TwinTrader.com announces the publication of Breakout for ABX; highlighting public companies on the move and what’s behind the surge.
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“Barrick is the world’s pre-eminent gold producer, with a portfolio of 27 operating mines, many advanced exploration and development projects located across five continents, and large land positions on the most prolific and prospective mineral trends. The company also has the largest reserves in the industry, with 124.6 million ounces of proven and probable gold reserves, 6.2 billion pounds of copper reserves and 1.03 billion ounces of contained silver within gold reserves as at December 31, 2007…
“…Thursday, the price of gold broke out of its consolidation after peaking in March 2008 at a price of $1034. Gold analysts point to another assault on the $1,000 level. And given the uncertainty geopolitically and in the financial markets, the gold price has been experiencing strong bids…
“The weekly chart shows the breakout in September of the earlier and long trading range. Cracks in the financial system brought about by the sub-prime mortgage securities propelled Barrick out of its trading range of between $30 and $37.50...”
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