Barrick CEO predicts strong long-term Gold Investment demand

The head of the world's largest gold mining company suggested yesterday (March 10th) that Investing in Gold is a prudent long-term strategy, Reuters reports.

Speaking at the Reuters Global Mining and Steel Summit in New York, Aaron Regent, CEO of Barrick Gold, admitted that Gold Prices look set to remain volatile in the near future.

However, he expressed a much more positive long-term view, noting that investment demand is likely to be strong as economic fears persist and gold supplies are dwindling.

He was quoted by the news provider as saying: "In the supply side, as an industry, we will continue to be challenged not only to maintain our supply, but the trend of mine production decline is expected to continue the next three or four years.

"I think that gold as an attractive asset class is continuing to grow."

That view was echoed last week by Bayram Dincer, a Zurich-based commodity analyst for Dresdner Bank, who explained that gold can easily retest the $1,000 per ounce barrier in the coming months.

"Gold investment demand will start its dynamics again and push prices well into four-digit levels," he told the Daily Telegraph.

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