Specialist
Former C-level exectutive at Newmont Corp
Agenda
- Gold prices and key considerations
- Producer valuations
- Gold-to-silver ratio
- Rivalry between Barrick Gold (TSE: ABX) and Newmont (NYSE: NEM)
- Junior producers' market positioning
Questions
1.
Why have gold prices rallied over the past month or so? Could you identify the driving forces behind that?
2.
Would you say we’ve had an abnormal gold cycle in comparison to the previous recession and recovery period, given the figures you quoted?
3.
How might driving forces in the gold market differ from those for regular metal markets? How do above- ground vs underground issues factor into this?
4.
What are your predictions for the supply-demand balance in the gold and silver markets for the next couple of years?
5.
How would you say the ETFs [exchange-traded funds] and central banks have affected gold prices in the most recent quarter and now?
6.
Could 2019 being the 10th consecutive year in which central banks were net buyers of gold foreshadow a deterioration in these institutions’ global commitment to the US dollar?
7.
How might decisions taken by the US Federal Reserve affect the price of gold through H2 2020?
8.
Could a tone shift from the Fed negatively impact gold prices? Is there still too much uncertainty in the markets for investors not to go to gold?
9.
Might changing consumer trends present a tailwind? Do you think there’s optimism around consumer spending resuming previous levels?
10.
Would you say the price of gold is still a reliable barometer of economic health? How have the 2008 quantitative easing and 2020 stimulus packages changed things?
11.
Why do you think silver has lagged gold in reaching previous highs?
12.
Could you explain the gold-silver ratio and its impact on gold supply?
13.
How could gold producer CAPEX allocation shift as we approach USD 2,000 per ounce? What might be their priorities?
14.
What’s your forecast for the tuning price for gold? Could you give your reasoning?
15.
Could you give us a gold price floor?
16.
What do you think is the likelihood of Barrick making a bid for Freeport in 2020, as Barrick has previously suggested it intends to do? How could a merger change the precious metals market?
17.
Could you outline the role junior gold-mining companies play in the market? Do you think they might be primed for M&A activity, at least at the moment?
18.
Are there any indications that major producers’ exploration budgets might increase, given current pricing for gold?
19.
Would you say ESG [environmental, social and governance] issues have significantly affected the cost of gold production? How have costs trended?
20.
What’s your take on gold-producer valuations? Are some being undervalued and why might that be?
21.
What do you think we should monitor as gold producers’ earnings come out in H2 2020-21?
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