Gold could surpass $2,000/oz. and remain elevated over the next five years as the global economy contends with the impact of the coronavirus, says Newmont (NEM +2.2%) CEO Tom Palmer.
“The level of stimulus globally that’s going into
the economy certainly underpins higher gold prices for the longer term,
and I don’t think that stimulus has stopped yet,” Palmer tells
Bloomberg.
The outlook for gold already was strong, Palmer
says, with rising demand among middle-class consumers in China and India
as well as signs of supply constraints.
Gold likely will trade at $1,500-$1,750 over the
next 2-5 years “as the world adjusts to and accommodates the stimulus
that’s coming,” Palmer says. “You certainly might see that spike out of
that from time to time.”
https://seekingalpha.com/news/3561342-newmont-ceo-sees-gold-topping-2000-on-virus-stimulus
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