The Globe and Mail reports in its Thursday, July 16, edition that as banks print money at an unprecedented rate the outlook for gold improves. The Globe's Gordon Pape writes that he advises not investing in exploration companies or start-ups because there is no point in taking more risk than you need to. The S&P/TSX Global Gold Index is up almost 38 per cent this year. However, there is a wide variation in performance among individual companies. For example, major producer Agnico Eagle Mines ($88.96) is up only 11.2 per cent for the year. However, Barrick Gold ($36.60) has gained 51.7 per cent during the same period. There are a variety of reasons why one mining company will outperform or underperform at any given time. For example, Agnico reported that seven of its eight mines were operating at reduced activity levels in the first quarter because of COVID-19. Barrick, on the other hand, said first quarter disruptions were minimal and reported gold production and costs were consistent with guidance. Between these two, Barrick would be the preferred choice right now for this portion of a gold portfolio. The stock pays a quarterly dividend of seven U.S. cents a share to yield about 1 per cent.