New York Gold Mining Stocks Plummet... 8 Trillion Won in Market Cap Vanishes in a Day

Agnico Eagle Mines Limited (NYSE: AEM) saw its shares plunge 7.62% intraday on the 5th, closing at $163.29 and erasing roughly $5.7 billion in market value—about ₩8 trillion. Heavy trading that day drove its market capitalization down to around $81.8 billion (approximately ₩110 trillion).

Recently, the company confirmed an investment decision on its Hope Bay project in Nunavut, Canada, based on an annual gold production target of 400,000 to 435,000 ounces, outlining a long-term growth plan for its core North American assets. In the first quarter of 2026, Agnico Eagle reported record quarterly operating margins and adjusted net income, prompting analysts to view its underlying fundamentals as solid.

Headquartered in Toronto, Canada, Agnico Eagle Mines is a global gold producer operating large-scale mines in Canada, Finland and Mexico. It is widely regarded as a leading “gold major,” known for its safe jurisdictions and low-cost operations.