Barrick is our stock of choice for overseas exposure to precious metals. It delivered in 2024, bouncing well over 50% from its early 2024 low—a very similar pattern to EVN. Like EVN, Barrick also has a growing runway for Copper output, while an AISC of $US1,474 looks good, with prices above $US2,600. We like the company and its prospects, but the question is whether our exposure is too large at this stage of the cycle.
- We are considering whether this is an opportune time to trim our position – MM holds a 5% weighting in Barrick Gold (GOLD US) in our International Companies Portfolio
MM is bullish towards GOLD medium-term
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