Gold Price Seen ‘Moving North’ as World Fails to Replace Output
- Iamgold’s on course to increase production, bring down costs
- Company hedges oil, Canadian dollars and euros, but not gold
This article is for subscribers only.
Bullion prices are set to climb because there’s been a lack of exploration and the global industry isn’t replacing the reserves it’s been mining, according to Stephen Letwin, chief executive officer at Iamgold Corp.
“Gold has a much higher probability of moving north as opposed to south,” Letwin said in an interview at a mining conference in Hong Kong on Thursday. “I’ve been around a long time; when you’re in an industry that’s not replacing what it produces, eventually, the price has to move up.”