Barrick Gold Corp. (NYSE: ABX)
Barrick Gold was off to a relatively normal start in the market today. However, that is changing quickly. Less than 10 minutes ago, a high momentum spike started on the stock, pulling it out of the red and pushing it into the green. Today, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from ABX ahead.
What We’re Seeing From ABX
As mentioned above, Barrick Gold was starting the day off in a relatively normal way. The stock was up in the morning, down in the afternoon. However, we started to see a big spike in the value of the stock just minutes ago. Currently (1:16), ABX is trading at $16.95 per share after a gain of $0.10 per share or 0.59% thus far today.
Why We’re Seeing The Gains
The reason for the gains is relatively simple. Minutes ago, a letter started to circulate coming from James Comey, the Director of the FBI. In the letter, Comey explained that he is looking further into Hillary Clinton’s email scandal. The idea is that the FBI may pursue charges.
As a result, we’re seeing big declines in the market, with the Dow falling 100 points in about 15 minutes. Because ABX focuses on gold, and gold is a safe haven investment, this is great news for the stock.
What We Can Expect To See Ahead
Moving forward, my opinion with regard to ABX is becoming more and more bullish. With James Comey re-opening investigations into Clinton, we now have the first Presidential candidate that is under federal investigation. This will likely lead to big concerns with regard to the economy and the market. Ultimately leading to bigger gains for Barrick Gold stock.
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