TAIPEI, Taiwan, Sept. 28, 2017 /PRNewswire/ -- Burton Mills: The World Gold Council has announced that global gold production may have reached what it is calling "peak gold". The term was traditionally been applied to oil production at a time when producers were unable to increase production beyond a certain point but the term "peak oil" has recently fallen into disuse as a glut of oil suppresses global oil prices.
According to Taipei, Taiwan-based investment boutique, Burton Mills, production of gold will likely plateau before slowly decreasing as demand for the precious metal grows, particularly in light of geopolitical risks and vigorous purchases by traditional consumers in India and China.
The firm's comments echo those of WGC Chairman, Randall Oliphant who opined that uncertainty over how the US political landscape would unfold may drive more investors into the perceived safety of gold. Mr. Oliphant has served as an executive on several of the world's largest gold producers.
Speaking at the Denver old Forum, the Chairman suggested that gold prices could rise to as high as $1400.00 an ounce within the next year. Burton Mills has a bullish outlook on gold prices despite the metal's lackluster performance this year. The firm believes that US interest rates are highly unlikely to return to historical norms and, consequently, the US will slowly lose the safe-haven attributes some investors apparently have confidence in.
However, since reaching a record $1,923.70 in 2011, gold prices have retraced as much as 50% leading some to speculate that, with inflation running low in many developed economies, the precious metal may not see a return to glory for a decade or more.
Mr. Oliphant told gathered delegates that he found it difficult to envision a gold mining industry that was capable of meeting future demand.
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SOURCE Burton Mills