Mega Gold Producer Finally Poised For A Turnaround
Tommy Humphreys | Apr 09, 2015 01:07AM ET
After suffering through what have arguably been the most challenging few years in the company’s history, Barrick (NYSE:ABX) investors may finally be ready to profit from a sustainable turnaround in the company’s fortunes. ABX has right-sized its cost structure and begun to focus on its largest and most profitable mines – the result can be summed up by the following two slides from the company’s most recent investor presentation :h3 ABX is now the lowest cost senior gold producer/h3
Investors have also been paying attention to Barrick’s recent transformation; ABX shares have outperformed the rest of the gold mining space (via Market Vectors Gold Miners (ARCA:GDX)) by a factor of more than 3-1 during 2015:
Technically speaking, after a powerful rally during the last week, ABX is consolidating just below an area of major resistance, between $13.00 and $13.25:
A break-out from the multi-month head & shoulders bottom pattern would target at least another 15% of upside (~$15.50).
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