We are moving Barrick Gold (GOLD) to Sell, as we believe the company’s turnaround is well underway, widely-known and increasingly factored into the share price. At the margin, it also appears that the price of gold has less upside potential in the near-term and mid-term due to rising Treasury yields and the now-weaker chances of a sizeable Federal stimulus package, as it appears that a Covid vaccine may be forthcoming based on today’s news from Pfizer.
Since our February 2019 recommendation, Barrick Gold has produced a 104% return, based on mid-morning prices today.