Lets hope !!!!Nov. 27 (Bloomberg) -- Newmont Mining Corp., the world's largest producer of gold, says the price of the precious metal may rise to more than $1,000 an ounce in the next five to seven years as demand growth driven by Asia outstrips global supply.
The gold market ``is hot and it is going to get hotter,'' Denver-based Newmont's President Pierre Lassonde said in an interview on Australian Broadcasting Corp. television today. ``By early next year you are going to see $525 and down the road even a lot higher than that.''
Gold for immediate delivery touched $497.02 on Nov. 25, the highest intraday price since December 1987, as Japanese investors bought bullion to hedge against inflation and jewelers in Asia and Europe stocked up. Lassonde's prediction surpasses a Merrill Lynch & Co. forecast in July that gold may rise to $725 by 2010 because of rising demand from China.