Opinions
Jim Cramer - Mad Money
Barrick Gold Corp
ABX-N
BUY
Apr 08, 2024
N/A
Stock price when the opinion was issued
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He holds gold as a hedge against inflation and geopolitcal chaos. Because there's both, precious metals have made a monster move up. Barrick is his favourite gold play--the best gold miner. It's up 17% this month. Last week, they reported a superb quarter, posting an earning beats with higher than expected sales and a big share buyback.
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His go-to gold name because of the CEO. Gold stocks haven't been hitting new highs like gold itself. Last February they reported an earnings beat and inline revenue and production, but shares got hammered over higher production costs. More of their gold comes from North America where labour costs are higher; they used to have more mining in cheaper Latin America. Also, guidance may be too cautious. Shares are finally starting to catch up to the gold price; same goes with many gold stocks.