Barrick Gold is Bullish on Gold and Copper prices
Barrick Gold Ltd. (NYSE:ABX) is Bullish its the outlook for Gold prices and expects prices for Copper to remain supported for several years due to rising demand, a regional executive for the World's largest Gold producer said Tuesday.
Gary Halverson, Australia-Pacific President for the Toronto-based miner, told a mining conference in Western Australia state that a number of factors will support a strong gold price including ongoing sovereign debt concerns, inflation in emerging markets, excessive Global foreign-exchange reserves and scarcity of the precious Yellow metal.
Mr. Halverson said demand for Copper will likely rise about 3% a year for the next few years, driven by emerging markets including India and China, and the industry will continue to be challenged to meet demand.
Barrick's focus will remain on Gold production, which accounts for slightly more than 80% of its revenue, but has an increased focus on Copper following the recent acquisition of Equinox Minerals. He said the integration of Equinox into the Company is about 66% finished.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.