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Canada's PM Trudeau Asked About Gold As Soon As He Arrived At PDAC

Kitco News

(Kitco News) - Canadian Prime Minister Justin Trudeau made a surprise appearance at the Prospectors and Developers Convention (PDAC) held in Toronto this week. And the first thing he was asked about after stepping onto the premises was — “Where are gold prices heading?”

“I was asked about the price of gold on my way into the conference: ‘Prime Minister, any predictions on the price of gold?’ And I am like, ‘I am not going anywhere near that question. Fifty percent chance it will go up’,” Trudeau joked.

The fireside chat with Trudeau was a very well secured, invite-only event attended by about 200 convention goers, party members and the media.

During his appearance on Tuesday, Trudeau praised Canada as a great place to invest in and focused his talk on innovation, cleaner technologies and the Liberal party’s Mineral Exploration Tax Credit (METC), which provides a tax benefit to individuals who invest in mining flow-through shares.

“We want to demonstrate that Canada is a good place to invest [and] a good partner to have in your business and that means listening to your concerns and responding to them,” Trudeau said.

“Canada is the only G7 country with a free trade deal with every other G7 country. We have access to the U.S., access to Europe, [and] access to growing economies of Asia. We are extremely well-positioned in the country to continue to engage in the global economy and continue making sure we are competitive within that is very important. So, METC for five years was a piece of that, as well as, accelerated capital cost allowance,” he continued.

Trudeau also stressed that mining is part of his outlook for the “new economy,” highlighting that materials such as copper are going to be needed more and more with the rise of green cars and cleaner technologies.

“This industry in a stable country like Canada … is a sound investment. You can count on Canadians to be hardworking, innovative, ambitious, creative and drive success for your industry and your investors,” he said. “Mining is also a part of the new economy. It is part of green technologies, green cars, and green energy.”

Following Trudeau’s visit to Toronto on Tuesday, Canada’s Minister of Natural Resources, Amarjeet Sohi announced the Canadian Minerals and Metals Plan.

“This generational initiative will raise Canadians’ awareness of the importance of the minerals and metals sector, respond to ongoing and emerging challenges, and help position Canada to play a pivotal role in supplying minerals and metals that will power a cleaner global economy,” Natural Resources Canada said in a press release on Wednesday.

The plan lists six main ingredients that go into making it a reality: economic development and competitiveness; advancing the participation of Indigenous Peoples; the environment; science, technology and innovation; communities; global leadership.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.