Australia's ABARE forecasts lower real gold price
Platt's Metals Week, 7 Jun 1999, p 16, Mining Journal, 11 Jun 1999, p 438, Business Day, 7 Jun 1999, p 9
A recent report released by the Australian Bureau of Agricultural and Resource Economics (Abare) forecasts that world gold prices will continue to ease in real terms over the next five years. Abare expects prices to fall in nominal terms from 1998's average of $294/oz to $281/oz by 2001, after which they will hold fairly steady until 2005. In real terms, prices are expected to fall from 1998's average of $300/oz to an average of $237/oz in 2005. A sustained lower real price trend and firmer Australian dollar are expected to result in a decline in local gold production of around 10%, from 311 t in 1998 to 277 t in 2005. Globally, Abare forecasts mine production to remain fairly steady. |
