Barrick Gold CEO on gold demand amid coronavirus pandemic
Vložit
- čas přidán 21. 08. 2024
- Mark Bristow, CEO of Barrick Gold, joins "Squawk Box" to discuss reopening the U.S. economy, demand for gold during the coronavirus pandemic and what the "new normal" may look like after the crisis ends.
Gold fell more than 1% on Wednesday, pressured by a stronger dollar and expectations that gold supplies will grow as bullion refineries resume operations, and on gradual improvement in investor risk appetite as countries have begun to ease coronavirus restrictions.
Spot gold slipped 1.2% to $1,685.00 per ounce.
U.S. gold futures fell 1.3% to $1,688.30, narrowing its lead over the London spot prices to just around $3.3 after two of the world’s biggest gold refiners said they are restoring almost all operations.
This ended six weeks of closures that disrupted global gold supply and helped drive prices in New York and London further apart than they have been in decades. Gold has risen about 11% so far this year as the global economy has slumped during the pandemic.
“It’s a probably a combination of more supply coming into the COMEX, and probably a little bit less interest as risk appetite is growing and the U.S. dollar rallies,” said Bart Melek, head of commodity strategies at TD Securities.
Many countries like Italy, Germany and the United States are tentatively easing lockdowns.
U.S. stocks opened higher on hopes of a pickup in business activity while investors looked past a stunning 20 million plunge in U.S. private payrolls last month.
Further denting gold’s appeal, the dollar index rose 0.4% to a more than one-week high.
For access to live and exclusive video from CNBC subscribe to CNBC PRO:
cnb.cx/2JdMwO7
» Subscribe to CNBC TV: cnb.cx/Subscri...
» Subscribe to CNBC: cnb.cx/Subscri...
» Subscribe to CNBC Classic: cnb.cx/Subscri...
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news: www.cnbc.com/
Follow CNBC on LinkedIn: cnb.cx/LinkedI...
Follow CNBC News on Facebook: cnb.cx/LikeCNBC
Follow CNBC News on Twitter: cnb.cx/FollowCNBC
Follow CNBC News on Instagram: cnb.cx/Instagr...
#CNBC
#CNBC TV
Such a great company. A lot of our wealthy clients are buying Barrick. It will be in the high 30s in the next 12 months.
@A A.... Gold being the most sought after asset. And I work with people who manage a lot of money... They are still buying Barrick on weak days.
39 cad
Next target? Pull bank with gold slightly ?
Gold didn’t break 2k because of contracts in the comex. Gold is at all time highs in all other currencies except for the dollar, that’s because of currency manipulation- the opposite of a freely traded market.
Peter Schiff has been saying and warning people of this for years
Thank God I got this in my portfolio!
PLEASE GET RID OF JOE HE SWEATS ARROGANCE
Many gold mines are up 80-140% off the recent bottoms, and the gold chart is looking great.
About time these got more attention.
Good insight from Mark.
I'm happy with my lovely gold miners, WPM, GOLD, NEM, and AEM.
That’s a beautiful looking chart. If gold doesn’t break out here (over the next 12 months) it should never be owned again. Time for the shiny metal to shine!
Joshua well put. I would argue same for bitcoin
@@autom8ed bit coin keep ur self.
Shirpur Gold is the Indian Barrick :) i.e., gold mining company...Mr. Buffet must be watching...
I just bot a roll of 20 1oz American gold Eagles.... I predict gold will hit $3000 with in two years.
BAR ETF cheapest way to buy. 5% of NW is the commonly recommended hedge.
C'mon Joe...just from your argument, I know you own gold, lol. Thanks for the upload.
gotta love a good saucer bottom
workin n nevada barrick mine. there only temp check an hurry get more gold....
Harry Dent say's nine hundred dollar gold?
Mike Turco Always do the opposite of Harry Dent and you’ll make out like a bandit
Dent isn't his name, it is the depression in his skull. That fool has cost a great many people a fortune in lost opportunity by convincing them not to invest in the PMs. He does not understand gold and he does not understand economics. He is a true example of the "Peter principle." You cannot lose by doing the opposite of what he advises. I cannot recall a single instance when he was ever correct about gold or much anything else. Why anyone listens to him is a mystery to me.
Who is Harry Dent?
I own some mid tiers but wish all good for the gold sector in next years
Wow, abx on cnbc??? Sun is going to rise from the north tomorrow???
SA reprazent.
take care and buy gold... you´ll need some for the gold shining coffin handles
Andrew you are one gorgeous looking man!!
Says a breeder.
south ifrika
JA!
Are you a Saffer?
I hope that gold keeps going up as that means wall street will fall and the recession needed to remove Donald Trump will be happening by November.
Biden could walk on water tomorrow and he'd still get crushed.
The problem with Gold is the same problem with Oil...unlimited free money loans to miners.....they will produce more and more and more until the price collapses to $1000 again... over supply. Bitcoin is much better.. only ever 22M TOTAL in the world....
Greatland Gold. Thank me later!!
If the PNG tribal government nationalizes their claims in Papua, you can kiss this stock good-bye.
Not at all... Its one of many tier 1 assets. I don't own Barrick but that is a dumb statement, keep in mind gold is at 1700$/ounce
forget it. that’s just one mine. I would say the contrary, Barrick is probably the only large mine corporation big enough and with resources to be able to develoment it. But governments know better, right?
Totally agree with you Steve.
Joe sounds half drunk