The gold price set new records this month, as investors pile in to the safe haven asset amid central bank uncertainty and ongoing geopolitical instability, with many analysts expecting further gains to come.
The gold shovels propped up next to the podium were a dead giveaway — never has there been a better time to be a gold miner.That's more than $3,300 in Australian currency.
"We're just in the process now of opening up a few new mining areas, getting multiple production levels open, and that's really going to drive the underground productivity," said Mr Stralow. "Gold thrives on uncertainty, so trying to understand the rate of the interest rate changes in the US versus inflation and whether the cutting in rates is going to outpace the hopefully pulling back in inflation or not, that was always going to be a real game changer for the gold price," Mr Bairstow explained.
Central banks themselves are increasing their stockpiles of gold — adding to the demand side of the equation. "Having said that, we reiterate our long-term positive view and adjust our year-end price target to $US2,300 an ounce from $US2,200 an ounce."Australia holds 21 per cent of all the known gold in the world yet to be mined — that's the largest share of any one country.Last year, Australian miners dug 304 tonnes of the yellow metal out of the ground. While that was slightly lower than 2022, higher prices valued it at about $32 billion.
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