5 Best Mining Stocks To Buy Now

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 47

Barrick Gold Corporation (NYSE:GOLD) is a Canadian gold and copper mining company that has established operations in 13 countries. The company has ownership interests in gold mines in the US, Canada, Tanzania, Argentina, Dominican Republic, and the Democratic Republic of Congo.

On November 10, shares of Barrick Gold Corporation (NYSE:GOLD) rose 4.6% as gold prices jumped over $40 on the day, with December Comex futures trading at $1,867.50. 

Of the 873 elite funds tracked by Insider Monkey, 47 were long Barrick Gold Corporation (NYSE:GOLD) at the end of June, compared to 49 in the first quarter of 2021. New York-based First Eagle Investment Management is the leading stakeholder of the company at the end of the September quarter.

In the Q2 2021 Investor Letter, Ariel Investments highlighted a few stocks and Barrick Gold Corp (NYSE:GOLD) is one of them. Here is what the fund said:

“We re-initiated a position in Barrick Gold Corp. (GOLD) in the quarter. Its shares fell -5.56% from our initiation to the end of the quarter as the price of gold trended lower. Gold exceeded $2,000 per ounce in 2020 but has since declined to approximately $1,812 per ounce. Barrick’s shares have often traded at elevated PE multiples. However, at the current reduced stock price, it is trading at a PE multiple of only 16 times next year’s earnings, an attractive opportunity in our opinion, given our expectation of higher inflation and gold’s historic role as an inflationary hedge.”