We’ve Hit Peak Gold: Chuck Jeannes

The Wall Street Journal reported that according to Chuck Jeannes, president and CEO of Goldcorp Inc. (TSX:G,NYSE:GG), we have likely hit peak gold production.

As quoted in the market news:

Mr. Jeannes said in an interview that a falloff in supply will support the gold price, but make mining it even harder and lead to further consolidation in the industry. Still, the Vancouver-based miner played down investors’ expectation that Goldcorp itself is poised to make a takeover bid following the rejection of its most recent attempt to buy a rival miner.

‘Whether it is this year or next year, I don’t think we will ever see the gold production reach these levels again,’ he said. ‘There are just not that many new mines being found and developed.’

Click here to read the full report from The Wall Street Journal.