Monday, August 2, 2010

Peter Munk Says Gold Price Will Rise For Years

Although disclaiming the label of "goldbug," Barrick founder Peter Munk says gold will keep rising over the next several years.
[E]conomic uncertainty and investor warniness about other asset classes -- particularly currencies -- would continue to support gold, which hit record highs in June.

"I expect the trend to continue because I think once people have lost confidence in their currency, once people have lost big money in equities and in bonds and traditional vehicles, their confidence in gold, especially having seen gold rise year in and year out for a decade, is reinforced," he told Reuters....

"A temporary setback is normal in all trading situations and is not going to change that," Munk said, but added later: "I am categorically not a gold bug."
He also said Barrick's strategy will be to grow margins and the dividend along with it as gold keeps going up.

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