The founder of Goldcorp Inc. predicts gold will soar to $5,000

Share This Article
January 17, 2019 1:13pm NYSE:GLD

gold mine

From Danielle Bochove:

(Bloomberg) — Gold mining veteran Rob McEwen is nothing if not optimistic.


The founder of Goldcorp Inc. is sticking with his bold prediction that the precious metal will soar almost fourfold to $5,000 an ounce, bolstered by a weaker dollar and waning demand for trendy assets like pot stocks.

“Once people get over buying cryptos and biotech and cannabis stocks they’re going to start looking at gold again,” the chief executive officer of McEwen Mining Inc. said in an interview Thursday in Toronto with Bloomberg Television. Asked about his price target, McEwen said: “I’ve always liked $2,000 and beyond that $5,000.”

McEwen has been wrong before. In 2017, he predicted a “tsunami” of liquidity seeking safe haven would push gold above $5,000 an ounce. In 2016, he predicted prices of $1,700 to $1,900 by the end of the year. The metal ended below $1,200 an ounce, and trades only slightly higher now at about $1,290.

A loss of confidence in the dollar, a peak in the broader stock market and fears of inflation will feed the impending spike in gold prices, he said.

“The gold bull market started in January of 2016,” he said. “People haven’t seen it yet but we’re about a third of the way through.”

McEwen, 68, is a fixture in Canada’s tight-knit gold mining community. The founder of Goldcorp is a noted philanthropist, having donated tens of millions of dollars to healthcare, business education, and other causes. He also remains the country’s most famously unabashed gold bull.

–With assistance from Alix Steel.

To contact the reporter on this story: Danielle Bochove in Toronto at dbochove1@bloomberg.net

To contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, David Scanlan, Jacqueline Thorpe

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.


The SPDR Gold Shares (GLD) was trading at $122.10 per share on Thursday afternoon, down $0.17 (-0.14%). Year-to-date, GLD has declined -1.25%, versus a -1.63% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #1 of 35 ETFs in the Precious Metals ETFs category.


This article is brought to you courtesy of Yahoo Finance.


9 "Must Own" Growth Stocks For 2019

Read Next



Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular



Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories