01/10/2024 09:24

Barrick Gold Corp (GOLD US) $US19.89

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.

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17/09/2024 09:10

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.

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14/08/2024 09:07

Barrick Gold (GOLD US) $US19.13

Newmont (NEM) is the world’s largest producer of Gold having bought Newcrest in 2022, however Barrick sits comfortably in No 2 spot, and on Monday they guided to FY24 gold output of 3.9-4.3m ounces at an all-in-sustaining cost base of $US1320 to $US1420.  With Gold prices at US$2464 this morning, the metrics of their diverse operations really stack up.

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30/07/2024 09:18

Barrick Gold Corp (GOLD US) $US17.97

Barrick Gold has the ultimate stock code for a gold miner. Some subscribers aren’t aware that the MM Website also covers US stocks that can be found by searching the companies name or code in the top right search panel or more directly with the code with US after it through a company page. i.e. GOLD US.

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31/01/2024 17:46

International Equities Portfolio – Amendments

We are reducing market exposure in the International Equities Portfolio

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18/01/2024 09:27

Barrick Gold Corp (GOLD US) $US15.51

As touched on earlier, Barrick disappointed the market this week with its FY23 result, which is likely to weigh on the stock over the coming weeks/months. While we continue to like the scale of Barrick and the quality of their operations, we are questioning the size (7%) of our current position in the International Equities Portfolio at a time when investors are getting a reality check towards their dovish bets on rate cuts through 2024.

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10/10/2023 09:20

Barrick Gold Corp (GOLD US) $US14.85

US gold stocks have struggled compared to their ASX-listed peers because they haven’t enjoyed the benefit of a weak domestic currency, i.e. gold has recently corrected $US250, or -12.3%, but in Aussie Dollar terms, the pullback has only been -10%, and over recent years with the $A correcting ~20%  the relative performance has been far more pronounced.

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29/09/2023 08:42

Barrick Gold Corp (GOLD US) $US14.56

Barrick Gold (GOLD US) is falling back towards its 2022 low under the weight of rising bond yields, unlike ASX gold producers, it hasn’t enjoyed the benefit of a weak $A. The picture is even worse for Newcrest (NCM) acquirer Newmont (NEM US) whose stock is down -21% year to date, making multi-year lows in the process, i.e. not very exciting for shareholders in NCM as the bid is all share based. • We believe GOLD will start to outperform as US bond yields and the $US reverse recent gains – MM holds GOLD in our International Portfolio.

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18/08/2023 09:09

Have we been too optimistic towards gold?

The gold price has struggled since its May high with the a recovery by the $US and firm bond yields weighing on precious metals i.e. when you can get 5% on deposit in the bank, gold and its respective stocks need to advance 5% just to match this risk-free rate of return - a far different story to when rates are at zero! At MM we continue to believe that bond yields are at/close to a pivot high that should deliver an improving tailwind to the Gold Sector over the coming quarters.

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24/03/2023 09:09

Gold Exposure

Flagship Growth Portfolio: Evolution Mining (EVN) and Newcrest Mining (NCM) ~8% weighting. Emerging Companies Portfolio: St Barbara (SBM) ~ 4% weighting. International Portfolio: Barrick Gold (GOLD US) ~7% weighting.

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