Gold Blossoms Under Low Real Interest Rates
Gold is trading at levels it has not seen in years and could be on its way to reaching all-time highs…
from GATA
By Tyler Clifford
CNBC, New York
Gold is trading at levels it has not seen in years and could be on its way to reaching all-time highs in the near future, the CEO of a Canadian miner told CNBC today.
Sean Boyd, the vice chairman and CEO of Agnico Eagle Mines, said the current state of interest and inflation rates creates a perfect environment for the industry. The price of gold broke above the $1,400 level last month for the first time since 2013 and is currently hovering in the $1,420 range.
“We’re in a period now where gold blossoms — when you have low real interest rates … gold does well,” Boyd said in an interview with Jim Cramer of “Mad Money.”
“And then the inability of the industry to respond to a higher gold price is, I think, the key to get it going forward.”
Agnico Eagle’s share price, too, has reached its highest level in recent years. The stock, which bottomed out at about $32 in September, rose more than 1% to $71.54 today. Gold traded below $1,200 in September, while the market was reaching record highs before a brutal sell-off kicked in. …
… For the remainder of the report:
https://www.cnbc.com/2019/07/29/agnico-eagle-mines-ceo-gold-blossoms-in-…
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