Barrick Gold is on track for its best single-session of 2024 after the miner’s earnings
Gold prices will be worth watching this week both before and after consumer price index (CPI) data is released for July. The safe-haven asset has stabilized in the wake of last Monday’s shock selloff, and one mining stock is powering higher today.
Barrick Gold Corp (NYSE:GOLD) is near the top of the New York Stock Exchange (NYSE) this morning, last seen up 4.9% to trade at $18.26. The Canada-based gold miner reported adjusted second-quarter earnings of 32 cents per share on $3.16 billion in revenue, both of which topped analyst estimates.
Thanks to today’s pop, which has the stock on track for its best single-session gain since Dec. 13, GOLD has reclaimed its year-to-date breakeven level. The shares have tacked on 34% since their Feb. 14 annual low of $13.76.
Call traders are coming out of the woodwork. In just the first hour of trading, over 23,000 calls have changed hands, volume that’s five times the average intraday amount and 13 times the number of puts traded. The September 19 call is the most popular, followed by the August 18 call that expires at the end of this week.
The bullish skew toward Barrick is echoed by analysts and short sellers. The majority of analysts rate GOLD a “buy” or better, with zero “sells” on the books, while a slim 0.8% of the stock’s total available float is sold short.