Gold News

Gold is 'pretty sexy again'

A senior figure at Newmont has suggested today (April 2nd) that Gold Prices are set to remain above $900 per ounce for the majority of this year, the Brisbane Times reports.

The company, which is the largest gold miner in Australia, managed to generate around $1.7 billion last year for funding acquisitions, despite the effects of tight credit markets.

Philip Stephenson, assistant regional vice-president of the firm's Asia Pacific division, has explained that Gold Buying looks set to remain strong for the remainder of 2009.

Speaking at the Paydirt Gold Conference, he was quoted by the newspaper as saying: "Gold is pretty sexy again - it's a great time for us in the gold sector. The fundamentals for the gold industry are sound.

"The gold price has weathered the storm pretty well compared to base metals."

Mr. Stephenson's comments come after Evy Hambro, gold manager of the BlackRock World Gold Fund, suggested recently that a number of factors are likely to keep gold prices high.

"Ongoing financial turmoil and inflationary pressures will continue to stimulate investment demand," he told CityWire.co.uk.

"So current trends in these fundamentals are extremely supportive for the price to trend higher."

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