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« Silverado: Gold Recovery Up on last year | Main | Kinross Gold: Q2 Production Up 14% »
Monday
Aug062007

Gold above $1000: Pierre Lassonde!

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Pierre Lassonde said today that the price of gold is to surge above the $US1,000 level and added that the global resources boom still has a way to go.

Pierre is the vice-chairman of Newmont Mining Corporation and is also chairman of the World Gold Council. He was speaking at the annual mining and investment forum in Kalgoorlie, Australia. Known as the Diggers & Dealers Forum it is one of the top three mining events in the world. This event started in 1992 with a delegation of 250 has now grown to year’s record level of 1700 for the three-day and three-night event.

Pierre went on to say that gold will have three zeros after the first number but he didn’t know what the first number would be!

This is a great start to this event and we are really pleased that Pierre Lassonde has come out so positively when many in our arena are shrinking like wilting violets on a hot day at the fair ground. Yes it is in his interest to talk up the price of gold; however, there are not too many other mining company chairmans prepared to put their reputations on the line with such an optimistic forecast.

In our recent articles we tried to measure the negativity by using trend analysis of Google internet searches and noted the drop on in the number of searches for Kitco.com which is one of the industries most popular websites. Even during this period of negativity gold is trading at $674.00 as we write, just imagine what gold will be trading at when the negativity dissipates and investors turn positive on precious metals.

We will keep an eye on this conference and report back to you when something of interest catches our eye.

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