Barrick Gold Stock Slips on Bear Note, Rising Bond Yields

The equity is off roughly 30% in the last 12 months

Digital Content Manager
Oct 15, 2021 at 9:32 AM
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The shares of Barrick Gold Corp (NYSE:GOLD) are down 2.5% to trade at $19.11 this morning, as buillion prices drop on a rebound in U.S. bond yields, despite a cooling U.S. dollar. The miner also received a price-target cut from Bernstein earlier to $26.50 from $27.50. 

The brokerage bunch is mostly optimistic towards Barrick Gold stock. Of the the nine analysts in question, six call the equity a "buy" or better, while the remaining three say "hold." Additionally, the 12-month consensus target price of $28.05 is a massive 43.3% premium to last night's close, indicating the security could be overdue for more price-target cuts and/or downgrades.

The equity has had a rough year thus far, trending lower on the charts, despite a rally to the $25 level in mid-May. More recently, the security seems to have bounced off a floor at the $17.70 area, though recent pressure at the 80-day moving average is keeping a lid on these gains. Year-over-year, GOLD has shed roughly 30%.

For those wanting to speculate on Barrick Gold stock's next move, options may be the way to go. The equity's Schaeffer's Volatility Index (SVI) of 31% sits higher than just 5% of readings from the past year, suggesting options players are pricing in low volatility expectations right now.

 

 

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