Is Barrick Gold A Scam? (They Have Nasty Reports!?) (2022)

October 4, 2022

Is Barrick Gold A Scam?

Hello! Here is my article entitled ‘Is Barrick Gold A Scam?’.

For centuries, the industry of mining metals have become one of the pillars of economy. As such, this ‘Is Barrick Gold A Scam?’ article will focus on this firm and its offerings.

For starters, data regarding people investing in precious metals continues to amaze. This is due to people becoming more and more reluctant to invest in stocks and bonds. As such, they turn to a more reliable investment venture area.

Honestly speaking, this outlook on investing in stocks and bonds hold a little truth into it. Firstly, the economic world is still recovering from the problems brought by the pandemic. Secondly, these assets are volatile and tend to change value in a short amount of time.

Presently, the majority of individuals currently know very little to nothing about mining firms, let alone metal investors. As a result, we will be able to determine, to a certain extent, the capabilities of this company through this article.

Apparently, some mining companies such as Barrick Gold allows investments through global stock exchanges. Moreover, because investing in precious metals is stable, this is the best time for you to think of your future!

Above all else, it is imperative to conduct intensive research before investing. After all, your performance will depend on how knowledgeable you are about this venture. Also, it will significantly reduce your risk of losses.

For that reason, this ‘Is Barrick Gold A Scam?’ will give you valuable information about this company as well as its offerings. Therefore, let us take our time reading this good read!

So, without further ado, let us start this ‘Is Barrick Gold A Scam?’ article!

Barrick Gold Review Quick Summary

Name: Barrick Gold

Website: https://www.barrick.com/English/home/default.aspx

CEO: Mark Bristow

Fees: Not stated

Precious Metals: Not available

IRA: Not available

Rating: 3/5

Barrick Gold Logo

What is Barrick Gold?

Barrick Gold website

To start, Barrick Gold is a Canadian-based mining company. In simpler terms, most of us may know them by the term ‘mining firms’. Specifically, they excavate and mint precious metals items.

In a perspective, Barrick Gold has agreements and terms for mining gold and copper in 13 countries. Admirably, you can invest in their listings in both Toronto and New York Stock Exchange.

For their metals, they put more effort in acquiring gold and copper. Although, they still mine silver, platinum and palladium. Statistically, they are one of the biggest companies around the world.

Statistically, they are always among the best performers in the area of mining. For example, they have turned out almost 500 million pounds of copper and 5 million ounces of gold in 2020 alone.

Additionally, their total earning in that year amounted to $2.3 billion. Commendably, because of their performance, they have a strong client volume base. On top of that, they are one of mining companies you need to look out for due to their resiliency.

Now, you might ask why invest in mining and precious metals. Well, there are a lot of benefits that you may get when you allow yourself to become an investor. First and foremost, you can utilize these quality metals for self-directed IRA purposes.

As of this writing, Barrick Gold NSE share price went up by 23%. On top of that, their earnings per share skyrocketed to 125%. For starters, these numbers are at the top of the list among mining companies.

At this point, it would seem that investing in Barrick Gold will be a good move. However, we need to be meticulous before we make our first move. Actually, investing in a mining company requires knowledge beyond average!

On that note, if you want to skip to my preferred company for investing already, do visit Augusta Precious Metals. By heaps and bounds, this gold IRA company outperforms all IRA firms out there.

Products and Services Offered

As mentioned, Barrick Gold works differently from traditional gold IRA companies. To cite, they do not have direct metal offerings for their clients. Furthermore, since they are not custodians, they cannot handle any IRA service.

But, you can invest in another unique way. By securing stocks under their listings, you will be able to invest! The list below shows their full year guidance

For Gold

  • Forecast Production – 4.2 to 4.6 million ounces
  • Forecast Cost of Sales - $1,070 to $1,150 per ounce
  • Forecast Total Cash Costs - $730 to $790 per ounce
  • Forecast All-In Sustaining Costs - $1,040 to $1,020 per ounce

For Copper

  • Forecast Production – 420 to 470 million ounces
  • Forecast Cost of Sales - $2.20 to $2.50 per ounce
  • Forecast Total Cash Costs - $1.70 to $1.90 per ounce
  • Forecast All-In Sustaining Costs - $2.70 to $3.00 per ounce

Fortunately, Barrick Gold has maintained their reputable name amidst scandals, which will be tackled later. Apart from this, they have records of putting their client’s interests above all else. Which means, their growth will continue to become sustainable in the foreseeable future.

Lastly, they have a company checklist for goals and visions. In this list are their plans for the community, the environments, their clients, and their company as a whole.

Essential Points

Given how they operate in contrast to other investment firms, it is crucial to look at what they have achieved. To illustrate, the following is a conclusive description of why you should invest in them.

By 2022, Barrick Gold is still among the top mining companies. For investors, here are some things that might persuade you in becoming one of their investors.

  • Best Asset Base – largest portfolio of tier one and world-class metal assets
  • Growth Potential – enhancement of current production levels
  • Clear Objective – long term business plan
  • Shareholder Returns – allotted $1 billion share buyback program
  • Exploration – continued addition of mining sites
  • Asset Eligibility and Quality – assured quality of metals
  • Risk Profile – works under legitimate sites under government jurisdictions
  • Financial Strength – stocks and assets are well-documented

Unfortunately, Barrick Gold has met some strong criticisms, especially when they were exposed of having scandals. Of course, they have denied these certain allegations to a certain degree. But, their reputation since then was struck heavily.

Among these are alleged reports of rape and murder by Barrick Gold security guards at mining spot in Papua New Guinea. On top of that, there were reports of civilians at the North Mira Mine in Tanzania.

Moreover, the alleged corruption in the management board as well as misuse of assets are the things you need to consider. Before a client, you are a human being. That being said, you should way these allegations heavily before committing with Barrick Gold.

Customer Ratings and Reviews

  • Better Business Bureau – A rating, not accredited
  • Indeed – 4 out of 5 rating based on  450 reviews
  • Glassdoor – 4 out of 5 rating based on 401 reviews
  • No reviews found on Business Consumer Alliance, TrustLink and TrustPilot.

Pros and Cons

Pros

  • Listed in two global stock exchanges
  • Commendable involvement in the community and environment
  • Strategically located mining sites
  • Strong employee and client base
  • Quality gold and copper ores
  • AISC (All-in sustaining costs) are kept minimal

Cons

  • No direct precious metals and IRA offerings
  • Volatile gold prices
  • Scandals and allegations
  • Reports on misuse of stockholders assets
  • Stocks are rated low on occasions

Final Words About Barrick Gold

To conclude, this ‘Is Barrick Gold A Scam? distinguishes this company as a legitimate one and is not a scam! Although, there are some negative things about it that might dissuade you from investing with them.

First off, let me list some of the commendable aspects about their company. One, they are listed in two global stock exchanges. Next, they have secure contracts and agreements in 16 mining spots in 13 different countries.

However, there are some news about them that strikes a doubt in my heart. For example, the alleged corruption in their board, reports about murders and rape on the civilians on site, etc. As a human being, these things are something that cannot be ignored.

Perhaps, Barrick Gold can answer these nasty reports about them as truthfully as possible in the near future. Although, I can say that these things caused them to be ranked lower in my book.

For those of you that wants to skip to a recommended company that has a good track record, conduct business with Augusta Precious Metals. For a secured future, call a representative of theirs today!

As usual, I extend my gratitude to you for reading this ‘Is Barrick Gold A Scam?' article of mine. For comments and suggestions, do leave them in the appropriate section below. For my company suggestion, Augusta Precious Metals tops my list.

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