Barrick Chief Says Gold Sell Off Possible
Posted on: Thursday, 12 November 2009, 12:19 CST
The chief executive of Canadian gold holdings firm Barrick Gold Corp announced Wednesday that gold output has significantly declined since the start of the decade.
As the US dollar continues to weaken, the price of gold rose to a record high of $1,121.60 on Thursday.
According to Reuters, Barrick said it may complete a planned closure of its hedgebook before the end of the 12-month period it set last month.
Barrick, based in Toronto, is the world’s largest gold producer.
"There is a strong case to be made that we are already at 'peak gold'," Aaron Regent, president of Barrick, told the UK’s Daily Telegraph suring the RBC’s annual gold conference in London.
"Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore," he added.
Meanwhile, China has doubled its gold holdings to 1,054 tons.
"I think there's a lot of value we can create there, but it's not core to us, so at some point in time maybe we will turn that into cash and redeploy into other projects or to help fund an acquisitions," said Regent.
Barrick’s shares rose 2 Canadian cents on the Toronto Stock Exchange on Wednesday.
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Source: RedOrbit Staff & Wire Reports
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User Comments (1)
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Posted by M Levy on 11/12/2009, 14:49 'Peak Gold' here means production has peaked, not its price. |
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