With gold and silver falling some 3 percent on the week, USA Gold’s market report observes that “A lessening of geopolitical tensions (albethey superficial), expectations of diverging monetary policies and the resulting rise in the dollar are all contributing to the weaker tone in the yellow metal. However, a couple key factors suggest that the downside is limited from here. Previous forays below $1200 have prompted strong buying interest,” and, “the supply of gold is in fact tightening already.”
It cites a Wall Street Journal interview earlier this week with the CEO of mega-miner Goldcorp, Chuck Jeannes, who said that miners have reached “peak gold,” which he sees as “very positive” for gold’s long-term price. More on “peak” prospects, from Mineweb‘s Lawrence Williams, who writes that “Jeannes is almost certainly correct in his prediction that global gold output is about to turn downwards, and may well remain on a downwards path for many years to come.”
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