Make Kitco Your Homepage

The best days for gold are yet to come, here’s what to look for

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) - The current bull cycle for gold prices is still in progress, and it’s only a matter of time before price levels for the yellow metal hit $2,000 an ounce, this according to Sean Boyd, CEO of Agnico Eagle.

“We’re still in that bull market that started in 2015. This is just the initial phase,” Boyd told Kitco News. “We think in this cycle gold will hit a new high in U.S. dollars. Ultimately, we’ll get to $2,000, may take two or three years.”

Boyd noted that current gold prices are really nothing to worry about.

“Gold’s fine. I think when we look at the current gold price, a little over $1,450, I think it’s actually doing quite well given where the general stock markets are,” he said.

Spot gold last traded at $1,461.50 an ounce Monday, flat on the day, while stocks fell, with the S&P 500 down nearly a percent.

On mining, junior miners are still not seeing gold prices at the levels needed for investors to come in, Boyd said.

“I think the gold price is just not high enough to attract a lot of new money into the space, and I think as we’ve mentioned before here, we started to see more generalist money start to look at the bigger, higher quality gold miners a couple of years ago.

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.