Randgold’s Bristow Sees Gold Upside on Central-Bank Buying
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Randgold Resources Ltd., which operates mines in Africa, sees more upside than downside for gold prices as central banks in emerging markets buy the precious metal and producers limit new output.
The gold market is showing signs of inelasticity, supply is tight and production costs are high, Chief Executive Officer Mark Bristow said yesterday in Toronto, where he was attending the annual Prospectors & Developers Association of Canada convention. Gold miners, which have underperformed the metal for the last six years, are under pressure to improve returns and that will probably lead to less gold production globally, he said.