The price of gold is likely to reach a new all-time record nominal high of $2,000 per ounce by April of this year, according to Huntington Asset Advisors’ Peter Sorrentino.
In a recent Bloomberg interview, Sorrentino – a senior fund manager at Huntington – discussed his bullish short-term outlook for the yellow metal.
“Gold had a very substantial run early last year and has gone through a corrective phase,” he noted. ”Some of this we think is attributable to the MF Global debacle. We think that frightened some commodity traders and some investors in commodities and that some institutional money headed for the sidelines after that. But when we look at the amount of U.S. Treasury debt held by our major export partners, we’re beginning to see significant systematic reductions in their Treasury holdings. They’re I think uncomfortable with holding that much of their reserves in dollar-denominated assets.”
Sorrentino went on to say that “We’re continuing to see central bank buying of gold by China. Russia has effectively nationalized all production; all the mines have to sell to the central bank. Venezuela nationalized their mining industry. We’re seeing gold being bought again in India as well as Vietnam and other countries. So there’s a continual growing of demand.”
West Kirkland Reports “Encouraging” Results at Cunningham
West Kirkland noted that the intercepts confirm a three dimensional gold bearing target in classic Kirkland Lake style where further drilling will be implemented to map the best grade-thickness. The gold intercepts are adjacent to an underexplored splay of the Cadillac Lake-Larder Lake Break which has a length of two kilometers on the West Kirkland land position. The current intercepts outline the mineralization over a strike length of approximately 580 meters with a depth extent in excess of 375 meters. Full West Kirkland Mining Press Release.
* 20.10 g/t of gold over 1.00 meters in Hole KC1186
* 17.80 meters of 1.25 g/t of gold in Hole KC1187
* 2.00 meters grading 3.69 g/t Au in Hole KC1194