NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are down by 2.44% to $11.20 in late morning trading on Monday, as some mining and related stocks slump today due to the retreat in the price of gold.
Gold for August delivery is slipping by 1.45% to $1,184.50 per ounce on the COMEX this morning.
The precious metal is falling as global equities gain due to the possibility of progress being made in the stalled talks between Greece and its creditors, reducing safe-haven demand for the metal, Reuters reports.
"There's always that underlying feeling that a deal will be done ... but if there was a default, that would be when gold would likely rise to its traditional role as a hedge against a worst-case scenario," ETF Securities analyst Martin Arnold told Reuters.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and unimpressive growth in net income."