$2,000 Gold Likely Next Year, Says Barrick CEO
By jturbin | November 13, 2012 4:15 AM EST
The price of gold is likely to rise to a new record high above $2,000 an ounce in 2013, according to the head of the world’s largest gold mining company.
Jamie Sokalsky, CEO of Barrick Gold (ABX), stated on the sidelines of an industry conference on Monday that “We could see $2,000 and higher within the next year…the fundamentals for gold at still looking very positive.”
“If demand continues to rise, which we think it will through China buying more gold, more investment demand for gold, (and) central banks continuing buying more gold rather than selling as they used to, I feel quite comfortable predicting that gold prices will within the next year be at $2,000, perhaps higher,” Sokalsky added. “It’s going to be a demand-driven type of move.”
(For more gold price commentary and predictions, check out GoldAlert Pro at http://pro.goldalert.com)
When asked if slower economic growth in China could dim the prospects for the yellow metal, the Barrick CEO responded that “I don’t see anything other than a soft landing” for the Chinese economy.
The price of gold reached its current all-time record high of $1,923 per ounce on September 6th, 2011. Its highest level thus far in 2012 was $1,798, reached on October 1st.
Shares of ABX moved lower alongside the gold stocks sector on Monday, falling by $0.31, or 0.9%, to $35.76 in mid-day trading.
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
Join the Conversation
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation