“Peak gold,” describes a scenario in which the world reaches a maximum output of gold production.
Ian Telfer, former chairman of Goldcorp, told David Lin, anchor for Kitco News, that the industry has already hit that point.
“I think we have [reached peak gold]. I think that anything below $3,000 [an ounce] we have found most of the gold we’re going to find, maybe all the gold we’re going to find. If you look at the exploration successes over the last 20 years, they’ve been declining steadily for that period of time and it’s not because people haven’t spent money or they don’t want to find gold, it’s because, I think, all the deposits that can make money below $3,000 have been found,” Telfer said.
Telfer said that even at current price levels, mergers and acquisitions would be profitable, but he projects the gold price to go even higher.
His outlook for gold is “$2,400, $2,500” an ounce.
“I’d say we’re at peak gold and for that reason I think the price of gold is going to do extremely well going forward,” he said.
For more information on Telfer’s mining success and his career highlights, watch the video above.
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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Read More:Will gold price go back to $1,200? Mining legend Ian Telfer says peak gold already reached
2022-02-15 22:21:00
