Gold supply to drop by 7 pct by 2021 – Newmont CEO – by Michael Allan McCrae ( – June 20, 2016)

Due to the past price performance of gold, supply is constrained says Gary Goldberg, president and CEO of Newmont Mining. “We see the medium- to long-term as being very good,” said Goldberg in an interview with earlier this month talking about gold prices and buying trends in India and China.

“I think you have seen a decrease in supply as there has been less investment in new properties. We are one of the few who are building two brand-new mines: Merian-Suriname and Long Canyon in Nevada. “Overall, we see gold supply dropping by about 7% by 2021.”

Transcript is edited for brevity and clarity. Who are you.

Gary Goldberg: I am Gary Goldberg. I am the president and CEO of Newmont Mining. What is Newmont Mining?

Gary Goldberg: Newmont Mining is one of the world’s largest gold mine operators with operations on five continents, with a little over 16,000 employees and producing over five million ounces of gold per year. When did you start your position as president and CEO?

Gary Goldberg: It’s been a little over three years since I took over as CEO of Newmont. How have gold prices changed since then?

Gary Goldberg: When I joined Newmont about 4.5 years ago, I think prices were at about the peak. The prices have gone down ever since I have joined basically until earlier this year.

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