Futures Market News
Australian miner predicts gold futures to remain high
Nov 21, 2011 06:39 AM
The price of gold futures will remain elevated for some time, according to an Australian producer of the yellowish metal.
Bloomberg reports the top official with St. Barbara told an Australian Broadcasting program on Saturday that the price will remain high though in the short term there will be significant volatility.
"I think the price, and the consensus seems to be that the price, is going to remain strong for some time," chief executive officer Tim Lehany told the news outfit. "There will be a lot of short-term volatility."
As the precious metal embarks on the week priced slightly less than $200 off the record high of $1,923.70 per troy ounce, the precious metal finds itself about 40 days from achieving an 11th consecutive year of annual gains.
The Perth-based firm has two primary sites from where its gold derives – Leonora and Southern Cross, both of which are in the nation's west. The company also is exploring mining opportunities in Southeast Asia.
Business Insider reports gold futures were impacted by news from a credit rating agency stating U.S. banks might be at risk to losses from euro zone nations' banks suffering from the sovereign debt crisis.
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