Thursday, January 28, 2010

Barrick (NYSE:ABX) Chairman: Gold Prices Will Continue to Go Up

Barrick Chairman: Gold Prices going up

Acknowledging there will always be some volatility in the short term movement of gold prices, Barrick Gold (NYSE:ABX) chairman Peter Munk said in Davos recently that the gold prices will continue to go up, and the strength of the gold trend is "here to stay."

Munk stated that the price of gold "may fluctuate," but "the key criteria should be that it's got a secular tendency now to move up year in and year out.

"While it may trade off in the two-week or three-month period, I think the trend is here to stay."

Even though gold prices have fallen 11 percent since their record high last month, the increase in the spot price of gold, which soared 40 percent in 2009, is far from over.

Estimates are gold prices could climb by 13 percent in 2010, as continued worries over inflation, interest rates and the fall in value in the U.S. dollar weight on comsumers' and investors' minds.

Barrick Chairman: Gold Prices going up

6 comments:

bonjovi said...

Munk is correct and when the prices turn around everyone will kick themselves for not buying more when they had a chance. Expect early Feb. when things turn and peak in May. January is always a slow month for gold so this is normal seeing gold go nowhere. I hope everyone loads up for the next run to 1300/oz.

Ben Gan said...

Over time, the price of gold will rise. Correction? Yes.
Bubble? Not yet.

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