As gold prices crept towards a new record of $1,200 an ounce on Wednesday, the chief executive of Barrick Gold, the world’s largest gold miner, cautioned that the yellow metal remained susceptible to sell-offs. Aaron Regent said, however, that he believed estimates of the long-term gold price falling below $900 an ounce were “on the light side”. Toronto-based Barrick does not make specific predictions about the price of gold, but its decision to buy back its hedge book suggests that producers are starting to see a price of $1,000 per ounce as more of a floor than a ceiling.

This entry was posted by Gwen Robinson on Thursday, November 12th, 2009 at 4:49 and is filed under Capital markets, Commodities. Tagged with Barrick Gold. Edit this entry.