Barrick (NYSE:ABX) announced two significant Gold discoveries in Nevada. The press release was more focused on confirming how clever they are in exploring next to existing properties and not much info on how much wealth is to be created. Nevada is politically stable compared to third world sites so it gets an extra check mark.
Investors have been wondering what the strategy is? Are they becoming a copper mine or are they staying solid gold. The announcement is a puff piece designed to keep the gold bugs in the corral. They do pay lip service to the crazy costs of development so even the gold message is a little schizophrenic.
Disclosure: George Gutowski writes from a caveat emptor perspective. I do not have any positions in stocks mentioned in this post. I do not have plans to initiate any new positions within the next 72 hours.
- Barrick strikes ‘significant’ gold in Nevada (business.financialpost.com)
- African Barrick Gold plans Tanzania listing (theglobeandmail.com)
- Barrick Gold: The Ultimate Window Into a Misunderstood Industry (fool.com)
- Gold, copper prices to stay high: Barrick (news.theage.com.au)
- Is Barrick Gold the Right Stock to Retire With? (fool.com)