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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.

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MARKET SUMMARY

INDICES

Name Last Change
DOW 23328.60 0.71%
S&P 500 2575.21 0.51%
NASDAQ 6629.05 0.36%
TSX 15857.22 0.25%
TSX-V 789.51 0.00%

Resource Commodities

Name Last Change
Gold 1280.70 0.71%
Silver 17.04 1.23%
Copper 3.15 0.33%
Platinum 923.75 0.35%
Oil 51.29 1.46%
Natural Gas 2.87 0.66%
Uranium 20.14 N/A
Zinc 1.44 0.00%

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