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MiningMX has more on WGC Chairman Lassonde''s remarks at Denver conference
From Reuters
Monday, September 26, 2005
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?
duid=mtfh65136_2005-09-26_23-57-55_n26715071_newsml
DENVER -- The World Gold Council hopes to expand demand for gold
with a new round of promotion targeting China, India, and the Middle
East, which are areas seen as key to demand growth, WGC Chairman
Pierre Lassonde said on Monday.
"There is a natural affinity in those markets for gold and we have
to get to those markets," he said in the keynote speech at the 16th
annual Denver Gold Forum, one of the industry's biggest meetings.
WGC plans to focus especially on promoting gold jewelry and
investment in Asia after the industry group last year heavily
promoted gold in Europe and in the United States, said Lassonde.
A key to expanding demand will be removing tariffs and barriers to
trading gold, Lassonde said, adding that the WGC is working to
remove Chinese barriers to gold imports and retail.
"The Asian economy is where growth is going to be over the next 10
years," he said.
According to the World Gold Council, three-fourths of all physical
gold demand is from jewelry and consumption reached a record high of
$38 billion last year.
But Lassonde said the industry also needs to promote the metal "as
the ultimate in currencies" in order to make investor interest more
broad-based.
"Gold is rising against all currencies. We are in a gold bull
market," he said in the speech.
"Supply/demand fundamentals are very, very good. ... We are seeing
buying of gold as an investment. We didn't see that two to three
years ago," he added.
But he cautioned that the 130,000 tonnes of above-ground gold supply
that exists globally had the potential to come back into the market
amid high prices and weigh on the market.
Spot gold as quoted at about $466 an ounce late on Monday, not far
from a near-18-year peak scaled last week at $475 an ounce.
Lassonde said that he was not able to make a gold price forecast in
his role as a spokesman for the WGC.
But he also is president of the world's largest gold producer,
Newmont Mining Corp. Speaking at the Reuters Mining Summit in June
he saw gold selling for $525 an ounce by January 2006.
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