Gold is an all time safe haven asset for investors. But the fluctuating gold price, due to the Corona virus, has impacted many of them.
Due to the pandemic, many adjustments were made in the costs and production areas of gold mining businesses.
Production was affected due to the shutdown and government orders. Even though the mining process started to run again, a normalized situation has not come back yet.
“We comply with the World Gold Council, a construct of all costs including sustaining costs, overhead expenses, exploration expenses and operating costs. We are below a thousand dollars per ounce, in range of $980 per ounce. And that would put us in a very good position by comparison to peers. Clearly with the metal’s price and the generation of those cash flows.” Marrone explains.
Gold price fluctuations
The yellow metal’s price soared up to $2,000 and currently it is trading around $1933.8 for an ounce. Marrone says that he sees the metal’s price to go even higher to $2,700 or $2,800 per ounce.
“What I would certainly say that we are in a perfect storm of precious metals prices going to higher levels. I still consider the height of the metal’s price to be what occurred in 1980. I believe it was $820 per ounce.” Marrone says.
“It sounds inconsistent because the metal’s prices higher up in adjusted dollars that puts the gold price closer to $2,700 per ounce and I believe in the cyclicality of the things and that cycles are forever. So I certainly think that the gold price has not reached its peak yet and will reach an exceeded and adjusted height of 1980.” He adds.
Check out spot gold prices in your local currency.
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