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Barrick Gold: Don't Miss The Forest For The Trees

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Summary

Barrick Gold is down more than 25% from its highs after making a new multi-year high earlier this year.

The company reported Q3 production that was down 11% year-over-year with Porgera offline, but still managed to report a more than 150% increase in quarterly free-cash-flow.

Currently, the stock is pulling back to its long-term monthly moving average, with no real technical damage done to its long-term chart.

Therefore, as long as the bulls can hold the $21.80 level on a monthly close, I see no reason to lose sight of the bullish long-term picture here.

It's been a rough few months for the Gold Miners Index (GDX), with several million-ounce producers taking a beating and the Oracle of Omaha's favorite, Barrick Gold (GOLD), not being spared.

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