Base metals gained, precious metals weakened on July 11
On July 11, stocks related to base metals gained and precious metal–related stocks declined. At 3:40 PM EST, the PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) gained ~0.07% and ~2.5%. The SPDR Gold Shares (GLD) declined ~0.9%.
Barrick Gold plans to be debt-free by 2026
Barrick Gold (ABX) is the world’s largest gold miner. It’s hoping to be debt free in the next ten years. According to Barrick Gold’s CEO, Kelvin Dushnisky, it isn’t unreasonable. He’s confident that Barrick Gold can be debt-free by 2026, but it depends on gold’s performance. Barrick aims to decrease its debt by $2 billion in 2016. It plans to bring down the debt to $5 billion by 2019. As part of its debt reduction plan, Barrick Gold is actively divesting its non-core assets. The uncertainties triggered in the global economy after the United Kingdom’s decision to leave the European Union supported gold prices. In turn, this supports Barrick’s prices. Since the beginning of 2016, Barrick Gold has gained ~200%. At 11:37 AM EST on July 11, it was trading at $21.94—a drop of 1.7%.
Below is a list of the top five and bottom five companies in the gold industry at 3:45 PM EST on July 11.