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Despite coming off one of the worst years ever in the gold market, CEO of the Bullion Management Group sticks to his extremely bullish price prediction.
Nick Barisheff is the first to admit his golden gaffe. “Last year – a year that saw gold’s greatest decline in 32 years – my book $10,000 Gold was published. How’s that for timing,” the gold bug deadpanned to giggles from the Empire Club of Canada business audience Thursday.
But what he said immediately afterward in his speech to the Bay Street crowd at the Fairmont Royal York Hotel luncheon naturally raised a few eyebrows. “However, I’m confident that gold’s bullish fundamentals are still intact,” said Barisheff, CEO of Bullion Management Group Inc., a precious metals investment firm based in Markham.
In fact, despite the gloomy outlook among metals analysts as the price languishes at the $1,200 (U.S.) per ounce price range, he believes it will rise to $1,800 later this year – and that it remains on track for $10,000 an ounce by 2020.