Copper is the hot product for a company literally built on gold.
Dr. Mark Bristow, president and CEO of Barrick Gold (GOLD), told Jim Cramer on a recent episode of the Mad Money TV Show that copper is soaring in price and the company is adding copper assets.
Bristow commented on a host of topics. He explained that Barrick owns five of the top 10 gold mines in the world.
Gold is the heart of Barrick’s business. The company’s dividend policy is pegged to the price of gold. But the company now aims to become dominant in copper as well Bristow told Cramer. Copper prices have been rising since 2020, last having surged like this a decade ago..
Real Money Pro's Bob Ciura noted last fall that Barrick "has proven gold reserves of more than 62 million ounces as well as 10 billion pounds of proven copper reserves." He added that "The sheer number of proven ounces also sets the company apart from the competition as it will take nearly 15 years to deplete based on the most recent quarter's production.
Cramer noted that as global tensions rose, cryptocurrencies, which are often touted as the "new" gold, fell. But what didn't fall was actual gold. Bristow agreed, arguing there is no substitute for investing in gold. He said no one knows how many Bitcoins there are or how much they're worth, but we know exactly how much gold is being mined.
Barrick continues their commitment to sustainable and responsible mining around the globe, Bristow said.
