Seeking Alpha

Emmet Kodesh  

View Emmet Kodesh's Comments BY TICKER:
  • Barrick Gold Hits A Home Run [View article]
    John Thornton, the Co-Chair and already de facto Chair is a GS alum: CEO of GS Intl & Co-chair GS Asia. He has degrees from Yale, Harvard & Oxford & extensive contacts in China. As for a new world reserve system, see the OMFIF report a year ago calling for a reserve basket of currencies including the $ and gold. The Economist a prestigious & influential publication in 1988 (& at least a couple of times since then) has described a new world currency.
    Dec 5, 2013. 11:19 PM | 1 Like Like |Link to Comment
  • Some Reasons To Buy Barrick Gold [View article]
    Kyle and gmmpa make good points. Suppy will continue to stagnate or contract if short-selling, devaluation continue with resulting risk-off and negative sentiment. Yes, ABX should have 2-3 seasoned mining and metallurgical engineers on its Board. Still, retiring $1 billion in debt & deferrring $2 billion more (to be paid at pennies /$) will help. RBC, BCS & other underwriters are buying the tender because they know the shares will appreciate significantly. There are better PM Co's but this major is a strong value buy. Take care.
    Nov 4, 2013. 11:44 AM | Likes Like |Link to Comment
  • Barrick Gold Bears Are Wrong: This Undervalued, Gold Exploration Company Has 68% Upside Potential [View article]
    Yes, Barrick is a long term buy. Inflation is significant as anyone who pays their own bills and does their own shopping knows. If you wish a fuller review of ABX, see "Barrick Gold, Prospects & Problems" on SA. Good luck to all.
    Oct 7, 2013. 02:48 PM | Likes Like |Link to Comment
  • Barrick Gold - Taking Steps In The Right Direction [View article]
    Not much new here. Except for the official posting of quarterly results, all the information, the context for the outlook and guidance is included in my "Barrick Gold: Prospects & Problems" and the series of articles on ABX in my archive for those interested in Co prospects.
    It is likely that gold will increase significantly and many analysts, some of whom are quoted in my recent pieces expect large moves. But the ABX situation remains long-term value as costs are cut and projects slowly brought along.
    Aug 5, 2013. 11:59 AM | 1 Like Like |Link to Comment
  • Barrick Gold Prospects And Problems [View article]
    Hi Raja: I was looking at their total long term debt / cash & equiv on hand. I also noted the column that lists the debt/equity .64 as noted in a previous piece. Thanks for reading & the clarification.
    Jul 9, 2013. 12:59 AM | Likes Like |Link to Comment
  • Barrick Gold Prospects And Problems [View article]
    If you consider only debt and debt/equity, KGC is best. Reserves and cash flow though also are meaningful parts of the view. Companies with big volumes or reserves can carry more debt. ABX is priced below its sales...
    Jul 6, 2013. 01:16 AM | 1 Like Like |Link to Comment
  • Barrick Gold Prospects And Problems [View article]
    Thanks fniemann and jarco. I believe that flurries of news-driving sentiment and crushed Au prices have obscured the basics of the situation. To your Q: if in the next few months ABX decided to cut all costs and leave Chile that would save $5-8 billion at the expense of the massive reserves with Au prices almost sure to rise substantially. I believe ABX should keep their copper sites but sell abg and some of the Aussie sites. Absent PL and after the storm of news and suits it would be a leaner, larger GG: worth $30 and more when Au rises. But I believe PL will proceed (global slowdown will hurt Chile, biggest Cu exporter and big commodity exporter: they want that project to go on) but short term ABX would recover faster. The 'enviro' issue is mostly selective politics. Consider how other nations & cultures wd deal with this, a tiny population near a glacier -- they'd move them & proceed, But unless there is a total policy change or other surprise, ABX will address, indeed is addressing -- concerns and the project will go forward. The Lawson appointment is adroit: nb: average CEO compensation is $5.3 for mid-large caps.
    Good Independence Day weekend to all.
    Jul 4, 2013. 11:41 PM | 2 Likes Like |Link to Comment
  • Barrick Gold Prospects And Problems [View article]
    It is indeed useful perspective, Clement. Please search the OMFIF report on a new world reserve system or see my March article on this, "Gold will play key role in emerging world reserve system." Many would find the discussion useful. To add to Hannox above, see my article today on Gold's resuming its strong and sustained uptrend, for many reasons, after perhaps 6 weeks more of volatility and sudden downdrafts. Jim, on your question I discuss this in several pieces as do many others if you search the web.
    Best wishes to all for a happy July 4, good weekend and year.
    Jul 4, 2013. 12:51 AM | Likes Like |Link to Comment
  • Barrick Gold Prospects And Problems [View article]
    Thank you Hannox and Terry. TD below seems entirely to have missed the gist, often repeated, of my article which makes precisely the pts he focuses on: the problems that create negativity now are small compared to ABX's strengths which I detailed at length and emphasized several times. Indeed, the issues are "fixable" as TD writes and as I explained, I believe lucidly, above. Thanks for reading fellows and especially for those who read carefully.
    Jul 4, 2013. 12:46 AM | 1 Like Like |Link to Comment
  • Generational Lows In Barrick Gold [View article]
    Though difficult for most of us to grasp, the $16 million is trivial relative the scale of the project. The new exec-level appointments will be a key to resolution. You could look at my recent pieces on abx.
    May 29, 2013. 11:55 AM | 1 Like Like |Link to Comment
  • Generational Lows In Barrick Gold [View article]
    A fine article and, I believe an accurate assessment I have been discussing in several articles that might be of interest on background and progress to date. Raja has brought useful charts and yes, the negative sentiment is extreme & has been priced in. ABX may be best value buy in commodities at current level.
    May 29, 2013. 11:53 AM | Likes Like |Link to Comment
  • Generational Lows In Barrick Gold [View article]
    They will be resolved: Barrick has been moving to address them for many weeks. Their executive - level appointments and plans show that they will make this work as I have several times written. Raja has made a good assessment.
    May 29, 2013. 11:51 AM | 1 Like Like |Link to Comment
  • Bad News Keeps On Coming For Barrick Gold [View article]
    Right, Shaggieman. I have covered this material in detail in several recent pieces and Philip Davis on SA has taken a careful look at ABX and offered a totally different assessment. The bad news and sour sentiment has been priced into ABX a long time. The Dominican deal is a positive considering that the huge project will continue. As for the tax - royalty take by the govt, it's high but if Americans count up their own federal, state, county and municipal burden...
    May 15, 2013. 12:26 PM | 2 Likes Like |Link to Comment
  • Barrick-China Deal Big Win For Gold: USD Rise Veils Precious Metals Sector Strength [View article]
    Agree, Hannox: good points and thanks. Of course the Zijin deal may not go through, or not in its current form but the pattern is clear: China continues to buy up PM and other commodity properties just as they and their citizens buy PMs. Thanks for readin.
    May 13, 2013. 11:04 AM | Likes Like |Link to Comment
  • Barrick-China Deal Big Win For Gold: USD Rise Veils Precious Metals Sector Strength [View article]
    Thanks, Phenix: equity bubbles and bond (price) bubbles are trouble.
    As you note the transfer of wealth West to East is very well-documented and some people have been discussing it for decades.
    China's pmi is troubling but their pursuit of commodities is telling. The values in mining sector are compelling (c.f. Lawrence Roulston) but remember, they are best as "Trading Vehicles" (see recent piece). A wealth consolidation event may come at any time. NB: the indices remain nearly 25% below 2000 peak in real terms. Thanks for reading
    May 12, 2013. 03:26 PM | Likes Like |Link to Comment
More on ABX by Emmet Kodesh