Gold likely to hit new highs: Munk
Reuters
Thursday, January 29, 2009
DAVOS, Switzerland — — The price of gold is likely to hit new record highs in U.S. dollar terms, as there is serious concern about the U.S. currency,Barrick Gold chairman Peter Munk said on Thursday.
“Gold is at record levels in every currency except dollars. Even within dollar terms, it is within a few percentage points of an all-time high at a time when all the other major commodities are falling,” Mr. Munk told Reuters at the World Economic Forum meeting in Davos.
“Whether it's the currency effect or a reaction to a feeling of uncertainty, gold in my opinion is more likely to go up than down,” the head of the world's largest gold mining company said.
© The Globe and Mail
We will have to start deep drilling this year if we are going to hit the sweet spot..
95% of the gold taken from Hemlo has come from below the 500 Meter depth..
Portee
