Barrick Mining CEO: There's still more upside risk on gold prices

Market Trends & Tariffs - Gold shares fell despite a slight profit beat in Q2 due to uncertainty surrounding potential gold tariffs from the White House [1] - The market is awaiting clarification on whether gold bars will be subject to import taxes, particularly from Switzerland, which now has a higher Swiss rate [2][3] - The industry is unsure about the specifics of potential tariffs and is awaiting clarification [8] - The impact of tariffs on global gold demand is uncertain, with some believing existing gold supplies would mitigate the effect [6][7] Company Performance & Production - Gold production came in below estimates [1] - The company reported strong prices, lower production costs, and bigger margins [9][10] - The company paid 50% more dividend and has no net debt [10] - The company anticipates a 30% increase in gold equivalent ounce growth over the next 5 years [10] - Gold output is up and on track for the year's outlook, with copper also up materially and unit costs down [11] Global Supply Chain & Risks - The company manages a global supply chain across four continents and is one of the biggest gold miners in the United States [11] - The company is managing tariff impacts reasonably well, with opportunities to redirect the supply chain in non-US operations [12] - Deglobalization and challenges within the global economy present upside risk for gold prices [6]