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Gold Bullion will top $2,500 on supply crunch, Iamgold predicts - Wealth Managers

January 17,2013


"I really think now we are at Peak Gold," mining CEO argues

Gold Bullion will top $2,500 on supply crunch, Iamgold predicts - Wealth Managers

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Iamgold Corp., the gold producer with mines in Canada and Mali, says the metal will rise to a record $2,500 an ounce as global output peaks and ore grades decline.

The industry has exploited its best-quality gold reserves and is being forced to tap lower-grade and higher-cost deposits, Iamgold Chief Executive Officer Steve Letwin said.

"I really think now we are at Peak Gold," Letwin, 57, said in a Jan. 10 interview at his company's Toronto headquarters. "Nobody has seen the kind of production profiles they thought they were going to see. ...

"I really do believe, unless the demand for gold drops, you are going to have to see $2,500," said Letwin, who spent more than a decade at Enbridge Inc., Canada's biggest oil pipeline operator, before joining Iamgold in 2010. He said he couldn't give a timeframe for the rise to $2,500



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