#3 - Barrick Gold (NYSE:GOLD)
As it turns out, at least one Republican senator may be a gold bug. On three separate occasions, the senator in question has bought shares of Barrick Gold Corp. (NYSE: GOLD). Interestingly, the purchases were made in December 2023. In January 2024, Barron's listed Barrick Gold among their top picks for 2024.
However, the case for the shiny metal in 2024 is murky. Those in the bullish camp would point to geopolitical uncertainty and out-of-control government spending, making the case for gold as a safe haven. Gold and precious metals also tend to be a hedge against a weaker dollar in a falling interest rate environment. On the other hand, the bears will point to the rate of inflation that continues to trend lower.
Nevertheless, analysts tend to believe that gold prices will be higher in late 2024 and into 2025 than they are today. Buying stock in a quality miner like Barrick Gold is a good pick-and-shovel way to play the sector.
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
- $15.51
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $24.82 (60.0% Upside)
