This Is The Gold Stock You Should Own - Jim Cramer
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When asked about gold stocks, specifically the Iamgold Corp (NYSE: IAG), Cramer replied “I am not gold,” noting that he still prefers the Barrick Gold stock.
“Well, you know what, I am not gold. I am Barrick Gold. I like the work of [CEO] Dr. Mark Bristow … That would be the way I go,” he said during Mad Money’s Lightning Round on Tuesday.
Last week, Barrick Gold reported preliminary first-quarter sales and production of 1.37 million ounces of gold, which the company said was in line with its expectations and operating plans.
The results come after the merger with Randgold Resources Ltd. went into effect at the start of 2019.
In other company news, investors learned that the agreed-upon joint venture for Nevada mines owned by Barrick Gold and Newmont Goldcorp Corp. has cleared all the required regulatory conditions.
The new joint venture will create the world’s largest gold-producing complex. It will be 61.5% owned by Barrick and 38.5% owned by Newmont Goldcorp, and will be operated by Barrick.
Barrick’s CEO Mark Bristow announced that the goal is to complete asset integration before the end of the quarter.
“The joint venture agreement represents a historic accord between our companies that will unlock the enormous geological potential of the Nevada goldfields and maximize its many value-creating opportunities,” Bristow said in a prepared statement.
This is not the first time Cramer speaks in favor of Barrick. In the beginning of January, Cramer said his top picks when it came to gold were: the GLD [SPDR Gold Shares (AMEX: GLD) — the world's largest gold-backed exchange traded product], gold mining ETFs, or the new Barrick Gold.
Cramer was also a big supporter of the merger between Barrick and Randgold Resources Ltd.
“I like the merger very much, now that Mark Bristow is in charge,” he said.
In general, Cramer has been speaking in support of gold, stating that the yellow metal is the answer for investors who fear stock market volatility and slowing global economic growth.
“We know gold is the winner in times of chaos and uncertainty, so if you are feeling a little bit worried about your portfolio, you might want to buy [gold,]” he said back in January.