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Five Basic Industries Stocks Smart Money Like

#3 Barrick Gold Corporation (USA) (NYSE:ABX)

– Number of Hedge Fund Holders (as of June 30): 53
– Total Value of Hedge Fund Holdings (as of June 30): $3.84 billion
– Hedge Fund Holdings as Percent of Float (as of June 30): 15.40%

Given that gold stocks have been red-hot in 2016, it’s not surprising that 53 top funds (up by four funds from the previous quarter) owned Barrick Gold Corporation (USA) (NYSE:ABX) at the end of the second quarter. With a forward P/E of 18.54, the stock isn’t expensive and Barrick has substantial upside left if gold prices continue trending higher. Any combination of global recession, major geopolitical event, or negative outcome resulting from Britain’s decision to leave the EU could cause many investors to allocate more of their portfolios towards gold. Higher gold prices would in turn translate to greater...