5 Best Precious Metal Stocks To Buy Now

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1. Barrick Gold Corporation (NYSE: GOLD)

No. of Hedge Fund Holders: 53

Canada-based Barrick Gold has mining operations in several countries, including Argentina, Congo, Dominican Republic, United States, Saudi Arabia, , Mali, Papua New Guinea and Tanzania.  In 2020, the company’s gold production came in at 4.8 million ounces, while copper production totaled 457 million pounds. The company’s CEO Mark Bristow recently said that Barrick Gold’s possible combination with Arizona-based miner Freeport would “had a lot of logic to it.”  The stock recently rallied after the company beat analysts’ estimates for the fourth quarter of 2020. Revenue in the period jumped 14% to $3.3 billion.

As of the end of the fourth quarter, 53 hedge funds in Insider Monkey’s database of 887 funds held stakes in Barrick Gold Corporation, compared to 52 funds in the third quarter. First Eagle Investment Management is the biggest stakeholder in the company, with 26.8 million shares, worth $610.8 million.

In one of their 2020 investor letters, First Eagle Investment Management highlighted a few stocks and Barrick Gold Corp (NYSE:GOLD) is one of them. Here is what First Eagle stated:

“Barrick Gold has continued to execute through the challenges posed by the pandemic, with strong production results and low costs driving improved free cash flow reported for first quarter 2020. Barrick has drawn on previous management experience with Ebola outbreaks in Africa to formulate a plan to promote the safety of its employees and communities in the face of Covid19. The company has maintained its annual production guidance for 2020 with only a slight downward adjustment, due to a lease dispute with the government of Papua New Guinea. We believe the company’s prudent management team and strong and diversified asset base position it well to manage through the current trying environment.”

You can also take a peek at Top 10 Car Company Stocks to Invest In and Ray Dalio’s Top 10 Stock Picks for 2021.

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