Jan 31, 2018 Guest(s): Amir Adnani CEO, UEC; Chairman, GoldMining Inc.
With the mounting global debt, rallying equities and political turmoil, it would be "absurd" not to be protected with gold, this according to Gold Mining CEO Amir Adnani.
Speaking on the sidelines of the Vancouver Resource Investment Conference (VRIC), Adnani who previously said it was "crazy" not be in gold, has upped the ante by now saying its "absurd" not to be exposed to the yellow metal.
"Gold has been in a stealth bull market, quietly moving up...last year I said it would be crazy, now I would say it is just absurd, not to have that protection," Adnani said.
Adnani also pointed to the depleting global supply of gold as a bullish case for the metal. "The gold mining industry is sitting at a decade low [of gold supply] this is because we have had a prolonged bear market," he said.
The CEO added that a $1,400-$1,500 gold price would be needed to bring interest back into exploration and with it much needed capital. "We are flirting with the $1,350 point; it is a bullish way to start the year," Adnani said.
On Wednesday, gold prices were holding relatively steady as the Federal Reserve made little change to its monetary policy outlook.
April Comex gold futures were last up $6.7 an ounce at $1,346.50. March Comex silver was last up $0.207 at $17.26 an ounce.