Tommaso,.... I don't think anyone here is arguing that Barrick is the best gold company to own at present for short term appreciation. Most gold companies' share prices were decimated far more than Barrick's over the last 5 years, because of the declining POG, declining profitability, and perceived country and political risks. These companies will outperform Barrick in share price gains until they approach Barrick's P/E and P/reserves values, at which time the quarterly financial reports will determine who outperforms in the future, just like in any other industry.
Perhaps you can display those values over the last few years to confirm this reality, and such presentation would allow us to make some predictions as to how long the out performance will continue for. Most analysts present them in comparisons.
If the others catch up to Barrick, we will then be able to determine whether unhedged vs hedged will command a premium in shareprice in the future. I somehow doubt it, as Barrick's assets in personnel, mines, exploration, mine development, prospective ground and joint ventures puts them at the top of their industry. |
