The Globe and Mail reported that Goldcorp’s (TSX:G) incoming CEO, David Garofalo, doesn’t see metals prices rebounding next year. The CEO told the publication that gold is still emerging from the end of a long period where it benefited from low interest rates.
As quoted in the publication:
Gold, which pays no dividend, shines as a store of value when other investments also produce no yield in real, or after-inflation, terms. However, it loses lustre as competing assets begin to offer higher payouts.
“Right now, gold prices reflect the reality that real interest rates have nowhere else to go but up,” Mr. Garofalo said. He added: “Gold prices over the next couple of years may struggle because of the reality of the interest-rate environment.”
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