Base metals and precious metals mixed on July 18
On Monday, July 18, the stocks related to base metals and precious metals traded with mixed sentiment amid moderate strength in metals. At 3:10 PM EDT, the PowerShares DB Base Metals ETF (DBB) rose by ~0.11% and the SPDR S&P Metals & Mining ETF (XME) fell by ~0.34%. The SPDR Gold Shares ETF (GLD) was nearly unchanged by gaining ~0.01%.
Barrick Gold: Seeking to become debt-free in ten years
Barrick Gold (ABX), the largest gold miner in the world, gained more than ~185% since the beginning of 2016. At 11:45 AM EDT on Monday, July 18, Barrick Gold was trading at $21.34, a drop of ~0.24%. Barrick Gold’s rally in 2016 is largely supported by the positive rally in gold prices, which gained ~25% in 2016 so far.
Kelvin Dushnisky, the CEO of the Barrick Gold, believes that the company can become debt-free in the next ten years. He added that the company can decrease their debt to as low as $5 billion in the next three years. Currently, Barrick Gold’s debt stands at $9.1 billion, and the target looks achievable if the gold prices performs well.
The performance of top five and bottom five companies in the gold industry at 3:45 PM EDT on July 18 are below: