SYDNEY – AngloGold Ashanti (ANGJ.J: Quote), the world’s third largest gold miner on Tuesday forecast gold prices – already at record highs – could rise by between $ 70 – $ 100 per ounce per year over the next five years, as investor demand accelerates.
“You can get about $ 70 to $ 100 per ounce per year over the next five years,” AngloGold chief executive Mark Cutifani told a teleconference. The forecast is slightly below other forecasts, including world no. 1 gold producer Barrick Gold’s prediction of $ 1500 plus ABX.AX next year.
Cutifani said soaring gold prices were increases in average global production now costs about $ 950 exceeds – $ 1000 per ounce due to increased investment interest in both equity and direct investments in gold bullion through exchange-traded funds.
* AngloGold CEO sees gold rising $ 70 – $ 100 per year
* Forecast is less than bigger rival Barrick Gold
* Says more investors to pile into the precious metal as the price goes up
United States Blame BP for Gulf Oil Spill
The United States loaded the bulk of the blame for the country's largest ever offshore oil spill at BP on Wednesday as the government issued its final assessment of the Gulf of last year's disaster. . . Read more »
Obama scares Keystone decision, Quelle surprise.
Anonymous leaks to the U.S. State Department to the media on Tuesday to lower expectations about a decision on Keystone this year should not come as a surprise to anyone following Barack Obama's poll numbers and the increasing bitterness on the left about his alleged relationship with industry. . . Read more »