Agnico's largest shareholders are Fidelity Investments and the Canada Pension Plan Investment Board. They understand that this company's costs are below $400/oz, sales are unhedged, 2010 production is expected at 1.1 million ozs, increasing to 1.4 million ozs in 2011. They have more than 20 million ozs of reserves, spent 2 Billion in development since 2007 which will soon reduce to 178 million/year. This stock is a winner for the patient investor.