Monday, March 21, 2011

Where Barrick (ABX)(GG)(GOLD)(AU)(AEM) See Gold Prices Going

The debate continues on as to how high gold prices will go, and CEOs of Randgold Resources(NASDAQ:GOLD), Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX), AngloGold Ashanti (NYSE:AU) and Agnico-Eagle (NYSE:AEM) weighed in on where they see the price of gold rising to.

Aaron Regent, CEO of Barrick Gold (ABX), said he thinks the "forward curve would suggest a gold price in the $1,500 range."

Mark Bristow, chief executive officer of Randgold Resources (GOLD), believes gold will hit a price target of $1,500.

Mark Cutifani, CEO of AngloGold Ashanti (AU), was a little more cautious, giving a range of gold prices between $1,300 and $1,500.

Sean Boyd, CEO of Agnico-Eagle (AEM) says, "Gold will ultimately go above $2,000 and I think it's going to go in steps so I could see $1,600 this year," said Sean Boyd, CEO of Agnico-Eagle.

Chuck Jeannes, CEO of Goldcorp (GG), said he sees no problem with gold prices reaching $1,500 an ounce, describing it as "easily achievable." Jeannes added that it's important to take into account highs adjusted for inflation, which could push the gold price up to $2,300 an ounce.

Barrick closed Friday at $49.40, gaining $0.94, or 1.94 percent. Goldcorp closed at $47.27, up $0.90, or 1.94 percent. Randgold closed at $73.19, rising $0.99, or 1.37 percent. AngloGold Ashanti was at $44.24, up $0.20, or 0.45 percent. Agnico-Eagle ended the session at $66.74, gaining $1.47, or 2.25 percent.

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