Part of the Stock Digest group of websites: Visit Tech Stock Digest  

We're Reaching Peak Gold

The world may have already produced the most gold in a year it ever will, according to the chairman of the World Gold Council.

Production is likely to plateau at best, before slowly declining as demand rises, especially given global political risks and robust purchases by consumers in India and China, Randall Oliphant said in an interview Monday.

“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.

Gold futures in New York settled at $1,311.50 on Monday and reached a record $1,923.70 in 2011.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

MARKET SUMMARY

INDICES

Name Last Change
DOW 24803.80 0.61%
S&P 500 2693.15 0.64%
NASDAQ 6999.62 0.90%
TSX 16135.89 0.58%
TSX-V 805.43 0.00%

Resource Commodities

Name Last Change
Gold 1261.96 0.53%
Silver 16.13 0.50%
Copper 3.11 1.98%
Platinum 912.50 1.77%
Oil 57.30 0.45%
Natural Gas 2.61 2.76%
Uranium 24.25 N/A
Zinc 1.44 0.00%

@RSDigest ON TWITTER

Part of the Stock Digest family of websites
Small Cap Stock Digest