"Conditions for Gold Have Never Been Better!"
Current gold prices are floating around the $1,780-an-ounce range. And the majority of gold miners are more than optimistic, seeing prices going nowhere but up!
Peter Marrone, CEO of Yamana Gold, firmly believes that gold is set in a perfect position with all the “ingredients” for higher prices. The heightened inflation levels, economic woes, and geopolitical risks combined together will inevitably push gold prices up; much higher as the worsening economic situation escalates.
Richard O'Brien, CEO of Newmont Mining Corp, said prices should easily go to at least $2,300 per ounce within the next year. And just yesterday, we reported that AngloGold Ashanti Limited CEO Mark Cutifani predicts gold to go to at least $2,200.
The bullish trend is likely to continue, no matter what, because of supply and demand principles. Production will eventually slow down. Without a miracle in the economy, the price of gold will only go even higher when this happens.
"The conditions for gold right now have never been better," said Kinross Gold (K.TO) CEO Tye Burt. "Not only is it a safe haven for investors and offers a unique alternative to currencies, but the fundamentals of supply and demand are extremely strong."
Debt problems in Greece, U.S. deficit concerns and political upheaval in the Middle East are all boosting gold's price.
"If one were to ask me the question of how much each one is affecting the price, it would be difficult to say," said Yamana's Marrone. "But clearly they're causing an affect. That's what gold does: it's a natural hedge against these points of financial and geopolitical uncertainty."
Overall, the vast majority of gold miners as well as gold investors hold that same opinion. The Denver Gold Forum has been going on in Montreal for the past few days, and analysts and producers in attendance believe all of the economic and political factors dominating global happenings right now have gold prices set to soar.
Moreover, the idea that gold is turning into more of a currency – not merely a commodity anymore – is becoming an extremely popular notion as well.
Right now, gold is absolutely viewed as a safe-haven; one of the only few real remaining safe-havens. Few analysts believe it's in any sort of bubble at all. Many analysts adamantly believe it is just the opposite...
*Indented excerpts from REUTERS.
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