agnico Eagle 的运营效率及其在低风险地区的采矿专注，这在当前黄金上涨期间为其强劲表现做出了贡献。</p>
</div><h2>Barrick Mining (B)</h2>
<div class="lb-trans"><h2>Barrick Mining (B)</h2>
</div><p>Barrick Mining is one of the world's largest gold and copper producers, with a portfolio including six Tier One gold assets -- large, long-life mines capable of producing over 500,000 ounces annually at low costs.</p>
<div class="lb-trans"><p>Barrick Mining 是全球最大的黄金和铜生产商之一，拥有六个一流黄金资产的投资组合——这些大型、寿命长的矿山每年能够以低成本生产超过 50 万盎司黄金。</p>
</div><p>Its operations span multiple countries, offering geographic diversification that can help mitigate disruptions in any one country. Production has been strong for Barrick, and despite year-over-year figures declining due to the sales of its Hemlo and Tongon mines -- and the unplanned downtime at its Goldstrike roaster -- gold production still rose 4% sequentially, and the miner maintained its full-year gold production guidance of 3.15 million and 3.5 million ounces.</p>
<div class="lb-trans"><p>其运营遍布多个国家，提供地理多样性，有助于减轻任何一个国家的干扰。Barrick 的生产表现强劲，尽管由于出售 Hemlo 和 Tongon 矿以及 Goldstrike 烘干炉的意外停机，年同比数据有所下降，但黄金产量仍环比增长 4%，并且矿商维持了全年黄金产量指导为 315 万至 350 万盎司。</p>
</div><p>Higher gold prices drove record operating cash flow ($2.4 billion) and free cash flow ($1.5 billion) for Barrick, given its scale, cost structure, and disciplined capital allocation, but further helped boost shareholder returns through dividends -- it hiked the payout 25% in Q3 to $0.125 per share -- and stock buybacks.</p>
<div class="lb-trans"><p>由于黄金价格上涨，Barrick 创造了创纪录的运营现金流（24 亿美元）和自由现金流（15 亿美元），得益于其规模、成本结构和严格的资本配置，同时通过分红进一步提升了股东回报——在第三季度将分红提高了 25% 至每股 $0.125——以及股票回购。</p>
</div><p>Growth projects, such as expansions in Nevada and Africa, are advancing on schedule and positioning Barrick for sustained production. Its mix of gold and copper exposure adds leverage to commodity uptrends, while ongoing efforts to streamline its assets improve overall efficiency.</p>
<div class="lb-trans"><p>如内华达州和非洲的扩张等增长项目正在按计划推进，为 Barrick 的持续生产奠定基础。其黄金和铜的组合增加了对商品上涨趋势的杠杆，同时持续努力精简资产，提高整体效率。</p>
</div><p>With robust tailwinds propelling Barrick forward, and despite its stock already tripling in 2025, the miner remains a buy to capture the substantial upside still available in gold.</p>
<div class="lb-trans"><p>在强劲的市场趋势推动下，尽管其股票在 2025 年已经上涨三倍，Barrick 仍然是一个值得购买的股票，以捕捉黄金仍然可用的巨大上行空间。</p>
</div><h2>The New Report Shaking Up Retirement Plans</h2>
<div class="lb-trans"><h2>颠覆退休计划的新报告</h2>
</div><p>You may think retirement is about picking the best stocks or ETFs, but you’d be wrong. Even great investments can be a liability in retirement. It’s a simple difference between accumulating vs distributing, and it makes all the difference.</p>
<div class="lb-trans"><p>你可能认为退休是关于选择最佳股票或 ETF，但你错了。即使是优秀的投资在退休时也可能成为负担。这是积累与分配之间的简单区别，而这会产生巨大的影响。</p>
</div><p>The good news? After answering three quick questions many Americans are reworking their portfolios and finding they can retire <em>earlier</em> than expected. If you’re thinking about retiring or know someone who is, take 5 minutes to learn more here.</p>
<div class="lb-trans"><p>好消息是？在回答三个简单问题后，许多美国人正在重新调整他们的投资组合，发现他们可以比预期更早退休。如果你在考虑退休或认识正在考虑退休的人，花 5 分钟了解更多信息。</p>
</div>

随着黄金价格突破 4500 美元创下纪录，这两家矿业公司是今天的必买