#1 - Barrick Gold (NYSE:GOLD)
Not to be cliché, but it’s impossible to offer advice about stocks that will benefit from inflation without mentioning gold. And a popular way to invest in gold is via mining stocks. This brings me to Barrick Gold (NYSE:GOLD), the second-largest gold miner in the world. Only Newmont Mining (NYSE:NEM) is larger.
At some point, $6 trillion in spending is not going to end well. And that has many investors buying gold as a hedge against inflation. And if the analyst community is to be believed this trend is unlikely to end anytime soon. The consensus price target of 13 analysts gives GOLD stock a price target of $33.25 which is 58% higher than its current price. And the company has 11 “buy” ratings and one “strong buy” among those analysts.
Barrick recently issued $250 million in dividends to shareholders. And that’s only the first tranche of what the company pledges to total $750 million that it will pay out in dividends.
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
- $17.94
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $23.90 (33.2% Upside)
