Newmont’s Tom Brady: Gold Needs More Investor Interest to Go Higher
Tom Brady, chief economist at Newmont Mining, says the gold market has been heavily driven by investors since 2016, and it will take “radical news” to drive more interest.
The gold price is currently about flat year-to-date, and according to Newmont Mining (TSX:NEM,NYSE:NEM) Chief Economist Tom Brady, that’s in line with what he was anticipating.
“It has been pretty much in line with what I expected,” Brady said on the sidelines of last week’s Mines and Money conference in New York.
He added, “it has been since 2016 very much an investor-driven market. Physical gold demand from jewelry, bars and coins [has been] very muted in terms of China and India. Strong investor activity, lots of safe-haven investing … economic uncertainty [is] also driving a lot of investors to continue to be in gold.”
In terms of where the gold price may go next in 2018, Brady said the yellow metal will likely trade between $1,275 and $1,350 per ounce. When asked what it would take to see gold go higher he said, “it’s going to be some radical news that comes out that really drives a lot more investor interest into gold.”
Listen to the interview above for more insight from Brady on peak gold, macroeconomic trends impacting the mining space and where gold is headed this year.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in contributed article. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.