Agnico CEO Warns Gold To Hit $3,000 On Supply Concerns

"Today one of the top CEO’s in the world told King World News that going forward, “... we will see increasing central bank demand for gold.” He also warned, “We will (also) see reduced supply.” Sean Boyd, who is CEO of $8 billion Agnico Eagle, also discussed why the gold price is set up to frustrate the bears by nearly doubling from current levels.

Here is what Boyd had to say: “We are just looking at further stimulus, this time coming out of China, where they are looking to spend over one trillion dollars on stimulus projects to try to boost the economy. This takes us back to late 2008, when the powers that be were trying to sort out the financial crisis.”

 

Sean Boyd continues:

“The answer was more stimulus, and at the time gold was $700. Gold went from $700, on the back of that stimulus (in 2008), to $1,900. I think we are about to repeat that same pattern. Here we are, gold is at (roughly) $1,600, and there are a lot of question about the weakness in the global economy. 

There are certainly expectations that we are going to see a renewed round of stimulus coming out of Europe and the US...."

 

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/8/29_Agnico_CEO_Warns_Gold_To_Hit_$3,000_On_Supply_Concerns.html