On Sunday, the 2011 Denver Gold Forum officially started. The conference is the world’s premier precious metals investment conference, and takes place at The Broadmoor Hotel and Resort in Colorado Springs. The conference features more than 150 international senior and emerging producers of gold (NYSE:GLD), silver (NYSE:SLV), and other precious metals (NYSE:DBP).
Since 1989, the Gold Denver Group has provided education and investment insight to precious metals, this year is no exception. With the global economy on edge, record bailouts, and high expectations of more stimulus injections via the Federal Reserve, gold and silver have proven to be a true safe haven for investors. Denver Gold Group’s Executive Director, Tim Wood said, “Precious metal prices are soaring in reaction to the persistent and contagious global crisis of confidence in paper assets and money. The appetite for alternative hard assets like gold and silver will be reflected by the world’s foremost institutional investors and analysts attending the Denver Gold Forum in record numbers.”
Super Hot Feature: European Central Banks Are Hungry for Gold.
The presenters at the Gold Denver Forum are indeed reflecting and explaining the growing appetite for precious metals. “The conditions for gold right now have never been better. Not only is it a safe haven for investors and offers a unique alternative to currencies, but the fundamentals of supply and demand are extremely strong,” said Kinross Gold (NYSE:KGC) CEO Tye Burt. Other executives also weighed in on the current gold situation. Yamana Gold (NYSE:AUY) Chief Executive Peter Marrone said, “I’m a big believer that all of the ingredients for a higher gold price are there: geopolitical risk, economic uncertainty, and inflation. It just seems natural to me for gold prices to go to substantially higher levels.”
How much higher can gold prices go? Newmont Mining (NYSE:NEM) expects gold prices to easily hit $2,300 per ounce by next year, while AngloGold Ashanti (NYSE:AU) is calling for gold $2,200. Furthermore, Newmont’s CEO Richard O’Brien exclaimed, “Gold is one of the few investments in the world today that could be categorized as a safe haven. It’s one that floats in the marketplace unlike some other fixed currencies. It’s one that no single government can decide to issue more or less of.”
Although some have called gold a bubble, the fundamental support of higher gold prices remain — with the most recent development being a reduced global growth outlook by the IMF. Kinross Gold said, “It may even be seen as the opposite of a bubble. I think of bubbles as investment situations with unbridled optimism, but people are moving into gold now because they’re anxious and concerned.”
The 2011 Denver Gold Forum presents companies that account for 50% of the world’s gold (NYSE:PHYS) and silver (NYSE:SLV) production, and 75% of the world’s gold and silver mineral reserves. They trade on 9 major stock exchanges and operate in 35 countries.
Disclosure: Long AGQ, AG