Published after the markets closed, Bloomberg reports that “peak gold”, as in declining mine supply, comes at a time of rising gold demand. As the entire world peaks in gold production, price increases may come much sooner than most are expecting according to Franco-Nevada’s CEO…
by Danielle Bochove via Bloomberg
The world may have already produced the most gold in a year it ever will, according to the chairman of the World Gold Council.
“It’s not clear how the whole U.S. 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.
“We’re not going to fall off a cliff in the near term, but in the same time it’s really hard to see how we’re going to produce enough gold to meet all this demand,” Oliphant said.