Gold executive forecasts $1,500 US an ounceINVESTMENTS: Goldcorp chief executive Kevin McArthur said gold ishalfway through a longterm bull market, and prices should surge to$1,500 US an ounce in the next 18 months.
Gold hastumbled 23 per cent from a record $1,033.90 on March 17 because of therally by the dollar and commodity sales by hedge funds forced to shedassets to raise cash, McArthur said in an interview at an industryconference in Denver. Shares of mining companies have dropped for thesame reasons, he said.
“It’s a fire sale, andcommodities are bearing the brunt of this,” McArthur said. “We are in alongterm bull market. These bull markets in commodities last about 16years, and we’re only seven or eight years onto this one.”