A well-known figure in the mining industry has predicted that Gold Prices still have scope to move significantly higher, Forbes reports.
Frank Giustra, who owns gold properties in Canada and Venezuela, is credited for playing a major role in the rise of resources-financing group Yorkton Securities in the 1980s and 1990s.
Although not connected with the firm any more, the Canadian entrepreneur believes that the current climate represents the perfect opportunity for Investing in Gold for the longer term.
"I hate predicting gold prices attached to specific dates, but my gut tells me this current part of the gold bull market, which should last a few more years, is far from over," he told the news provider.
"There is a growing realization that the US dollar and other currencies are not going to offer the safe-harbor feature that gold and other hard assets will."
Those comments were backed up last week by Kaname Gokon, deputy general manager for the research section of Japanese commodity brokerage firm Okato Shoji Co.
In an interview with Reuters, he explained that any small dips in the price of gold will undoubtedly be offset quickly as a strong floor has been established above $1,100 per ounce.
"Nothing will change unless strong US data dashes the consensus that US interest rates will stay low," he told the news provider.
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