Investors have been punishing Barrick Gold (ABX) and other gold miners for a long time due to their high debt, especially when precious metal prices (GLD) (SLV) were in a downslide. You might recall that Barrick, Newmont Mining (NEM), and Kinross Gold (KGC) invested heavily at the peak of the cycle. Most of those assets were subsequently written off due to poor economics, infrastructure issues, and weaker precious metal prices. Barrick Gold has been focusing on reducing debt. Maintaining a strong balance sheet is now its top priority.