Barrick Gold (GOLD US) $US20.52

US gold heavyweights Barrick and Newmont stock moves bear little resemblance to the price of precious metals over the last few years. The rally by both heavyweight producers feels almost begrudging in nature, although Barrick has bounced around 50% from its February low. At this stage, we prefer the opportunities offered by ASX gold miners, not something people have often written as the “Magnificent Seven” dominated equities markets post-COVID.

• We are more likely to trim/exit Barrick than increase our US gold exposure—we own Barrick in our International Equities Portfolio.