Gold News

Gold Investment on the rise, says Gold Fields chief

The head of the world's fourth-largest gold producer revealed today (August 7th) that he believes hedge fund managers are now realising the value of making a Gold Investment.

Nick Holland, CEO of South African miner Gold Fields, has met 60 fund managers over the past year and says all are considering their best entry point into the yellow metal.

As a result, he explained in an interview with Mining Weekly that the growing interest should have a positive effect on the Gold Price over the coming months and years.

He told the news provider: "They have conceded that gold needs to be an asset class. Within three to five years, you'll find that investment demand is probably the same as jewellery demand.

"If you believe in the gold price, your investment thesis has got to be based on investment demand. That's what's going to take the gold price to the next level."

Meanwhile, Chuck Jeannes, chief executive of Goldcorp, which is the world's second-largest miner by market capitalization, also sounded a positive note for gold last week.

He said that the metal looks set to reach record highs above $1,000 per ounce after the summer months - which are traditionally sluggish in trading terms - are over.

"It's my belief that we're going to get back over the $1,050 level in the year," he told Reuters.

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