Gold News

Gold Prices can move 'substantially higher'

The head of Yamana Gold has claimed today (May 6th) that Gold Prices have scope to go "substantially higher", Mining Weekly reports.

Peter Marrone, chief executive officer of the gold and copper producer, has suggested that the weakness seen in the yellow metal at the end of last year and early 2009 is merely a "hiccup".

A self-confessed metals bull, Mr. Marrone sounded a positive note for anyone with a Gold Investment by predicting that there is plenty of room for considerable price rises in the future.

"I am going to stand on the pulpit, and tell you that I think that there is far more potential for gold and silver to go up than there is for copper to go up," he was quoted by the news provider as saying in a conference call.

"I continue to believe that gold will go to higher levels than it is, and it has all the makings of substantially higher."

Mr. Marrone's comments were echoed last week by Ben Westmore, an energy analyst with National Bank Australia, who claimed that oil prices - which often move in the same direction as gold prices - look set to rise on low supplies.

"For high-cost projects, you probably do need a higher price level to be economically viable," he told the Associated Press.

"Once activity in the global economy comes back, we could see supply constraints leading to higher prices. People are starting to think longer term about the supply side."

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