The price of gold is likely to rise to a new record high above $2,000 an ounce in 2013, according to the head of the world’s largest gold mining company.
Jamie Sokalsky, CEO of Barrick Gold (ABX), stated on the sidelines of an industry conference on Monday that “We could see $2,000 and higher within the next year…the fundamentals for gold at still looking very positive.”
“If demand continues to rise, which we think it will through China buying more gold, more investment demand for gold, (and) central banks continuing buying more gold rather than selling as they used to, I feel quite comfortable predicting that gold prices will within the next year be at $2,000, perhaps higher,” Sokalsky added. “It’s going to be a demand-driven type of move.”
(For more gold price commentary and predictions, check out GoldAlert Pro at http://pro.goldalert.com)
When asked if slower economic growth in China could dim the prospects for the yellow metal, the Barrick CEO responded that “I don’t see anything other than a soft landing” for the Chinese economy.
The price of gold reached its current all-time record high of $1,923 per ounce on September 6th, 2011. Its highest level thus far in 2012 was $1,798, reached on October 1st.
Shares of ABX moved lower alongside the gold stocks sector on Monday, falling by $0.31, or 0.9%, to $35.76 in mid-day trading.
Aurizon Mines Reports Third Quarter Results
Aurizon also completed the 2012 drill program at the Heva and Hosco West Extension areas, in which 34 drill holes intersected mineralization exceeding 3.0 grams per tonne (g/t) of gold over a minimum true width of 3.0 meters, down to a maximum depth of 400 meters. The Company expects to complete an in-pit resource for the property in the first half of 2013. Full Aurizon Mines Press Release.
- Operating profit margin of $894 per ounce
- Cash balance of $199 million with no debt
- Exploration activities in the fourth quarter 2012 will concentrate on the compilation and interpretation of data at the Heva and Hosco West Extension areas
- Aurizon will also focus on resource updates on the Marban and Heva projects and regional exploration at the Company's early stage projects
