In 2016 year to date…
Barrick (ABX) is up 186%
Newmont (NEM) is up 134.4%
Agnico Eagle (AEM) is up 113.9%
And we could continue with other massive gains posted by gold miners, but those three are the similarly sized ones to Goldcorp (GG).
Goldcorp (GG) is up 53.8%. Now for sure that looks good compared to the average S&P500 component, but this year comes after multiple losing years and is the time you’d need to see these big goldies bounce hard. Those top three have done it, but GG is lagging bigtime.
Or another way, at the start of the year GG was the biggest public gold miner by market cap in the world. Now it’s third, some U$9Bn behind the leader Barrick. The magic Garofalo worked at HudBay is happening again.
UPDATE: Reader L has some topical comment:
“If you feel a need to see your shrink, and need a push to get over the inertial forces, just tune in to the ongoing Goldcorp conference call.
I probably have listened to a thousand conference calls over the years in
many industries and I must say that this call is the most depressing mess I have
ever witnessed. What a clusterfuck Goldcorp has grown into over the last few
years. Operational disasters all over the board. You could do an entire Weekly
on this company and still not scratch the surface of land mines waiting to go