11:09:51 EDT Fri 29 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,215,209
Close 2016-05-17 C$ 24.99
Market Cap C$ 29,118,728,073
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Globe says Barrick backer Soros adds to his gold bet

2016-05-18 07:51 ET - In the News

Also In the News (C-SLW) Silver Wheaton Corp

The Globe and Mail reports in its Wednesday edition that hedge-fund king George Soros is warming to gold. The Globe's Ian McGugan writes that Mr. Soros is not alone. Stanley Druckenmiller said gold "remains our largest currency allocation," while David Einhorn has also bet heavily on the precious metal. The question is whether these stars of Wall Street are leading a broad, long-lasting surge of generalist investors into gold or are merely hoping to capitalize on momentum that could quickly reverse itself. Gold is already up about 20 per cent this year. For now, the pitch for precious metals appears to be tied to skepticism about the stock market. Growth in U.S. corporate earnings has been meagre to negative in recent quarters and, after a long bull market, few stocks look cheap. Mr. Soros figures that big U.S. stocks are vulnerable to a nasty correction. In keeping with that theme, his new bets on precious metals appear to be an attempt to find investments that could prosper from economic turmoil. Most notable is his $263.7-million stake in Barrick Gold. Also noteworthy is a $16.6-million investment in Silver Wheaton. Last quarter, he reported owning a one-million-share put option on the S&P 500.

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