Barrick Gold is Bullish on Gold and Copper prices
Barrick Gold Ltd. (
) is Bullish its the outlook for Gold prices and expects prices
for Copper to remain supported for several years due to rising
demand, a regional executive for the World's largest Gold
producer said Tuesday.
Gary Halverson, Australia-Pacific President for the
Toronto-based miner, told a mining conference in Western
Australia state that a number of factors will support a strong
gold price including ongoing sovereign debt concerns, inflation
in emerging markets, excessive Global foreign-exchange reserves
and scarcity of the precious Yellow metal.
Mr. Halverson said demand for Copper will likely rise about 3%
a year for the next few years, driven by emerging markets
including India and China, and the industry will continue to be
challenged to meet demand.
Barrick's focus will remain on Gold production, which accounts
for slightly more than 80% of its revenue, but has an increased
focus on Copper following the recent acquisition of Equinox
Minerals. He said the integration of Equinox into the Company is
about 66% finished.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red
Roadmaster's Technical Report on the US Major Market Indices, a
weekly, highly-regarded financial market letter, read by opinion
makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and
stock markets since 1984, following a successful business career
that included investment banking, and market and business
analysis. He is a specialist in equities/commodities, and an
accomplished chart reader who advises technicians with regard to
Major Indices Resistance/Support Levels.