The finite amount of Bitcoins, “appeals to a lot of investors,” says Ian Telfer, former Chairman of Goldcorp Inc. The outlook of gold is like a, “barbell going the wrong way,” with short-term investors piling into Crypto and long-term investors feeling disappointment from the precious metal, he says.
The poor job growth in the United States is another reason why the price of gold has been disappointing, where “the combination of the short-term and long-term,” is hurting the price of gold, “and I’m not sure it’s going to change in a hurry,” he says to our Daniela Cambone. Telfer asserts that the best risk to take today for growing gold mining companies is price risk, where he sees not enough gold miners doing so. When asked about the price of silver, Telfer says he does not see the precious metal moving into triple-digit territory. Telfer’s gold price target is no higher than $2,500 with these lingering factors.