Agnico Eagle CEO Ammar Al-Joundi said on Monday that the historic surge in gold prices is based on forces that are far from receding.

Al-Joundi told Jim Cramer in an interview with “Mad Money” that while short-term price fluctuations are unpredictable, the structural drivers behind the 80% rise in gold prices over the past year – which are now driving gold prices higher – Over $5,000 per ounce For the first time ever – remains intact.

“Who knows where it will be next week or next month,” Arjundi said. “The fundamentals that drove gold prices higher are still there – government spending, now coupled with the catalyst of Russia’s invasion of Ukraine and being kicked out of the SWIFT (payments) system a few years ago. Now there’s a new catalyst, which is that this orderly world we live in seems to be becoming less orderly, and that’s obviously having an impact on… currency markets, and gold is playing a role in that.”

He pointed out that central banks in countries such as China are also reconsidering their allocation to U.S. Treasury bonds and buying more gold. Al-Joundi said he expected gold supplies to remain tight as annual supply growth is minimal and construction of new mines will take at least a decade. “You’re not going to see gold flooding the market,” Arjundi said.

Perhaps surprisingly, Al-Joundi sees another boost coming from cryptocurrencies. Al-Joundi believes that Bitcoin’s popularity has given younger generations the idea of ​​hedging against unstable fiat currencies. Now, some of these investors realize they can buy gold for the same reason they once bought Bitcoin, which he calls “gold’s positive power.”

Bitcoin prices have fallen nearly 16% in the past 12 months. Year to date, that number is up a little more than 1%.

The gold rally has led to record financial results for Agnico Eagle, one of the world’s largest gold companies, with its shares more than doubling last year and rising another 27% so far in 2026.