Legendary investor George Soros owns several gold and precious metal stocks, such as Goldcorp, Silver Wheaton and Yamana Gold, but he sold 90% of his stake in Barrick Gold–not all gold miners are created equal. The total sale was worth $112 million, and now Soros owns just 484, 000 shares valued at $8.8 million.
Barrick has struggled with poor management under former Chairman Peter Munk who executed costly acquisitions and did not manage to grow the company. The stock looked like it was headed for better times with Munk’s departure, but talks of a merger with Newmont Mining broke down, and there is a change Barrick might decide to buy Newmont, which would mean another overrpiced acquisition. The new CEO, Jamie Sokalsky, who took care of debt and got rid of underperforming assets, announced his intention to leave as CEO. With Barrick experiencing so many headwinds, Soros’ massive selling of Barrick seemed to be a good idea.
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