Barrick Gold (ABX) Stock Soaring as Gold Prices Rally

NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are rising by 7.81% to $9.25 in mid-afternoon trading on Monday, as some metals and mining stocks get a boost from the pop in the price of gold today.

The price of the precious metal is moving higher as safe haven demand increases due to the decline in oil prices, which resulted in global stocks reversing their earlier gains, the Wall Street Journal reports.

Gold for April delivery is up by 0.94% to $1,106.70 per ounce on the COMEX this afternoon.

"Gold is behaving much like it should behave" Simona Gambarini told the Journal.

Barrick Gold is a Toronto-based gold mining company that produces and sells gold and copper, as well as conducts related activities including exploration and mine development.

Separately, TheStreet Ratings has set a "sell" rating and grade of D on Barrick Gold stock. This is driven by a few notable weaknesses, which TheStreet Ratings believes 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 it covers.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity and generally disappointing historical performance in the stock itself.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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