Post suggests $2,000 (U.S.) gold feasible
Barrick Gold Corp ABX
Shares issued 375,645,771 Oct 26 close $30.30
Tue 27 Oct 98 In the News
Also Central Fund A NV (CEF.A)
The Financial Post reports in the lead finance story in its Tuesday edition
that gold bullion may return to its glory days, and a price of $2,000
(U.S.) an ounce is seen as feasible. Reporter Ian Karleff says that
economic chaos and international conflict are a boon for gold, a refuge of
panic money, so it is no wonder that metal and gold stocks have fared
miserably in the face of relative stability and a seemingly unstoppable
equity bull. Gold mining shares usually move anticipatory to the price of
bullion, on the upside or the downside, suggesting that the steep rise in
gold mining shares may be anticipatory to a rise in the price of bullion,
according to Philip Spicer, president of Central Fund of Canada. The
long-time believer in the monetary importance of bullion believes that a
feasible price for gold is $2,000 (U.S.) an ounce, taking into account the
decline in the United States currency's purchasing power since the U.S.
Federal Reserve Board was created in 1914.
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