Gold Mining Insiders are Bullish
Barrick Gold Insiders Purchase $8.5 Million of ABX Last Week
SEDI filings last week show Barrick Gold (NYSE: ABX) CEO John Thornton purchased 330,000 shares of ABX from the public market at USD$13.47, for an assumed price of over USD$4.4 million.
Filing last week also show six other Barrick Gold insiders exercising a total of 323,080 stock grants at USD$12.82 for an assumed price of over USD$4.1 million.
Of course, company insiders can buy and sell shares for any reason. But when multiple insiders of a company are buying stock – especially when individuals when they're investing millions of their own money – it usually means one thing: They think the stock is headed higher.
Barrick Gold is one of the world's largest gold producers with 6.12 million ounces of the yellow metal produced in 2015. The company expects to lower gold production this year to range between 5.0 and 5.5 million ounces in an effort to reduce their AISC from $831 an ounce last year to range between $775 to $825 an ounce in 2016. At last look, shares of ABX were trading at about USD$13.70.
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