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More top-performing CAPS members are feeling bullish on Barrick Gold (NYSE:ABX) these days, upgrading it from its four-star rank to a more formidable five stars. A total of 1,707 members have given their opinion on Barrick Gold, with many offering analysis and commentary explaining the recent optimism.
Shares in gold miners like Barrick, Yamana Gold (NYSE:AUY), and Kinross Gold (NYSE:KGC) are fighting back from the dive that they took earlier this year. Though the road to recovery is bound to be bumpy, many investors see the 2008 gold correction as a thing of the past, since gold bullion prices have been on the rise in recent months.
Barrick and peer Newmont Mining (NYSE:NEM) both laid out plans to run tight operations and delay projects as necessary in the face of economic uncertainty. The swift moves could tighten supply and put upward pressure on the price of gold. And with executives from Barrick and Gold Fields estimating a rising all-in cost of production for gold, many are bullish on its long-term price, including Goldcorp (NYSE:GG) founder Rob McEwen.
While the tight credit markets and overall global economic malaise have slowed the mining mergers-and-acquisitions market -- such as with BHP Billiton's (NYSE:BHP) ended pursuit of Rio Tinto (NYSE:RTP) -- Barrick CFO Jamie Sokalsky recently said that companies and projects are looking exceptionally cheap to acquire. And Barrick is in a better position to go shopping than many others with its $1.7 billion in cash and recent successful bond offering.
To see all the reasons that CAPS analysts are more bullish now about Barrick Gold -- as well as other winning stocks they are picking -- head on over to CAPS and have a look, and don't forget to add your own opinion.
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