"Iamgold Corp. (IMG.TO), the gold producer with mines in Canada and Mali, says the metal will rise to a record US$2,500 an ounce as global output peaks and ore grades decline," Bloomberg reported.
According to the report, "the industry has exploited its best-quality gold reserves and is being forced to tap lower-grade and higher-cost deposits, Iamgold Chief Executive Officer Steve Letwin said."
"I really think now we are at Peak Gold," Letwin reportedly said. "Nobody has seen the kind of production profiles they thought they were going to see."
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
