Tuesday, September 26, 2017

Higher gold prices inevitable as World Gold Council estimates we have reached peak gold production

On Sept. 25, the Chairman of the World Gold Council reported that the world's gold production may have reached peak levels which will inevitably lead to higher gold prices in the future.

Speaking out in an interview at the Denver Gold Forum on Monday, WGC Chairman Randall Oliphant expects demand, especially in historic places like India, to continue strong which will lead the price to cross over $1400 in the relative future.

The world may have already produced the most gold in a year it ever will, according to the chairman of the World Gold Council. 
Production is likely to plateau at best, before slowly declining as demand rises, especially given global political risks and robust purchases by consumers in India and China, Randall Oliphant said in an interview Monday. 
“It’s not clear how the whole US political system will play out,” said Oliphant, an industry veteran who’s been an executive at some of the world’s biggest gold miners. “All this uncertainty seems very fertile ground for people to get into gold.” 
Prices could climb to as high as $1,400 an ounce in the next 12 months, and top record highs in the “medium term,” Oliphant said at the Denver Gold Forum, the 28th annual gathering of mining executives, hedge funds, bankers and analysts that attracted about 1,100 attendees.  - India Times

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