Since starting its slide in 2000, the world-wide production of gold has finally hit “terminal decline,” according to reports citing Barrick Gold, the largest gold miner in the world.
In an interview with The Daily Telegraph during a London gold conference, Barrick President Aaron Regent said that one could argue that Earth has reached “peak gold,” as new supplies of the ore are increasingly difficult to find.
“The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday,” the paper noted. “The key driver over recent days has been the move by India’s central bank to soak up half of the gold being sold by the International Monetary Fund. It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt.”
The report continued: “China has quietly doubled holdings to 1,054 tonnes and is thought to be adding gradually on price dips, creating a market floor. Gold remains a tiny fraction of its $2.3 trillion in foreign reserves.”
However, in an interview with The Financial Times, Regent cautioned that gold is still susceptible to sell-offs.
“Mr Regent said he expected the gold price to generally trend upward, supported by weakening currencies, rising investment demand, and tightening supply,” according to the Times. “But he said the price could be highly volatile.”
Reuters added: “‘There is no reason why we should expect gold not to sell off,’ the paper quoted Aaron Regent as saying. ‘It is a commodity like any other.’ Gold XAU= shot up to another record at $1,121.60 an ounce on Thursday as a weaker U.S. dollar lifted the metal’s appeal as an alternative investment to currencies. Bullion has now renewed record highs for six out of the past eight sessions. But Regent said forecasts of the long-term gold price falling below $900 an ounce were ‘on the light side’, adding that bullion remained susceptible to sell-offs despite its bullish outlook.”
Barrick is currently in the process of closing its hedge book, generally considered to mean the company is betting on the price of gold to rise. Hedging is a method gold traders use to protect profits from price volatility.
WATCH: Arizona man throws tantrum about masks — and his son has to pick him up and carry him out of the store
Video posted online purports to show a man being carried out of a store in Tucson, Arizona after a loud rant against wearing masks.
"People won't learn, these people won't learn," a man in a blue shirt, shorts and sunglasses is heard saying, to nobody in particular.
"You're a bunch of idiots wearing masks, you know it's not real," he shouted.
"Look at you fools, you got a f*cking doily on your face. You ret*rd, you look like you f*cking got it off your mom's countertop," he continued.
At thq5 point, a much larger man with a mask over his beard approached the anti-mask activist.
Trump campaign dispatches Pence to shore up Mormon support — after harsh criticism from Mitt Romney and Jeff Flake: report
The president's 2020 election campaign continues to play defense in Arizona, a once reliably-Republican state.
"President Donald Trump's reelection campaign is looking to shore up support among a specific population of Arizonans: members of the Church of Jesus Christ of Latter-day Saints," the Arizona Republica reported Monday. "Vice President Mike Pence is coming to Mesa Tuesday to help launch a 'Latter-day Saints for Trump' coalition in what appears to be a late-in-the-game play to win over LDS voters, who tend to vote Republican but hold values that clash with some of the president's."
Here’s how Trump created a ‘significant threat’ to his re-election by failing on coronavirus stimulus
Politico on Monday reported on how Donald Trump may have imperiled his 2020 presidential campaign by failing to reach a deal with Congress on the next round of stimulus.
"After a spring and summer bolstered by cash infusions from the federal government of more than $3 trillion, the U.S. economy may have to sink or swim this fall with a relative trickle of support — presenting a significant threat to President Donald Trump’s standing as he heads into a compressed reelection campaign already trailing in the polls," Politico's Ben White reported.