Founders Metals stock surges to new high on Antino drill results
The new results are highlighted by another high-grade interval of 6 metres at 5.31 g/t gold.
After three years of not buying gold, Soros Fund Management, a company founded by legendary hedge fund billionaire George Soros, is not only back to acquiring the precious metal, but has grabbed a US$264 million stake in Barrick Gold (TSX,NYSE:ABX).
The fund disclosed that it now owns 19.4 million shares in the world’s No. 1 gold miner, equivalent to a 1.7% stake in the company. That makes of Barrick the fund’s biggest US-listed holding.
It also bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion.
According to a government filing Monday, the firm also bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion.
The fund, currently structured as a privately owned family office, also took out a new 1 million share stake in the first quarter in precious metals streaming company Silver Wheaton (TSE, NYSE:SLW), CNBC reports.
Gold prices climbed 16% in the first three months of the year, the biggest quarterly surge since 1986. Shares in Barrick have more than doubled this year as the miner steps up cost-cutting efforts and reduces debt. The company is so far one of the best performers on the Toronto Stock Exchange.
6 Comments
Goldfinger
I wonder if he asked Barrick if their Project Execution has improved ??? Maybe he can pay the claim for Pascua Lama.
Oredigr
Apparently the Barrick Gold lovers who wrote this story forgot to take a good look around. Yes, ABX has more than doubled in the first part of this year, but what about Yamana (AUY)? AUY closed at 1.41 in January and now sits at 5.06! Seems to me like a superior move when compared to ABX. I suspect there are many more in the resource sector that have beaten ABX but apparently they are not on the radar either.
Reuvensure
I can give a short list in my portfolio alone. Outstanding are Victoria Gold (hardly mentioned at all) already a three bagger and Silvercrest – similar.
J. Daniel Taillant
Pascua Lama is in dire straights. Barrick has shown to be highly responsible for many of the projects environmental problems. They are also facing lawsuits for sister project Veladero. Too bad Soros came up behind this less than ethical company.
mikey1
For such an intelligent man, he picked a terribly run and managed company. A 34 year old CFO with no experience? A former Goldman overlord who runs the biz with an iron hand who’s gone if Clinton wins and gives him the China Diplomat role? Accounting trickery and poor execution across the board? Sheesh, good luck with that.
Restless Boomers
Soros is one evil dude. He only touches stuff that really stinks and Barrick surely qualifies.