Read Larry Connors' blog – Short Term Trading Strategies
Newmont chief executive Richard O'Brien said the easy deposits of gold had probably been found and companies were having to look further afield for major discoveries. There were only two gold discoveries in 2008 of more than two million ounces each, compared to four in 2007 and about 20 in 1999, Mr O'Brien told a luncheon of the Melbourne Mining Club on Friday. "We tend to go now towards more risky, that is developing, nations or politically challenging nations, for us to find the next level of production," he told the meeting. In response to questioning, Mr O' Brien said there were some countries his company would avoid. "I would say we have limitations today, I would rather not say which ones they are," he told journalists after his speech. Mr O'Brien tipped the gold price to trade between $US800 and $US1,200 an ounce during the next two years. He said the US government was printing cash to stimulate the economy, which could ultimately boost the value of gold. "Printing money will clearly lead to inflation, it is just when," he said. "When it does, if gold starts off at a $US1,000 base, it will clearly go up," Mr O'Brien said. Mr O'Brien said there were risks that the rising gold price could encourage governments to try and impose a "profit tax" on miners. "That is something I think the mining industry always has to be watchful of because it does take a lot of operating costs to produce amounts of gold," he said. "I think people have to understand that so that we can stay in business," he added. He said Newmont could put more copper into its portfolio, with copper-gold mines extending the life of assets. "Copper-gold deposits in particular provide a longer stream of revenue and a longer stream of reserve life and gives us more opportunities to benefit from the price cycles," he said. Mr O'Brien said a landslide at Newmont's Batu Hijau mine in Indonesia may defer the company's plans for the area. He also told reporters he was supportive of the federal government's proposed emissions trading scheme, saying nations had an obligation to reduce their carbon footprint. (AAP) bl For full details on Newmont Mining Corp (NEM) click here. Newmont Mining Corp (NEM) has Short Term PowerRatings of 4. Details on Newmont Mining Corp (NEM) Short Term PowerRatings is available at This Link.
Email Print Archives Feedback Email Article Link
Close X
Related News [NEM]
UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
Thursday December 3 12:30 PM
* Attendance is strictly limited and are filled on a first-come, first-served basis.
The TradingMarkets Directory
Stocks
Options
Forex
E-mini/Futures
How to Trade
Tools
PowerRatings
Blogs
Premium Subscription Services
RELATED SITES
Please call 1-213-955-5858 ext. 1
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. The Connors Group, Inc. © Copyright 2009 The Connors Group, Inc. All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy. © 2009 The Connors Group, Inc.
|
