Danielle Bochove and Liezel Hill, Bloomberg Published 12:59 pm, Wednesday, March 28, 2018 Photo: Norm Betts/Bloomberg News Image 1of/1 CaptionClose Image 1 of 1 Barrick Gold Chairman Peter Munk speaks to shareholders at the company's annual general meeting in Toronto, Ontario, Canada, on April 22, 2004. Munk has died at 90. Barrick Gold Chairman Peter Munk speaks to shareholders at the company's annual general meeting in Toronto, Ontario, Canada, on April 22, 2004. Munk has died at 90. Photo: Norm Betts/Bloomberg News Peter Munk, 90; entrepreneur founded Barrick Gold 1 / 1 Back to Gallery Peter Munk, the Canadian immigrant who founded Barrick Gold Corp. in the early 1980s and transformed it from a small-scale operation into a global empire, has died. He was 90. He died Wednesday in Toronto, according to a … [Read more...] about Peter Munk, 90; entrepreneur founded Barrick Gold
Barrick gold stock price
Stocks keep their winning streak alive
Last Updated Apr 21, 2014 5:20 PM EDT NEW YORK - The stock market logged its longest winning streak in six months Monday as another big week for company earnings began.Halliburton (HAL), an oil and gas drilling company, rose after reporting a first-quarter profit on rising revenue in the Middle East and Asia. Toymaker Hasbro (HAS) gained after it said it returned to profitability in its first quarter, driven by sales of girls' toys such as My Little Pony and Nerf Rebelle. Netflix (NFLX) surged after the close after the company said its earnings surged as it attracted more subscribers. Close to a third of the companies in the Standard & Poor's 500 index are scheduled to report first-quarter earnings this week, giving investors a better picture about the outlook for demand after the economy's winter slump. Stocks logged their best weekly gain since July last week as companies started reporting their earnings. "I like what I see in the market," said Karyn Cavanaugh, a senior market … [Read more...] about Stocks keep their winning streak alive
3 trends that are burying gold prices
Gold bugs are getting squished. Prices for the precious metal hit a five-year low on Monday, closing at $1,107 a troy ounce on the New York Mercantile Exchange, its lowest level since March 2010. Prices fell for a number of reasons, including weaker-than-expected demand in China and expectations that the metal won't make an attractive haven for investors in a rising interest rate environment. Analysts as such as David Song, a currency strategist at DailyFX, and Robert Haworth, senior investment strategist at U.S. Bank Wealth Management don't expect prices to rebound anytime soon. But that's fine with Keith Trauner, a co-founder of GoodHaven Capital Management, which has $500 million in assets under management. He has added to his position in Barrick Gold (ABX), a gold miner whose share price plummeted 16 percent today. In an interview with CBS MoneyWatch, Trauner said the current negative sentiment around gold reminded him of when the yellow metal was out of favor on Wall … [Read more...] about 3 trends that are burying gold prices
Barrick to lay off 100 at Toronto head office
TORONTO The world's largest gold-mining company has announced plans to eliminate 100 jobs at its corporate headquarters in Toronto. Barrick Gold Corp. (ABX) said Monday the reduction represents 30 percent of the head office. Barrick spokesman Andy Lloyd cited a challenging business environment. Falling gold prices, rising costs and a sagging stock price weighed down by its Pascua-Lama project have plagued the company. Since late 2011, the gold price has fallen by $600 -- over 30 percent. Last month, Chile's environmental regulator stopped construction and imposed sanctions on Barrick's $8.5 billion Pascua-Lama gold mine, citing "serious violations" of its environmental permit. Barrick has already spent $5 billion on the project, which straddles the Chile-Argentine border at 6,400 feet (5,000 meters) above sea level. Barrick had hoped to begin production in early 2014 and warned shareholders that it might abandon Pascua's Chilean side if construction delays keep the mine … [Read more...] about Barrick to lay off 100 at Toronto head office
Why some investors have taken a shine to gold
A poll of investment banks conducted late last year by The Wall Street Journal predicted that the price of gold would "hover around" $1,100 per troy ounce in 2016. They felt the outlook for the precious metal wasn't so shiny given that U.S. interest rates were expected to rise several times this year. When borrowing costs rise, gold loses its allure because it doesn't offer a yield to investors like bonds and dividend-paying stocks do. However, the economy's unexpectedly weak performance amid slack global growth stalled the Federal Reserve's rate hike plans -- and helped fuel a resurgence in the gold market that caught many observers by surprise. Indeed, futures prices for June delivery changed hands Tuesday at $1,276, after earlier reaching a high of $1,281. And RBC Capital Markets recently predicted prices could hit $1,400 within the next few months. Adding to the momentum comes word that several high-profile investors have also caught gold fever amid improving market sentiment. … [Read more...] about Why some investors have taken a shine to gold