Gold to Continue Rise, $1600 in 2012
Gold may advance on concern that European banks may struggle to raise funds, increasing the appeal of the metal as a means to protect wealth.
Association of German Banks said that the nation’s 10 largest lenders, including Deutsche Bank AG, may need about 105 billion euros ($134 billion) in fresh capital because of new regulations.
The Wall Street Journal also reported that Europe’s recent “stress tests” on the strength of major banks understated some lenders’ holdings of potentially risky government debt.
“Worries over fundraising by Europe’s banks and governments are likely to persist,” said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan’s largest currency broker.
Bullion is set for a 10th annual gain as investors seek a store of value against financial turmoil in Europe and the prospect of slowing economic growth. Gold reached a record in June amid investor concern that sovereign-debt levels in some European states were too high, and that there was increased risk of default if governments were unable to issue new debt.
UniCredit SpA’s Jochen Hitzfeld, the most accurate gold forecaster tracked by Bloomberg in the last three quarters, yesterday raised his estimate for the average price next year by 12 percent to $1,400 an ounce, citing Chinese demand. In 2012, bullion will average $1,600 an ounce, Munich-based Hitzfeld said in a report.
Notice they say the new CEO specializes in ‘ACQUISITIONS’…. i bet our sp will rise on that Comment alone. And remember that Chet organized the PP to IAG last summer. Therefore they are already talking….
Iamgold appoints former Enbridge exec as CEO
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By: Liezel Hill
8th September 2010
Updated 3 hours agoTEXT SIZE TORONTO (miningweekly.com) – Canada’s Iamgold has appointed Stephen Letwin and president and CEO, effective November 1, the company announced on Wednesday morning.
Letwin was previously executive vice president for gas transportation and international at Enbridge Inc, and was based in Houston, Texas.
He was responsible for all aspects of Enbridge’s natural gas operations, including overall responsibility for Enbridge Energy Partners (with a $6,5-billion market capitalisation) as the partnership’s MD.
He joined Enbridge in 1999, before which he was CFO for TransCanada Pipelines Limited, Numac (Westcoast Energy), and Encor Energy.
“Steve brings a proven track record in both operations and ..ACQUISITIONS… in a highly competitive sector of the resources industry,” Iamgold chairperson William Pugliese.
“I am confident he will deliver superior returns to our stakeholders.”
Iamgold surprised the market in January with news that CEO Joseph Conway, who led the firm for seven years, would step down before the end of that month.
Peter Jones, a director of the company and a former Inco COO, was appointed interim CEO and has remained in place until now.
Toronto-based Iamgold has mines in Burkina Faso, Suriname, Canada and Botswana, as well as joint ventures on operations in Mali and Ghana.
The company expects to produce between 980 000 oz and 1,01-million ounces this year.
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