Industry News

Goldmining CEO predicts bullion price to near $2k this year

The price of gold this year will closely approach the milestone value of $2,000 per troy ounce toward the end of this year, according to the top official of a gold mining company.

Moneyweb reports Steve Letwin of IAMGOLD said there are many challenges but upsides dwarf the downsides and now is an intriguing time to run a goldmining company.

"I think $1850'sh for 2012 - probably stabilizing in that range. Maybe getting towards $2000," Letwin told the publication. "So I'm bullish, certainly around that $1800 mark and there's a floor that's going to be more or less put in place here going forward that we can work off of."

The rise of the physical metal may be mirrored by gold mining stocks, especially for companies who hold significant deposits of the respective commodity in resource-rich areas like British Columbia.

With a record price of $1,923.70 per troy ounce established in early September 2011, the price of gold fell on Friday as a result of worries about Greece's inability to secure bailout funding, according to The Wall Street Journal.