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2021-04-05
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Gold Is Due for a Comeback. Barrick Is a Good Way to Play It.<blockquote>黄金将会卷土重来。巴里克是一个很好的玩法。</blockquote>
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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":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Up</p></body></html>","htmlText":"<html><head></head><body><p>Up</p></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.laohu8.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>黄金将会卷土重来。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":"<p>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.</p><p><blockquote>将其归咎于比特币作为另类资产类别的接受度越来越高或国债利率上升，但黄金已经失去了一些光彩。</blockquote></p><p> 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.</p><p><blockquote>2021年，该金属已下跌9%，至每金衡盎司1,726美元，比去年8月创下的2,063美元的历史高点低16%。</blockquote></p><p> 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%.</p><p><blockquote>随着抛售，黄金看起来很有吸引力——矿业巨头巴里克黄金（股票代码：GOLD）也是如此。巴里克的股价约为20美元，较夏季峰值下跌了三分之一以上，看起来并不昂贵，易手价格是2021年预计每股收益1.33美元的15倍，收益率为1.8%。</blockquote></p><p> 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.</p><p><blockquote>尽管巴里克和其他大型金矿公司的经营状况比以往任何时候都好，但相对于其历史和黄金而言，其交易价格仍然很便宜。在南非地质学家和大型猎物猎人马克·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></p><p> 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 tells<i>Barron’s</i>in 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.</p><p><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，且成本低于平均水平<i>巴伦周刊</i>在一次采访中——巴里克拥有其中六家公司或拥有权益。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></p><p> “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.</p><p><blockquote>“我们拥有业内最好的资产和最强大的资产负债表，没有净债务和最优秀的人才，”首席执行官说。巴里克预计未来十年黄金年产量将达到450万至500万盎司，同时还提供了一些热门铜市场的敞口。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d3dcd13bff1bc1d2b3a4fa193d964a6\" tg-width=\"969\" tg-height=\"635\"></p><p><blockquote></blockquote></p><p> 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.</p><p><blockquote>巴里克股东GoodHaven共同基金经理拉里·皮特科斯基(Larry Pitkowsky)就是一位信徒。“布里斯托是我们那种24/7全天候的经理，并且参与了比赛，”他说。去年，在疫情期间，布里斯托三次参观了该公司的每个矿山。</blockquote></p><p> 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%.</p><p><blockquote>皮特科夫斯基补充道，巴里克“开始向股东返还更多现金，相对于自由现金流，该股的定价颇具吸引力”。今年的自由现金流收益率预计接近10%。</blockquote></p><p> While higher Treasury rates have diminished the appeal of gold, the backdrop still looks favorable.</p><p><blockquote>尽管美国国债利率上升降低了黄金的吸引力，但背景看起来仍然有利。</blockquote></p><p> “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.</p><p><blockquote>布里斯托表示：“在这个充满未知的时代，黄金是一种值得持有的投资，而随着电气化步伐的加快，铜正在迅速成为世界上最具战略意义的金属”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1bdb22091b8ff3deb8a41145109a10f4\" tg-width=\"983\" tg-height=\"642\"></p><p><blockquote></blockquote></p><p> 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.</p><p><blockquote>《高科技策略师》时事通讯编辑弗雷德·希基表示，华盛顿的民主党控制对黄金有利。“他们的支出没有限制，导致巨额赤字（对黄金有利）、美联储更多货币化（贬值对黄金有利）和通货膨胀（对黄金有利），”他上周在推特上写道，并指出了与20世纪70年代的相似之处，当时贵金属上涨了20倍。他认为黄金将回到2020年8月的峰值。</blockquote></p><p> 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.</p><p><blockquote>大多数投资者很少或没有投资金属或金矿股票。尽管比特币崛起，黄金仍然是久经考验的另类投资。要在其价格回升之前将其添加到您的投资组合中，可能没有比巴里克及其虚张声势的领导者更好的选择了。</blockquote></p><p> Bristow 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.</p><p><blockquote>布里斯托经营着Randgold Resources，这是一家非洲矿业公司，20多年来创造了丰厚的回报。随后，他于2019年初将其与规模更大、总部位于多伦多的巴里克公司合并，并成为首席执行官。同年，他对主要竞争对手纽蒙特公司(NEM)发起敌意收购。当两家公司同意合并其在内华达州的宝贵采矿业务时，该要约被撤回。巴里克是主要合作伙伴，持有61.5%的股份。</blockquote></p><p> 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.”</p><p><blockquote>过去一年，巴里克的股价落后纽蒙特25个百分点。布里斯托质疑巴里克相对于纽蒙特的估值较低，他表示：“我们拥有更优质的资产，并且交易价格有折扣。”</blockquote></p><p> Why 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.</p><p><blockquote>为什么巴里克落后于竞争对手？纽蒙特公司是标准普尔500指数中唯一一家黄金公司，根据将其派息与金价挂钩的公式，支付更高的股息（3.6%）。</blockquote></p><p> 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.</p><p><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年资产出售收益中派发每股约42美分的特别股息。</blockquote></p><p> Then there is Bristow’s interest in buying gold or copper companies, which has unsettled investors who fear that Barrick will overpay.</p><p><blockquote>然后是布里斯托对购买黄金或铜公司的兴趣，这让担心巴里克支付过高的投资者感到不安。</blockquote></p><p> 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.</p><p><blockquote>首席执行官驳斥了这种担忧。“看看我们的并购历史，我们一次也没有搞砸过——我说的是我和我的团队，”他说道，列举了兰德黄金、巴里克合并和纽蒙特合资企业的交易。“我表现得像一个所有者，因为我是一个大所有者，”他说，并指出他持有超过500万股股票。</blockquote></p><p> As a well-run gold-mining company, Barrick can be a hedge against financial turmoil. That’s an alluring find.</p><p><blockquote>作为一家经营良好的金矿公司，巴里克可以对冲金融动荡。这是一个诱人的发现。</blockquote></p><p></p>","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>黄金将会卷土重来。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>黄金将会卷土重来。巴里克是一个很好的玩法。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-05 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>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.</p><p><blockquote>将其归咎于比特币作为另类资产类别的接受度越来越高或国债利率上升，但黄金已经失去了一些光彩。</blockquote></p><p> 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.</p><p><blockquote>2021年，该金属已下跌9%，至每金衡盎司1,726美元，比去年8月创下的2,063美元的历史高点低16%。</blockquote></p><p> 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%.</p><p><blockquote>随着抛售，黄金看起来很有吸引力——矿业巨头巴里克黄金（股票代码：GOLD）也是如此。巴里克的股价约为20美元，较夏季峰值下跌了三分之一以上，看起来并不昂贵，易手价格是2021年预计每股收益1.33美元的15倍，收益率为1.8%。</blockquote></p><p> 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.</p><p><blockquote>尽管巴里克和其他大型金矿公司的经营状况比以往任何时候都好，但相对于其历史和黄金而言，其交易价格仍然很便宜。在南非地质学家和大型猎物猎人马克·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></p><p> 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 tells<i>Barron’s</i>in 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.</p><p><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，且成本低于平均水平<i>巴伦周刊</i>在一次采访中——巴里克拥有其中六家公司或拥有权益。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></p><p> “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.</p><p><blockquote>“我们拥有业内最好的资产和最强大的资产负债表，没有净债务和最优秀的人才，”首席执行官说。巴里克预计未来十年黄金年产量将达到450万至500万盎司，同时还提供了一些热门铜市场的敞口。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d3dcd13bff1bc1d2b3a4fa193d964a6\" tg-width=\"969\" tg-height=\"635\"></p><p><blockquote></blockquote></p><p> 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.</p><p><blockquote>巴里克股东GoodHaven共同基金经理拉里·皮特科斯基(Larry Pitkowsky)就是一位信徒。“布里斯托是我们那种24/7全天候的经理，并且参与了比赛，”他说。去年，在疫情期间，布里斯托三次参观了该公司的每个矿山。</blockquote></p><p> 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%.</p><p><blockquote>皮特科夫斯基补充道，巴里克“开始向股东返还更多现金，相对于自由现金流，该股的定价颇具吸引力”。今年的自由现金流收益率预计接近10%。</blockquote></p><p> While higher Treasury rates have diminished the appeal of gold, the backdrop still looks favorable.</p><p><blockquote>尽管美国国债利率上升降低了黄金的吸引力，但背景看起来仍然有利。</blockquote></p><p> “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.</p><p><blockquote>布里斯托表示：“在这个充满未知的时代，黄金是一种值得持有的投资，而随着电气化步伐的加快，铜正在迅速成为世界上最具战略意义的金属”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1bdb22091b8ff3deb8a41145109a10f4\" tg-width=\"983\" tg-height=\"642\"></p><p><blockquote></blockquote></p><p> 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.</p><p><blockquote>《高科技策略师》时事通讯编辑弗雷德·希基表示，华盛顿的民主党控制对黄金有利。“他们的支出没有限制，导致巨额赤字（对黄金有利）、美联储更多货币化（贬值对黄金有利）和通货膨胀（对黄金有利），”他上周在推特上写道，并指出了与20世纪70年代的相似之处，当时贵金属上涨了20倍。他认为黄金将回到2020年8月的峰值。</blockquote></p><p> 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.</p><p><blockquote>大多数投资者很少或没有投资金属或金矿股票。尽管比特币崛起，黄金仍然是久经考验的另类投资。要在其价格回升之前将其添加到您的投资组合中，可能没有比巴里克及其虚张声势的领导者更好的选择了。</blockquote></p><p> Bristow 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.</p><p><blockquote>布里斯托经营着Randgold Resources，这是一家非洲矿业公司，20多年来创造了丰厚的回报。随后，他于2019年初将其与规模更大、总部位于多伦多的巴里克公司合并，并成为首席执行官。同年，他对主要竞争对手纽蒙特公司(NEM)发起敌意收购。当两家公司同意合并其在内华达州的宝贵采矿业务时，该要约被撤回。巴里克是主要合作伙伴，持有61.5%的股份。</blockquote></p><p> 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.”</p><p><blockquote>过去一年，巴里克的股价落后纽蒙特25个百分点。布里斯托质疑巴里克相对于纽蒙特的估值较低，他表示：“我们拥有更优质的资产，并且交易价格有折扣。”</blockquote></p><p> Why 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.</p><p><blockquote>为什么巴里克落后于竞争对手？纽蒙特公司是标准普尔500指数中唯一一家黄金公司，根据将其派息与金价挂钩的公式，支付更高的股息（3.6%）。</blockquote></p><p> 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.</p><p><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年资产出售收益中派发每股约42美分的特别股息。</blockquote></p><p> Then there is Bristow’s interest in buying gold or copper companies, which has unsettled investors who fear that Barrick will overpay.</p><p><blockquote>然后是布里斯托对购买黄金或铜公司的兴趣，这让担心巴里克支付过高的投资者感到不安。</blockquote></p><p> 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.</p><p><blockquote>首席执行官驳斥了这种担忧。“看看我们的并购历史，我们一次也没有搞砸过——我说的是我和我的团队，”他说道，列举了兰德黄金、巴里克合并和纽蒙特合资企业的交易。“我表现得像一个所有者，因为我是一个大所有者，”他说，并指出他持有超过500万股股票。</blockquote></p><p> As a well-run gold-mining company, Barrick can be a hedge against financial turmoil. That’s an alluring find.</p><p><blockquote>作为一家经营良好的金矿公司，巴里克可以对冲金融动荡。这是一个诱人的发现。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 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></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\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":524,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/349526965"}
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