Agnico CEO Calls for $3,000+ Gold for the First Time Ever
May 22, 2012
Today one of the top CEO’s in the world told King World News that gold will trade over $3,000 within twenty four months. Sean Boyd, CEO of $6.5 billion Agnico Eagle, also stated that prior to this, “I’ve never been at the $3,000+ number, ever, in 27 years.” Boyd also discussed the mining shares, but first, here is what Boyd had to say about the action in the gold market: “I think you’re in a situation right now where the problems in Europe are front page and it has hurt the euro. So the US dollar is stronger. If you look at the US dollar, that story is on page 3 or 4. It will be a front page story soon. The debt ceiling has to be raised and we really haven’t fixed a lot of the issues, whether it’s in the US or in Europe.”
Sean Boyd continues:
“All of the things that are happening now, when you look at it, just points to a stronger gold price longer-term. But we are in a period of (recent) weakness and (high) volatility right now. With all of the volatility it’s sort of hard to look through that to the underlying things which underpin the market.
You look at the fact that India and China took down 55% of mine supply last year, that’s a big number. That number has been growing steadily over the last few years and will likely continue to grow. So you’ve got strong demand coming out of that part of the world. As gold prices go up, you are not going to see a huge increase in supply….