GOLD: Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2022, the firm produced nearly 4.1 million attributable ounces of gold and about 440 million pounds of copper. At end 2022, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.
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Our Analysis
Posted: 6Â months ago // March 20, 2023 11:24 a.m. UTC
One of the most active traders in Congress, Senator Tuberville, appears to think that the gold rally is just getting started. The Alabama Senator bought shares of Barrick Gold ($GOLD) on five different occasions in recent months, the most recent being on January 23rd, for approximately $19.20 a share.
This comes as the price of gold flirts with all-time highs amid the ongoing bank crisis as investors look to the precious metal as a safe haven during times of financial uncertainty. Another driver behind the recent rise in gold is investors forecasting that the federal reserve will slow it’s aggressive rate-hikes, resulting in a weaker dollar, a historically positive catalyst for gold higher. As a result, Tuberville’s bet seems to be paying off, with shares of Barrick Gold ($GOLD) up 38% since it’s recent low in early November 2022.
Barrick Gold ($GOLD) is one of the largest gold mining companies in the world, with operations in 13 countries. The company expects to produce 4.6 million ounces of gold in 2023 at an estimated cost of $1,200 per ounce. With gold futures currently trading at $1,981 an ounce, that represents a 65% margin at current prices.
It’s worth noting that Tuberville sits on the Senate Committee for Agriculture, Nutrition, and Forestry and the subcommittee for commodities, risk management, and trade. This committee provides Tuberville with unique insight into commodities the public doesn't know about. Whether this influenced his purchase of the company, we don’t know. Additionally, Representative Steve Cohen also opened a position in Barrick Gold back in October.
We’ll be keeping a close eye on gold in the coming weeks as the precious metal has all-time highs in it’s crosshairs. If gold can maintain its recent momentum, Tuberville is set to make a sizable return on his investment.
