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Anzo Lim

Gold Surges over the 1500 Mark

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Gold continues to rise under the influence of global economic uncertainties and deficit spending, and is expected to hit a record height of US$ 2,000/ounce in 2-3 years.

 

Sean Boyd, Chief Executive Officer of Agnico Eagle Mines notes that gold benefits from easing monetary policies when governments focus on spending and budget deficits. China and India has been the main consumers since the 1970s, with the central banks as the largest buyers.

 

Meanwhile, trade tension and sluggish global economic growth help boost demand for gold as a save-haven asset, with gold price up by 17% year to now.

 

The Canadian gold producers earning and revenue released on Wednesday exceeded the prediction of analysts, as gold production climbed to a quarterly record of 476,937 ounces.

 

Agnico also increased its previous estimation for gold production in 2019 from 1.75 million ounces to 1.77-1.78 million ounces, while expecting an annual production of about 1.9-2.0 million in 2020.

 

Meanwhile, Agnico raised its 2019 capital costs estimate to US$790 million from previous guidance of US$750 million.

 

Source : WikiFX

 

Edited by Anzo Lim
 

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