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Turnaround Letter
Out-of-Favor Stocks with Real Value

November 9, 2020

We are moving Barrick Gold (GOLD) to Sell.

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.