Barrick Gold Stock Is Soaring Because Surging Gold Prices Were Fantastic for Earnings

Barrick Gold Stock Is Soaring Because Surging Gold Prices Were Fantastic for Earnings

Gold bars Higher gold prices produced record cash flow. The realized gold price in the quarter was $1,926, up from $1,725 in the second quarter and $1,476 in the third quarter last year.

Free cash flow of $1.3 billion was a record, Barrick said, up 151% from last year’s third quarter. Revenue of $3.54 billion beat the consensus of analysts tracked by FactSet by 5.3%.

Shares of Barrick rose 4.5% in morning trading on Thursday. They are up 47% this year compared to a 6.6% gain in the S&P 500 .

as investors sought a haven from the falling dollar and market volatility, and that has boosted shares of mining stocks. The VanEck Vectors Gold Miners ETF (GDX) rose 5.7% on Thursday and is up 38% this year.The metal jumped 2% on Thursday, edging above $1,935 to a nearly two-week high on the prospect of higher government spending should the Democrats […]

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