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Barrick Gold Corp T.ABX

Alternate Symbol(s):  GOLD

Barrick Gold Corporation is a Canada-based gold and copper producer, which is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. It has ownership interests in producing gold mines that are located in Argentina, Canada, Cote d'Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States. It has ownership interests in producing copper mines in Chile, Saudi Arabia and Zambia. Its operations include Nevada Gold Mines, Bulyanhulu, Hemlo, Jabal Sayid, Kibali, Loulo-Gounkoto, Lumwana, North Mara, Porgera, Pueblo Viejo, Tongon, Veladero and Zaldivar. Its Bulyanhulu operation is located in north-west Tanzania, approximately 55 kilometers (km) south of Lake Victoria and 150 km southwest of the city of Mwanza. The Hemlo operation is located north of Lake Superior on the Trans-Canada Highway, approximately 35 km east of Marathon, Ontario, and it is an underground operation.


TSX:ABX - Post by User

Bullboard Posts
Comment by PUNJABIon Apr 17, 2013 12:52pm
158 Views
Post# 21266031

RE: RE: ABX big short at average $30.45

RE: RE: ABX big short at average $30.45

I do not track, own or trade ABX. One of my friend had asked me to look at the stock decline from low $30. I  had looked at the data for him & for the benefit of others who do not have access to the data I decided to post it on this BB. Now I am curious to see if the short sellers are covering at these prices & would post the new short position by Friday.

I do not track the stock or know the trading pattern & cannot figure out if any short covering is taking place or the stock is being shorted further. Based on the present share price new shorting is not that  attractive. Still you cannot predict the behavior of some hedge fund managers they may push a trade till it does not work.

About about 30 million shares are shorted which is a historical high the cost is $30.45 which means they  have over $11 profit on their position. Some of the short could be related to Chile issue & some to weakness in gold. There has to be some hedge funds that are taking a trade against gold price. Eventually this position has to be covered. Most likely recovery in gold prices can trigger short covering.

 

 

Bullboard Posts