Gold could hit US$1,600 an ounce next year: AngloGold
22 March, 2011 06:57:00
IRJ – March 22 – Gold could rise to US$1,600 an ounce by the end of next year, the CEO of AngloGold Ashanti is predicting.
“We think the direction for gold looks like it could continue to be quite strong on the upside,” Mark Cutifani told Reuters in London today. “You could say we should breach $1,500 next year and we use (an increase of) about $100 an ounce a year on the supply side to give a sense of where the market goes over the long term.”
Those numbers are a bit of a stretch from gold's current price, just a bit above $1,400 an ounce. But Cutifani, a veteran with experience in the gold mining industry going back to 1976, didn't mince words.
“Basically I'm saying towards the end of next year, we should hit $1,600 based on those numbers,” he said.
The world's third-largest gold producer, AngloGold (NYSE: AU) posted adjusted headline earnings of $787 million for fiscal 2010, the company announced last month.
Outside of its key domestic operations, Johannesburg, South Africa-based AngloGold has operations in Ghana, Guinea, Mali, Namibia and Tanzania, and off the continent in North and South America and Australia.
2 comments:
Does anybody on this board believe that Century will get an offer from another company? I find it hard to believe with the price of gold at 1400.+ and 6 million ounces in the ground that no other company will make an offer. It's a steal at 1.50 per Century share. As well, has anyone on this board made an attempt to contact Margaret Kent and get her views on this so called merger. It would be nice to hear what she has to say considering she has a lot to lose with her large number of shares. Production5 perhaps you can track Margaret down and get her thoughts on this merger.
I don’t know 100%, but rest assured there’s something going on that’s above all of us; we got some great intelligent bloggers working hard to build a case against this merger.
In regards to Margaret Kent, providing she still holds a sizable chunk of CMM shares and she is not on side with this merger, her immense experience along with connections could help CMM big time by contacting other reputable mining companies looking for a good merger opportunity with CMM and to offer such a deal that everybody involved would benefit.
She would be a great asset for us in this time of need definitely.
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