Friday, March 12, 2010

Barrick Gold (TSE:ABX) CEO: Closing Hedgebooks

Gold Companies Closing Hedgebooks

Barrick Gold (TSE:ABX) CEO Aaron Regent said you can confirm from the actions of the gold production industry over the last year, they are bullish on the direction the price of gold is heading, based on many gold mining companies closing their hedgebooks during that time.

That means gold producers believe there is a certain support for gold, and at this time there is no need to hedge against it because even in difficult times and various market conditions gold prices will hold up for some time to come.

As governments foolishly attempt to force the economy to come back based on throwing printed money at it, gold will continue to do well, as inflation continues to go high and the value of currencies decline from oversupply in the market.

Regent sees a strong support for gold at the $1,100 level, and doesnt' think that's going to change any time soon.

Gold Companies Closing Hedgebooks

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