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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":349526965,"tweetId":"349526965","gmtCreate":1617627581257,"gmtModify":1634297477522,"author":{"id":3568717943755464,"idStr":"3568717943755464","authorId":3568717943755464,"authorIdStr":"3568717943755464","name":"sakam0t0","avatar":"https://static.tigerbbs.com/9ee28596ffff09e873a45cf00c767dba","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Up</body></html>","htmlText":"<html><head></head><body>Up</body></html>","text":"Up","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/349526965","repostId":1155906502,"repostType":4,"repost":{"id":"1155906502","kind":"news","pubTimestamp":1617627304,"share":"https://www.laohunote.com/m/news/1155906502?lang=zh_CN&edition=full","pubTime":"2021-04-05 20:55","market":"us","language":"en","title":"Gold Is Due for a Comeback. Barrick Is a Good Way to Play It.<blockquote>黄金即将卷土重来。巴里克是一个很好的玩法。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155906502","media":"Barrons","summary":"Blame it on Bitcoin’s growing acceptance as an alternative asset class or on higher Treasury rates, ","content":"Blame it on Bitcoin’s growing acceptance as an alternative asset class or on higher Treasury rates, but gold has lost some of its luster.<blockquote>这可以归咎于比特币作为另类资产类别的日益接受，也可以归咎于国债利率的上升，但黄金已经失去了一些光彩。</blockquote> The metal has declined 9%, to $1,726 a troy ounce, in 2021, leaving it 16% below its record high of $2,063, reached last August.<blockquote>2021 年，该金属下跌 9%，至每金衡盎司 1,726 美元，比去年 8 月创下的 2,063 美元历史新高低 16%。</blockquote> With the selloff, gold looks attractive—and so does mining giantBarrick Gold(ticker: GOLD). Shares of Barrick, at about $20, are down by over a third from their summer peak and look inexpensive, changing hands for 15 times projected 2021 earnings of $1.33 a share and yielding 1.8%.<blockquote>随着抛售，黄金看起来很有吸引力，矿业巨头巴里克黄金公司（股票代码：GOLD）也是如此。巴里克的股价约为 20 美元，比夏季峰值下跌了三分之一以上，而且看起来很便宜，易手幅度是 2021 年每股收益 1.33 美元的 15 倍，收益率为 1.8%。</blockquote> Barrick and other largegold-mining companiesare trading cheaply, relative to their histories and to gold, even though they are better run than ever before. Led by South African geologist and big-game hunter Mark Bristow, Barrick has an impressive portfolio of mines.<blockquote>巴里克和其他大型金矿公司相对于其历史和黄金而言，交易价格很便宜，尽管它们的经营状况比以往任何时候都好。在南非地质学家和大型狩猎猎人马克·布里斯托的领导下，巴里克拥有令人印象深刻的矿山组合。</blockquote> There are 13 top gold mines in the world with projected annual production of 500,000 ounces for 10 years and with below-average costs, Bristow tellsBarron’sin an interview—and Barrick owns or has interests in six of them. That includes three in Nevada, two in Africa, and one in the Dominican Republic.<blockquote>布里斯托表示，世界上有 13 个顶级金矿，预计 10 年内年产量为 50 万盎司，成本低于平均水平巴伦在一次采访中——巴里克拥有或拥有其中六家公司的权益。其中包括内华达州的三个，非洲的两个，多米尼加共和国的一个。</blockquote> “We have the industry’s best assets and strongest balance sheet, with no net debt and the best people,” the CEO says. Barrick projects annual gold production of 4.5 million to five million ounces over the current decade, while offering some exposure to the hot copper market.<blockquote>“首席执行官说：”我们拥有业内最好的资产和最强大的资产负债表，没有净债务，拥有最优秀的员工。巴里克预计未来十年黄金年产量为 450 万至 500 万盎司，同时为炙手可热的铜市场提供一定的投资机会。</blockquote> <img src=\"https://static.tigerbbs.com/2d3dcd13bff1bc1d2b3a4fa193d964a6\" tg-width=\"969\" tg-height=\"635\"><blockquote></blockquote> Larry Pitkowsky, manager of the GoodHaven mutual fund, a Barrick shareholder, is a believer. “Bristow is our kind of 24/7 manager and has skin in the game,” he says. Last year, amid the pandemic, Bristow visited each of the company’s mines three times.<blockquote>巴里克股东古德黑文共同基金经理拉里·皮特科夫斯基 (Larry Pitkowsky) 是一名信徒。“他说：”布里斯托是我们那种全天候的主教练，他在比赛中很有经验。去年，在大流行病期间，布里斯托三次参观了该公司的每个矿山。</blockquote> Barrick is “starting to return more cash to shareholders, and the stock is attractively priced, relative to free cash flow,” Pitkowsky adds. This year’s free-cash-flow yield is projected to be close to 10%.<blockquote>皮特科夫斯基补充说，巴里克 “开始向股东返还更多现金，相对于自由现金流，股票价格也很有吸引力”。今年的自由现金流收益率预计将接近 10%。</blockquote> While&nbsp;higher Treasury rates&nbsp;have diminished the appeal of gold, the backdrop still looks favorable.<blockquote>尽管国债利率上升削弱了黄金的吸引力，但背景看起来仍然有利。</blockquote> “Gold is an investment to hold in these times of unknowns,” Bristow says, “and copper is rapidly becoming the most strategic metal in the world” as the pace of electrification picks up.<blockquote>“布里斯托说：”在这个充满未知的时代，黄金是一种值得持有的投资，“随着电气化步伐的加快，铜正迅速成为世界上最具战略意义的金属”。</blockquote> <img src=\"https://static.tigerbbs.com/1bdb22091b8ff3deb8a41145109a10f4\" tg-width=\"983\" tg-height=\"642\"><blockquote></blockquote> Fred Hickey, editor of the High-Tech Strategist newsletter, says that Democratic control in Washington is bullish for gold. “No limits on their spending, leading to gigantic deficits (good for gold), more Fed monetization (debasement good for gold), and inflation (great for gold),” he tweeted this past week, noting parallels to the 1970s, when the precious metal went up 20-fold. He sees gold getting back to its August 2020 peak.<blockquote>《高科技战略家》时事通讯编辑弗雷德·希基表示，华盛顿民主党的控制利多黄金。“他上周在推特上写道：”对他们的支出没有限制，导致巨额赤字（对黄金有利）、美联储货币化力度加大（贬值对黄金有利）和通货膨胀（对黄金有利），并指出这与 20 世纪 70 年代的情况有相似之处，当时贵金属价格上涨了 20 倍。他预计金价将回到 2020 年 8 月的峰值。</blockquote> Most investors have little or no exposure to the metal or to goldmining stocks. Despite Bitcoin’s rise, gold remains the time-tested alternative investment. To add it to your portfolio ahead of a revival in its price, there might be no better bet than one on Barrick and its swashbuckling leader.<blockquote>大多数投资者很少或根本没有接触金属或金矿股票。尽管比特币崛起，但黄金仍然是久经考验的另类投资。要在其价格复苏之前将其添加到您的投资组合中，可能没有比押注巴里克及其虚张声势的领导者更好的选择了。</blockquote> Bristow ran&nbsp;Randgold Resources,an African miner that generated ample returns for more than 20 years. He then merged it with the larger, Toronto-based Barrick in early 2019 and became CEO. That same year, he went after archrivalNewmont(NEM) with a hostile takeover bid. The offer was withdrawn when the two companies agreed to merge their valuable mining operations in Nevada. Barrick is the lead partner, with a 61.5% stake.<blockquote>布里斯托经营着兰德黄金资源公司，这是一家非洲矿业公司，20多年来产生了丰厚的回报。随后，他于 2019 年初将其与总部位于多伦多的规模更大的巴里克公司合并，并担任首席执行官。同年，他对主要竞争对手纽蒙特（NEM）发起了恶意收购要约。当两家公司同意合并其在内华达州有价值的采矿业务时，该提议被撤回。巴里克是主要合作伙伴，持有 61.5% 的股份。</blockquote> Barrick’s stock lagged behind Newmont’s by 25 percentage points in the past year. Bristow questions Barrick’s lower valuation relative to Newmont, saying, “We have better-quality assets and are trading at a discount.”<blockquote>去年，巴里克的股价落后纽蒙特的股价 25 个百分点。布里斯托对巴里克公司相对于纽蒙特公司较低的估值提出质疑，他说：“我们拥有质量更好的资产，而且交易价格打折。”</blockquote> Why has Barrick trailed rivals? Newmont, the only gold company in the&nbsp;S&amp;P 500&nbsp;index, pays a higher dividend—3.6%—based on a formula that ties its payout to gold prices.<blockquote>为什么巴里克落后于竞争对手？纽蒙特是标普500指数中唯一的黄金公司，根据将其派息与金价挂钩的公式，支付更高的股息（3.6%）。</blockquote> Some investors are disappointed that Barrick has not come up with a similar dividend formula. It pays nine cents a share quarterly and plans to issue a special dividend of about 42 cents a share this year from the proceeds of asset sales in 2020.<blockquote>一些投资者对巴里克没有提出类似的股息公式感到失望。该公司每季度支付每股 9 美分，并计划今年从 2020 年资产出售所得中发放每股约 42 美分的特别股息。</blockquote> Then there is Bristow’s interest in buying gold or copper companies, which has unsettled investors who fear that Barrick will overpay.<blockquote>此外，布里斯托有意收购黄金或铜公司，这让担心巴里克会支付过高费用的投资者感到不安。</blockquote> The CEO rebuffs such concerns. “Look at our merger-and-acquisition history and we haven’t screwed up once—I’m talking about me and my team,” he says, ticking off deals at Randgold, the Barrick merger, and the Newmont joint venture. “ I act like an owner because I am a big owner,” he says, noting that he holds over five million shares.<blockquote>首席执行官驳斥了这种担忧。“看看我们的并购历史，我们从未出过差错--我说的是我自己和我的团队，”他一边说着兰德戈尔德、巴里克合并和纽蒙特合资企业的交易。“他说：”我的行为就像一个所有者，因为我是一个大所有者。</blockquote> As a well-run gold-mining company, Barrick can be a hedge against financial turmoil. That’s an alluring find.<blockquote>作为一家运营良好的金矿公司，巴里克可以成为抵御金融动荡的对冲工具。这是一个诱人的发现。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gold Is Due for a Comeback. Barrick Is a Good Way to Play It.<blockquote>黄金即将卷土重来。巴里克是一个很好的玩法。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGold Is Due for a Comeback. Barrick Is a Good Way to Play It.<blockquote>黄金即将卷土重来。巴里克是一个很好的玩法。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-05 20:55\n\n</h4>\n</header>\n<article>\nBlame it on Bitcoin’s growing acceptance as an alternative asset class or on higher Treasury rates, but gold has lost some of its luster.<blockquote>这可以归咎于比特币作为另类资产类别的日益接受，也可以归咎于国债利率的上升，但黄金已经失去了一些光彩。</blockquote> The metal has declined 9%, to $1,726 a troy ounce, in 2021, leaving it 16% below its record high of $2,063, reached last August.<blockquote>2021 年，该金属下跌 9%，至每金衡盎司 1,726 美元，比去年 8 月创下的 2,063 美元历史新高低 16%。</blockquote> With the selloff, gold looks attractive—and so does mining giantBarrick Gold(ticker: GOLD). Shares of Barrick, at about $20, are down by over a third from their summer peak and look inexpensive, changing hands for 15 times projected 2021 earnings of $1.33 a share and yielding 1.8%.<blockquote>随着抛售，黄金看起来很有吸引力，矿业巨头巴里克黄金公司（股票代码：GOLD）也是如此。巴里克的股价约为 20 美元，比夏季峰值下跌了三分之一以上，而且看起来很便宜，易手幅度是 2021 年每股收益 1.33 美元的 15 倍，收益率为 1.8%。</blockquote> Barrick and other largegold-mining companiesare trading cheaply, relative to their histories and to gold, even though they are better run than ever before. Led by South African geologist and big-game hunter Mark Bristow, Barrick has an impressive portfolio of mines.<blockquote>巴里克和其他大型金矿公司相对于其历史和黄金而言，交易价格很便宜，尽管它们的经营状况比以往任何时候都好。在南非地质学家和大型狩猎猎人马克·布里斯托的领导下，巴里克拥有令人印象深刻的矿山组合。</blockquote> There are 13 top gold mines in the world with projected annual production of 500,000 ounces for 10 years and with below-average costs, Bristow tellsBarron’sin an interview—and Barrick owns or has interests in six of them. That includes three in Nevada, two in Africa, and one in the Dominican Republic.<blockquote>布里斯托表示，世界上有 13 个顶级金矿，预计 10 年内年产量为 50 万盎司，成本低于平均水平巴伦在一次采访中——巴里克拥有或拥有其中六家公司的权益。其中包括内华达州的三个，非洲的两个，多米尼加共和国的一个。</blockquote> “We have the industry’s best assets and strongest balance sheet, with no net debt and the best people,” the CEO says. Barrick projects annual gold production of 4.5 million to five million ounces over the current decade, while offering some exposure to the hot copper market.<blockquote>“首席执行官说：”我们拥有业内最好的资产和最强大的资产负债表，没有净债务，拥有最优秀的员工。巴里克预计未来十年黄金年产量为 450 万至 500 万盎司，同时为炙手可热的铜市场提供一定的投资机会。</blockquote> <img src=\"https://static.tigerbbs.com/2d3dcd13bff1bc1d2b3a4fa193d964a6\" tg-width=\"969\" tg-height=\"635\"><blockquote></blockquote> Larry Pitkowsky, manager of the GoodHaven mutual fund, a Barrick shareholder, is a believer. “Bristow is our kind of 24/7 manager and has skin in the game,” he says. Last year, amid the pandemic, Bristow visited each of the company’s mines three times.<blockquote>巴里克股东古德黑文共同基金经理拉里·皮特科夫斯基 (Larry Pitkowsky) 是一名信徒。“他说：”布里斯托是我们那种全天候的主教练，他在比赛中很有经验。去年，在大流行病期间，布里斯托三次参观了该公司的每个矿山。</blockquote> Barrick is “starting to return more cash to shareholders, and the stock is attractively priced, relative to free cash flow,” Pitkowsky adds. This year’s free-cash-flow yield is projected to be close to 10%.<blockquote>皮特科夫斯基补充说，巴里克 “开始向股东返还更多现金，相对于自由现金流，股票价格也很有吸引力”。今年的自由现金流收益率预计将接近 10%。</blockquote> While&nbsp;higher Treasury rates&nbsp;have diminished the appeal of gold, the backdrop still looks favorable.<blockquote>尽管国债利率上升削弱了黄金的吸引力，但背景看起来仍然有利。</blockquote> “Gold is an investment to hold in these times of unknowns,” Bristow says, “and copper is rapidly becoming the most strategic metal in the world” as the pace of electrification picks up.<blockquote>“布里斯托说：”在这个充满未知的时代，黄金是一种值得持有的投资，“随着电气化步伐的加快，铜正迅速成为世界上最具战略意义的金属”。</blockquote> <img src=\"https://static.tigerbbs.com/1bdb22091b8ff3deb8a41145109a10f4\" tg-width=\"983\" tg-height=\"642\"><blockquote></blockquote> Fred Hickey, editor of the High-Tech Strategist newsletter, says that Democratic control in Washington is bullish for gold. “No limits on their spending, leading to gigantic deficits (good for gold), more Fed monetization (debasement good for gold), and inflation (great for gold),” he tweeted this past week, noting parallels to the 1970s, when the precious metal went up 20-fold. He sees gold getting back to its August 2020 peak.<blockquote>《高科技战略家》时事通讯编辑弗雷德·希基表示，华盛顿民主党的控制利多黄金。“他上周在推特上写道：”对他们的支出没有限制，导致巨额赤字（对黄金有利）、美联储货币化力度加大（贬值对黄金有利）和通货膨胀（对黄金有利），并指出这与 20 世纪 70 年代的情况有相似之处，当时贵金属价格上涨了 20 倍。他预计金价将回到 2020 年 8 月的峰值。</blockquote> Most investors have little or no exposure to the metal or to goldmining stocks. Despite Bitcoin’s rise, gold remains the time-tested alternative investment. To add it to your portfolio ahead of a revival in its price, there might be no better bet than one on Barrick and its swashbuckling leader.<blockquote>大多数投资者很少或根本没有接触金属或金矿股票。尽管比特币崛起，但黄金仍然是久经考验的另类投资。要在其价格复苏之前将其添加到您的投资组合中，可能没有比押注巴里克及其虚张声势的领导者更好的选择了。</blockquote> Bristow ran&nbsp;Randgold Resources,an African miner that generated ample returns for more than 20 years. He then merged it with the larger, Toronto-based Barrick in early 2019 and became CEO. That same year, he went after archrivalNewmont(NEM) with a hostile takeover bid. The offer was withdrawn when the two companies agreed to merge their valuable mining operations in Nevada. Barrick is the lead partner, with a 61.5% stake.<blockquote>布里斯托经营着兰德黄金资源公司，这是一家非洲矿业公司，20多年来产生了丰厚的回报。随后，他于 2019 年初将其与总部位于多伦多的规模更大的巴里克公司合并，并担任首席执行官。同年，他对主要竞争对手纽蒙特（NEM）发起了恶意收购要约。当两家公司同意合并其在内华达州有价值的采矿业务时，该提议被撤回。巴里克是主要合作伙伴，持有 61.5% 的股份。</blockquote> Barrick’s stock lagged behind Newmont’s by 25 percentage points in the past year. Bristow questions Barrick’s lower valuation relative to Newmont, saying, “We have better-quality assets and are trading at a discount.”<blockquote>去年，巴里克的股价落后纽蒙特的股价 25 个百分点。布里斯托对巴里克公司相对于纽蒙特公司较低的估值提出质疑，他说：“我们拥有质量更好的资产，而且交易价格打折。”</blockquote> Why has Barrick trailed rivals? Newmont, the only gold company in the&nbsp;S&amp;P 500&nbsp;index, pays a higher dividend—3.6%—based on a formula that ties its payout to gold prices.<blockquote>为什么巴里克落后于竞争对手？纽蒙特是标普500指数中唯一的黄金公司，根据将其派息与金价挂钩的公式，支付更高的股息（3.6%）。</blockquote> Some investors are disappointed that Barrick has not come up with a similar dividend formula. It pays nine cents a share quarterly and plans to issue a special dividend of about 42 cents a share this year from the proceeds of asset sales in 2020.<blockquote>一些投资者对巴里克没有提出类似的股息公式感到失望。该公司每季度支付每股 9 美分，并计划今年从 2020 年资产出售所得中发放每股约 42 美分的特别股息。</blockquote> Then there is Bristow’s interest in buying gold or copper companies, which has unsettled investors who fear that Barrick will overpay.<blockquote>此外，布里斯托有意收购黄金或铜公司，这让担心巴里克会支付过高费用的投资者感到不安。</blockquote> The CEO rebuffs such concerns. “Look at our merger-and-acquisition history and we haven’t screwed up once—I’m talking about me and my team,” he says, ticking off deals at Randgold, the Barrick merger, and the Newmont joint venture. “ I act like an owner because I am a big owner,” he says, noting that he holds over five million shares.<blockquote>首席执行官驳斥了这种担忧。“看看我们的并购历史，我们从未出过差错--我说的是我自己和我的团队，”他一边说着兰德戈尔德、巴里克合并和纽蒙特合资企业的交易。“他说：”我的行为就像一个所有者，因为我是一个大所有者。</blockquote> As a well-run gold-mining company, Barrick can be a hedge against financial turmoil. That’s an alluring find.<blockquote>作为一家运营良好的金矿公司，巴里克可以成为抵御金融动荡的对冲工具。这是一个诱人的发现。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/gold-is-due-for-a-comeback-barrick-is-a-good-way-to-play-it-51617396173?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOLD":"Gold.com"},"source_url":"https://www.barrons.com/articles/gold-is-due-for-a-comeback-barrick-is-a-good-way-to-play-it-51617396173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155906502","content_text":"Blame it on Bitcoin’s growing acceptance as an alternative asset class or on higher Treasury rates, but gold has lost some of its luster.\nThe metal has declined 9%, to $1,726 a troy ounce, in 2021, leaving it 16% below its record high of $2,063, reached last August.\nWith the selloff, gold looks attractive—and so does mining giantBarrick Gold(ticker: GOLD). Shares of Barrick, at about $20, are down by over a third from their summer peak and look inexpensive, changing hands for 15 times projected 2021 earnings of $1.33 a share and yielding 1.8%.\nBarrick and other largegold-mining companiesare trading cheaply, relative to their histories and to gold, even though they are better run than ever before. Led by South African geologist and big-game hunter Mark Bristow, Barrick has an impressive portfolio of mines.\nThere are 13 top gold mines in the world with projected annual production of 500,000 ounces for 10 years and with below-average costs, Bristow tellsBarron’sin an interview—and Barrick owns or has interests in six of them. That includes three in Nevada, two in Africa, and one in the Dominican Republic.\n“We have the industry’s best assets and strongest balance sheet, with no net debt and the best people,” the CEO says. Barrick projects annual gold production of 4.5 million to five million ounces over the current decade, while offering some exposure to the hot copper market.\n\nLarry Pitkowsky, manager of the GoodHaven mutual fund, a Barrick shareholder, is a believer. “Bristow is our kind of 24/7 manager and has skin in the game,” he says. Last year, amid the pandemic, Bristow visited each of the company’s mines three times.\nBarrick is “starting to return more cash to shareholders, and the stock is attractively priced, relative to free cash flow,” Pitkowsky adds. This year’s free-cash-flow yield is projected to be close to 10%.\nWhile higher Treasury rates have diminished the appeal of gold, the backdrop still looks favorable.\n“Gold is an investment to hold in these times of unknowns,” Bristow says, “and copper is rapidly becoming the most strategic metal in the world” as the pace of electrification picks up.\n\nFred Hickey, editor of the High-Tech Strategist newsletter, says that Democratic control in Washington is bullish for gold. “No limits on their spending, leading to gigantic deficits (good for gold), more Fed monetization (debasement good for gold), and inflation (great for gold),” he tweeted this past week, noting parallels to the 1970s, when the precious metal went up 20-fold. He sees gold getting back to its August 2020 peak.\nMost investors have little or no exposure to the metal or to goldmining stocks. Despite Bitcoin’s rise, gold remains the time-tested alternative investment. To add it to your portfolio ahead of a revival in its price, there might be no better bet than one on Barrick and its swashbuckling leader.\nBristow ran Randgold Resources,an African miner that generated ample returns for more than 20 years. He then merged it with the larger, Toronto-based Barrick in early 2019 and became CEO. That same year, he went after archrivalNewmont(NEM) with a hostile takeover bid. The offer was withdrawn when the two companies agreed to merge their valuable mining operations in Nevada. Barrick is the lead partner, with a 61.5% stake.\nBarrick’s stock lagged behind Newmont’s by 25 percentage points in the past year. Bristow questions Barrick’s lower valuation relative to Newmont, saying, “We have better-quality assets and are trading at a discount.”\nWhy has Barrick trailed rivals? Newmont, the only gold company in the S&P 500 index, pays a higher dividend—3.6%—based on a formula that ties its payout to gold prices.\nSome investors are disappointed that Barrick has not come up with a similar dividend formula. It pays nine cents a share quarterly and plans to issue a special dividend of about 42 cents a share this year from the proceeds of asset sales in 2020.\nThen there is Bristow’s interest in buying gold or copper companies, which has unsettled investors who fear that Barrick will overpay.\nThe CEO rebuffs such concerns. “Look at our merger-and-acquisition history and we haven’t screwed up once—I’m talking about me and my team,” he says, ticking off deals at Randgold, the Barrick merger, and the Newmont joint venture. “ I act like an owner because I am a big owner,” he says, noting that he holds over five million shares.\nAs a well-run gold-mining company, Barrick can be a hedge against financial turmoil. That’s an alluring find.","news_type":1,"symbols_score_info":{"GOLD":0.9}},"isVote":1,"tweetType":1,"viewCount":831,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/349526965"}