Barrick Gold Stock TSX: Analysis and Buffett’s Move

A stock that caught Warren Buffett’s attention for a brief moment — then quietly exited his portfolio — is worth a second look. Barrick Gold (TSX:ABX) sits at an unusual crossroads in 2026: its valuation is below industry averages, its dividend is ticking, and the Oracle of Omaha himself flashed a buy signal five years ago that he later reversed.

TSX Ticker: ABX ·
Current Price (CAD): CA$57.61 (open) ·
Market Cap: CA$98.69 billion ·
P/E Ratio: 11.80 ·
Gold Production (2025): 3.3 million ounces ·
Dividend Ex-Date: May 29, 2026

Seven key data points frame Barrick’s current position on the TSX.

Is Barrick Gold a good stock to buy?

What is Barrick Gold’s current valuation?

• P/E ratio of 11.80, below the gold mining industry average of roughly 15-18 (MarketBeat financial data)
• Market cap of CA$98.69 billion reflects a premium for scale, but the valuation multiple is compressed
• The 52-week range of CA$25.94 to CA$74.00 shows significant volatility, with the current price near the middle
• Free cash flow remains strong, supported by 3.3 million ounces of annual gold production

What do analysts say about Barrick Gold?

• Consensus rating from analysts tracked by MarketBeat financial data is Buy
• Price target of C$76.78 implies ~30.4% upside from the May 2026 price of C$58.90
• Morningstar provides independent research with a fair value estimate, though their rating depends on gold price assumptions
• The catch: analyst targets were set before the most recent price decline, so upside may be overstated if gold retreats further

The implication: Barrick’s valuation is discounted relative to peers, but the discount exists because the market sees risk in gold price volatility and production cost pressures. A P/E of 11.80 doesn’t automatically mean “buy” — it means the market is pricing in a margin of safety that may or may not be justified.

Does Warren Buffett own Barrick Gold stock?

How many shares did Berkshire Hathaway own?

• Berkshire Hathaway disclosed a new position of approximately 20.9 million to 21 million shares in Barrick Gold during Q2 2020 (Berkshire Hathaway 13-F Filing Summary)
• That stake was valued at roughly US$560 million to US$563.5 million at quarter-end
• By subsequent filings, Berkshire reduced and eventually exited the position — a short holding period by Buffett standards
• The Oracle of Omaha, now 95 years old, has historically called gold a “non-productive asset” that doesn’t generate earnings

Why did Buffett buy Gold stocks in 2020?

• The purchase surprised many investors because Buffett had long criticized gold as an investment (Investing.com Canada analysis)
• Unlike holding gold bullion, Barrick generates earnings through extraction and operations — this made it a “productive” bet within a commodity space
• Berkshire also increased its stake in Suncor Energy the same quarter, suggesting a broader commodity play during pandemic uncertainty (The Motley Fool Canada report)
• The trade shows Buffett’s willingness to make tactical commodity bets through equities rather than physical assets

The pattern: Buffett bought Barrick as a pandemic hedge through a company that produces cash flow, not just a price-tracking ETF. His exit doesn’t necessarily signal a bearish view on gold — it may simply reflect a tactical position that served its purpose.

Why is Barrick Gold stock falling?

What are the macro factors?

• Gold price retreated from its 2025 highs, putting pressure on mining stocks across the sector
• Rising interest rates in 2025-2026 increased the opportunity cost of holding gold-related assets
• The US dollar strength during parts of 2026 weighed on gold prices and, by extension, gold miners’ revenues
• Barrick’s stock declined 1.5% year-to-date as of May 29, 2026, from C$59.79 to C$58.90 (MarketBeat financial data)

How does gold price volatility affect Barrick?

• Barrick’s earnings are directly tied to the gold price minus extraction costs — a US$50 swing in gold can move quarterly profits by hundreds of millions
• Production costs increased in 2025-2026 due to labor, energy, and equipment inflation across mining operations
• Investor sentiment turned cautious as gold failed to break through resistance levels, leading to profit-taking in mining stocks
• The trade-off: lower gold prices hurt near-term earnings but create buying opportunities for long-term investors who believe in gold’s structural demand

What this means: Barrick’s stock decline is a mirror of gold’s own retreat — amplified by an earnings multiple that compresses when investors fear a sustained commodity downturn. The real question is whether gold finds a floor or keeps falling.

What is the best gold mining stock to buy?

Four major TSX-listed gold miners, one clear pattern in the comparison: Barrick offers the lowest valuation but faces the biggest Buffett narrative overhang.

The trade-off: Barrick offers the cheapest entry point on a P/E basis, but Newmont pays a higher dividend and Agnico Eagle has a stronger operational track record. For Canadian investors on the TSX, the decision hinges on whether you want valuation upside (ABX) or income stability (NGT).

What is Barrick Gold’s dividend and stock performance on the TSX?

What is the current dividend yield?

• Barrick Gold’s dividend yield is 1.43% as reported on the ex-dividend date of May 29, 2026 (MarketBeat financial data)
• The yield also shows as 1.63% on some snapshots, reflecting intraday price and calculation variation
• The ex-dividend date means investors who buy before May 29 qualify for the next payout
• Dividend history shows consistent payouts, making Barrick a candidate for income-focused portfolios that want gold exposure

How has ABX performed year-to-date?

• Stock price on January 1, 2026: C$59.79
• Stock price on May 29, 2026: C$58.90 — a decline of 1.5% (MarketBeat financial data)
• 52-week range: CA$25.94 to CA$74.00, showing extreme volatility relative to the broader TSX index
• Year-to-date performance lags the TSX composite, which gained approximately 4% over the same period

The pattern: Barrick offers a modest income stream but its real appeal is as a leveraged play on gold prices. The dividend is a side dish — the main course is capital appreciation if gold rallies. For Canadian investors prioritizing yield over growth, Newmont or Agnico Eagle may be a better fit.

Timeline: Key events for Barrick Gold on the TSX

• 2020 (Q2): Berkshire Hathaway discloses a ~20.9 million share position in Barrick Gold valued at ~US$560 million
• 2020 (August): Barrick shares up more than 50% year-to-date following the Buffett announcement (The Motley Fool Canada report)
• 2025: Barrick reports annual gold production of 3.3 million ounces
• May 29, 2026: Ex-dividend date for Barrick Gold stock

For Canadian investors, the timeline tells a story: the Buffett bump was real but fleeting. The real question is whether Barrick’s operational strength — 3.3 million ounces and strong free cash flow — can sustain the stock without the Berkshire halo.

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