The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider precious-metals miner Barrick Gold (NYSE: ABX). Though the price of gold has reached new heights, you'll find that more than a few of the 1,896 Motley Fool CAPS members weighing in on the company offer reasons to be bearish.

Here at The Motley Fool, we like to consider both the good and bad sides of an investment, so in this article I'm highlighting three of the main bearish arguments on Barrick Gold today. Be sure to read the bullish side as well, and then weigh in with your own comments below, or rate Barrick Gold in CAPS.                                              

1. Gold uncertainty
Gold has received an increasing amount of attention in recent years as gold prices, as well as shares of ETFs like SPDR Gold Trust (NYSE: GLD) and producers like Kinross Gold (NYSE: KGC) and Eldorado Gold (NYSE: EGO) have climbed dramatically higher. But some investors liken the increased attention to possible early warning signs -- while fundamentals support potential long-term strength in gold, some CAPS members think expectations are already priced in.    

2. Possible headwinds
While Barrick is guiding for higher production this year, a good portion of that increase hinges on its Cortez Hills mine, one of its key growth projects. Barrick faces resistance from environmental groups and local American Indian leaders, and any disruption of Barrick's plans could lead it to revisit guidance and how it may affect the company's performance.  

3. Late to unhedge
While others like AngloGold Ashanti (NYSE: AU) have reduced their gold hedges, Barrick only recently joined the list of unhedged producers like Goldcorp (NYSE: GG) and Yamana Gold (NYSE: AUY). Some CAPS members like the move, but also think Barrick is late to the party after gold prices have made big gains in recent years. Barrick's unhedged position now leaves the company exposed to potential near-term volatility if gold prices falter.

To see details of what CAPS members are saying now about Barrick Gold, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.

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Fool contributor Dave Mock  owns no shares of companies mentioned here. The Fool's disclosure policy keeps its soda can collection in a safe place, hidden from target-shooting neighbor kids.