This year will see gold futures push beyond the threshold price of $2,000 per troy ounce and the yellowish metal will sail beyond $5,000 per troy ounce in as few as three years, chief executive officer Rob McEwen of U.S. Gold told Bloomberg earlier this week.
With a record-high price of $1,923.70 per troy ounce established this past September 6, the yellowish metal this year will be in fierce demand by gold companies and miners will increase production of bullion, McEwen told the news source at its Toronto offices on Monday. The campaign to achieve 12-straight years of annual gains is now 10 days old.
"The seniors and the intermediates have watched these higher metals prices cause their treasuries to fill up very quickly," McEwen told the news source. "And that's going to burn a hole in their pocket."
McEwen also predicted gold will need no more than five years to notch the psychological price of $5,000 per troy ounce.
Tuesday saw gold futures performing strongly enough to push to their highest value in almost 21 days, according to Dow Jones Newswires.
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