ABX (Barrick Gold Stock) is the largest gold mining company in the world, with its headquarters spread across Canada. It is currently undertaking mining projects in various parts of the globe.
Last year, the company underwent restructuring at top management leval and this year, it has dropped to lower levels – which is a great opportunity to make long position.
Warren Buffet has always mentioned that he buys stocks and socks when they are marked down. So, this could be a big chance for you with a major position holder in world of the yellow shining metal.
You can clearly see from this chart that the mentioned stock is standing at possibly a cheap bargain price and is definitely due for being in oversold zone. A strong recovery may come up as soon as the key stock indices move up.
Recommendation: Buy Barrick Gold Corporation (ABX) @ 6.25 FOR TARGET OF 30 to 60 in time period of a year.
You must not forget that Gold and Silver recently dropped to 5 year’s low and such a bearish reaction shall be responded with a hyper upward move anytime soon.
This company was standing at 10 times the current price in 2011 and is now available at a good bargain. You can consider this as a long-term investment.
Major Hurdle: 12.00