#6 - Barrick Gold (NYSE:GOLD)
Gold has been one of the best-performing asset classes in 2024. And while many investors don’t want the responsibility of owning physical gold, they’re looking for ways to get involved. With a $5,000 investment, looking at gold miners is a sensible choice which leads us to Barrick Gold Corp. (NYSE: GOLD).
Barrick is one of the world’s largest gold miners and its flagship Cortez Gold Mine in Nevada has been operating for over 50 years. The company is projecting gold production of between 3.9 and 4.3 million ounces in 2024. It’s also anticipating production to increase by 30% by 2030.
At first glance, investors will look at a 2.5% decrease in the GOLD stock price in 2024 and think it to be a poor investment. But mining stocks will always trail behind the price of the underlying commodity. And with demand for gold remaining strong, so do the growth prospects for GOLD stock.
About Barrick Gold
Barrick Gold Corporation is a sector-leading gold and copper producer. Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.
Read More - Current Price
- $17.57
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $25.60 (45.7% Upside)
