New York (HedgeCo.net) – As the price of gold hits record highs, the $2.7 billion energy focused Hedge Fund Touradji drops holdings in the worlds largest gold-backed EFT the SPDR Gold Trust and brings its stake in Barrick Gold Corp up to $84.7 million.
This news comes along side the announcement from president of Barrick Gold Corp that the planet’s gold supply is running out and we are at ‘peak gold’.
“Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore,” said Aaron Regent in an interview with the Telegraph. This crunch has driven gold up to a record high of $1,126 on the 13th of November, although many have attributed this climb to India and China who are quietly beefing up their national gold reserves. Suki Cooper, commodities analyst for Barclays Capital accredits much of the gains to “a change in attitude from investors towards gold”.
Despite the rush towards gold, some remain doubtful as to how high the price of gold can climb. Metal Miner states that Nouriel Roubini, Professor of Economics at New York University’s Stern School of Business is less enthusiastic saying he could see the price going a little higher “But those people who delude themselves that gold can go to $1,500 or $2,000 are just talking nonsense. The fundamentals are not justified, and those people are just talking their books.”
Contributing Writer, HedgeCo.net