Tags: gold | Jeannes | Goldcorp | 2000

Goldcorp’s Jeannes: Gold Will Soar to $2,000 Next Year

Wednesday, 07 Nov 2012 10:00 AM

By Dan Weil

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Gold has risen 9 percent so far this year, and the party’s only getting started, says Charles Jeannes, CEO of Goldcorp Inc., the world's second-largest producer of the metal.

He sees gold reaching $2,000 an ounce within six to 12 months. That represents a gain of 16 percent from the spot price of $1,726 early Wednesday.

“The fundamentals of our product in terms of supply and demand are very positive,” Jeannes tells CNBC. “There will be short-term volatility, but we’re very bullish on the longer-term price.

Editor's Note: Get David Skarica's Gold Stock Adviser — Click Here Now!

A correction could take gold back down to the $1,500s, but Jeannes says chances are very remote that the precious metal will fall back to $1,000.

Even at $1,500, “we’d still make very positive cash flow,” he says.

Gold rose early Wednesday after President Barack Obama’s election victory reassured investors that the Federal Reserve will maintain its accommodative monetary policy.

“Investors are probably convinced that an extension of a Democrat in the White House would ensure a continuation of the Fed’s easy monetary policy,” Barnabas Gan, an economist at Oversea-Chinese Banking Corp. in Singapore, tells Bloomberg.

The thinking is that the Fed’s five-year easing program will result in rabid inflation. Consumer prices rose 2 percent in the 12 months through September.

If you want to invest in gold, you might consider an exchange-traded fund that contains either bullion itself or gold-miner stocks.

Editor's Note: Get David Skarica's Gold Stock Adviser — Click Here Now!

© 2014 Moneynews. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Dow Surges 421 Points to Extend Fed-Fueled Rally

Thursday, 18 Dec 2014 16:28 PM

U.S. stocks rose, sending the Dow Jones Industrial Average up 421.28 points, as global equities rallied on the Federal R . . .

Bernanke Backs Pimco Forecast for Accelerating Economy in 2015

Thursday, 18 Dec 2014 12:59 PM

Pacific Investment Management Co expects global growth to accelerate in 2015 to around 2.75 percent from around plus 2.5 . . .

Buffett-backed Chinese CarMaker BYD Loses $1 Billion

Thursday, 18 Dec 2014 12:45 PM

Shares in Warren Buffett-backed BYD Co. Ltd. posted their biggest-ever single-day drop in Hong Kong on Thursday, wiping  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved