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Gold Hits $1,122, Barrick Chief Says Selloff Possible
Reuters
Thursday, Nov 12th, 2009
Gold may ease from current record highs but the
chances of prices falling below $900 an ounce are slim, the
chief executive of Barrick Gold told the Financial Times.
"There is no reason why we should expect
gold not to sell off," the paper quoted Aaron Regent as
saying. "It is a commodity like any other."
Spot gold [US@GC.1 1115.2 1.20 (+0.11%) ] shot up to another
record at $1,122.85 an ounce on Thursday as a weaker U.S. dollar
lifted the metal's appeal as an alternative investment to currencies.
Bullion has now renewed record highs for six out of the past
eight sessions.
But Regent said forecasts of the long-term gold price falling
below $900 an ounce were "on the light side", adding
that bullion remained susceptible to sell-offs despite its bullish
outlook. Barrick [ABX 43.07 -0.06 (-0.14%) ], the world's biggest
gold producer, has said it might complete the planned closure
of its hedgebook announced last month before the end of the
12-month window it had set, adding that it had bought back 1
million ounces of hedged gold in October.
Full
article here
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