Another busy week, with the gold price taking a downward turn at the end of the week due to profit taking and a stonger US dollar with weaker oil prices.
At an impressive meeting in London, seven tier 1 gold miners gave their views on their companies’ futures and that for gold itself.
Opening the conference, Anthony S. Fell, Chairman, RBC Capital Markets commented:
"The timing of this conference is excellent; we have a perfect storm which favours investment in gold bullion and gold shares as far as the eye can see. The past few years have been a major long-term positive turning point in the fundamentals for gold, and the current systemic risk in the global financial system is now a very serious and real concern which will also bring renewed focus on gold as a store of value.
"This trend will continue and accelerate as events in this credit supercycle unfold, with this prolonged bull market lasting another decade or more. In this climate, I believe gold bullion is re-emerging as an accepted alterative investment and currency."
The volume of Gold sold by traders towards the end of the week dropped off with the drop in price as many see the bargain hunting decreasing. But with the US dollar still showing no real signs of strenghtening in the medium term, this may change quickly.
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