5 Best Gold Stocks to Buy for Inflation

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 46    

Barrick Gold Corporation (NYSE:GOLD) is a mining firm with prime interests in gold and copper. On April 13, the company announced that it would be investing close to $7 billion into the Reko Diq project in Pakistan over two phases. The Reko Diq contains the largest undeveloped copper and gold deposits in the world. Barrick expects to start production at the mines within the next five to six years. The project had been on hold since 2011 but was recently restarted after an agreement between the provincial and federal governments in Pakistan. 

On March 9, Jefferies analyst Christopher LaFemina maintained a Hold rating on Barrick Gold Corporation (NYSE:GOLD) stock and raised the price target to $24 from $23, noting that there was increased conviction around the multi-year bull market for mining. 

At the end of the fourth quarter of 2021, 46 hedge funds in the database of Insider Monkey held stakes worth $958 million in Barrick Gold Corporation (NYSE:GOLD), up from 41 the preceding quarter worth $917 million.

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Barrick Gold Corporation (NYSE:GOLD) was one of them. Here is what the fund said:

“Also within the structural bucket, we have selectively added to our commodity exposure with the purchase of Barrick Gold Corporation (NYSE:GOLD). Canadian mining company Barrick Gold is a play on operating improvements. The company has aggressively delevered its balance sheet and reduced capex spending to a lower level more permanently, directing its healthy free cash flow to dividends and buybacks.”