Barrick Gold's (NYSE:ABX) CEO Peter Munk, said at Davos that the uncertain times we live in will continue to add to the attractiveness of gold.
Riots and upheaval in Egypt confirms his assertion, as gold prices spiked on the news, as they did with the EU sovereign debt crisis and the endless printing of digital money by central banks around the world; but worst of all, the Federal Reserve.
All of these elements, and more, will ensure gold prices will continue to rise and be a safe haven for capital.
Munk said, “If you are a utopian, if you believe the problems of currency, the problems of terrorism, the problems of unrest around the world will all be resolved by the end of the year, then gold would have a difficult path. If you believe like I do that we bought ourselves a temporary peace from the panic of last year and the year before, [and] that the fundamentality of the problems are long term still issues, then your attitude will be a bit more positive toward gold.”
Barrick Gold closed Friday at $47.30, gaining $0.93, or 2.01 percent.
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