Agnico Eagle CEO: There won’t be a ‘substantial’ number of new gold mines built

CNBC/Kevin Stankiewicz/11-27-2019

graphic image of pick and shovel symbolic of gold mining industry“‘The deposits that are being found now … are found in parts of the world which lack infrastructure, are in parts of the world which countries may not want you there,’ [Agnico Eagles’ CEO Sean] Boyd said. ‘That’s why it’s also getting more challenging to find deposits.’”

USAGOLD note:  Boyd is not the first CEO of a gold mining company to complain about the difficulty of getting gold from the discovery stage to the marketplace.  Gold mine production is up over 25% since 2010, but up only 3% over the last three years (through 2018). When you superimpose that picture over one of increased physical demand driven by central banks, the combination bodes well for private holders of the physical metal over the longer run.

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