Underpinning higher gold prices has been central bank buying, a reversal from the last two decades in which nations were net sellers of gold, according to the report.
TORONTO(BullionStreet): Despite some recent negative reports, more than 80 percent of gold executives believe gold is going to rise again next year, according to PricewaterhouseCoopers Gold Price Report.
Michael Cinnamond, partner and leader of the B.C. mining practice at PricewaterhouseCoopers said lofty gold prices since 2000 add weight to the gold executives’ optimism.
“Gold as a metal isn’t actually used for that many things. Gold is primarily jewelry or a store of wealth. I think that’s why they’re bullish on gold, with the uncertainties that exist in the world on the economic side and uncertainty over what’s going to happen in Europe,” Cinnamond said. ...