Newmont Mining (NYSE:NEM) CEO Ricard O'Brien on Gold Prices
Recently Barrick Gold's (NYSE:ABX) chairman Peter Munk stated that he expected gold prices to continue to rise, and Newmont Mining's (NYSE:NEM) CEO Richard O'Brien added his input as well a couple of days ago, saying he expects gold prices to go as high as $1,250 an ounce in 2010.
O'Brien added he thought gold prices will go even higher in the longer term, rising as high as $1,500.
He wouldn't be surprised if gold went below $1,025 an ounce, but he said that wouldn't last and it would rebound quickly after the correction. While he didn't say gold prices would drop that low, he meant that there will probably be a correction (which we're probably in right now), and whatever the low gets to it won't last.
There's no way we're out of the economic crisis yet, and it'll be years before any sustainable change will occur. Gold will continue to go up even with the occasional correction we're seeing now.
Newmont Mining (NYSE:NEM) CEO Ricard O'Brien on Gold Prices
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