Barrick Gold Corporation (NYSE: ABX) acquires, explores and develops mining properties. Products include gold, copper, silver and zinc. The firm is the top producer of gold in the world, taking eight million ounces annually from nearly thirty mines in North America, South America, Australia-Pacific and Africa. It has proven and probable mineral reserves of over 120 million ounces of gold, 6 billion pounds of copper and 964 million ounces of silver. Major competitors include Newmont Mining (NYSE: NEM) and Rio Tinto (NYSE: RTP).

The stock popped over the past week, as analysts predicted further upside in the price of gold. They anticipated that the prospect of more Federal Reserve rate cuts will continue to weigh on the dollar and expected that more investors will turn to gold as a hedge against inflation. The shares have begun to consolidate the gain in a bullish "pennant" pattern. Equities frequently exit pennants moving in the same direction they were traveling on entry. In this case, that would be to the upside.

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Barrick Gold (ABX) shares forming bullish 'pennant' originally appeared on BloggingStocks on Mon, 07 Jan 2008 12:50:00 EST. Please see our terms for use of feeds.