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Barrick Gold Chief Sees Gold Heading To $2,000 An Ounce
Posted March 5th, 2014
Los Angeles CA, Mar 5 (Tangible Investments) - by James O’Dell - Precious metals prices dipped on Tuesday, as Gold eased $16.07 or 1.19 percent to close at $1,333.74 an ounce, now that tensions have cooled a bit in Ukraine after Russia's President Putin said that the forces surrounding Ukraine's airports were local Russian speaking forces, but not Russian military. Silver tracked Gold lower, sliding $0.24 or 1.12 percent to close at $21.14 an ounce.
Despite what President Putin might say, "The whole world witnessed the act of aggression of Russia against Ukraine," said Ukraine's ambassador to the U.S., Olexander Motsyk. The Ukrainian crisis is far from over, and at this time it's best being described as “fluid.” President Putin’s order to send Russian troops involved in military maneuvers near the border of Ukraine back to their bases relieved tensions, but armed forces remain in control of much of the Ukraine's Crimea peninsula region.
In the meantime, talks continue in the U.S. of sanctions against Russia, while the Russians threaten to retaliate against any such sanctions. The crisis could re-escalate very quickly in this scenario. With the crisis in Eastern Europe unresolved and with further monetary easing on the part of the ECB still possible, analysts suggest the potential exists for gold to return to the $1400 an ounce level in the shorter term.
In the longer term, Barrick Gold CEO Jamie Sokalsky says that “Ultimately we are going to see gold go back up, and I think we could challenge the highs that we saw a couple of years ago.” The metal has likely reached its lows and could exceed $1,500 an ounce in the next year, said Sokalsky in Toronto on Tuesday. “Within two or three years, I wouldn’t be surprised to see gold back up towards $2,000.”
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