Trump and Clinton Are “Positive For Gold” – $1,900/oz by End of Year
By GoldCore
GoldSeek.com
Wednesday, 21 September 2016
Trump or Clinton are “positive for gold” and prices could rise to between $1,700 and $1,900 per ounce by year end according to Canadian gold mining magnate Rob McEwen.
Gold “is a currency that doesn’t have a liability attached to it,” McEwen said Tuesday in an interview with Bloomberg at a gold conference in Colorado Springs.
“A store of value that has gone for millennia. And the big argument against gold used to be it costs you money to store it. Right now, it’s costing you money to store your cash.”
As reported by Bloomberg:
Robert McEwen, one of the gold’s industry’s most unabashed bulls, is predicting prices could surge as much as 44 percent by the end of the year as confidence in the economy buckles.
The metal could trade in a range of $1,700 an ounce to $1,900 by the end of 2016 as uncertainty builds around the stability of global currencies and sovereign debt, said McEwen, who’s so enamored by bullion that he’s founded two producers: McEwen Mining Inc. and Goldcorp Inc. Record-low global interest rates will cause a “huge amount of anxiety” for investors, who will turn to gold as a store of value and an alternative asset, he said.
Bullion’s 2016 rally comes after three straight annual losses. Prices have slumped 31 percent since reaching an all-time high of $1,923.70 in 2011.
McEwen, one of the most respected business men in the gold mining business, is putting his money where his mouth is and investing much of his wealth in gold:
McEwen is betting big on gold. As the chief executive officer of his eponymous company, he’s paid $1 a year and doesn’t receive bonuses, wagering that his share holdings will reap him ample rewards. He’s doing this at a time when many gold executives have expressed caution over the metal’s recent rebound as the wounds still feel fresh from the bear market that started in 2013.
This isn’t the first time McEwen, a 66-year-old former investment banker, has defied his own industry. In 2000, he launched an audacious experiment when he was at Vancouver-based Goldcorp. Offering $575,000 in awards, he threw open to the public more than five decades of proprietary data on the company’s under-performing Red Lake mine in Ontario and challenged geologists to locate the next 6 million ounces of gold.
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