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Giustra says gold rally has room for another leg higher

The mining financier points to ongoing central bank buying on price dips and says copper could rise before new supply offsets demand.

Reported · Written up by our desk · Precious Metals

Veteran mining financier Frank Giustra said ordinary investors have largely sat out gold’s rally, a dynamic he believes could leave room for another leg higher. He made the comments at the Precious Metals Summit in Colorado, speaking in a video interview with The Northern Miner.

Giustra said central banks have emerged as steady, long-term buyers, adding that some countries are reducing reliance on the U.S. dollar. He also suggested that a geopolitical or financial shock could be the catalyst for the next phase of the gold advance.

He added that copper could spike before new mine supply catches up with demand, and he discussed Copper Giant Resources, where he is a major shareholder, in the same interview.

Latest closeGold $4,170.90 ▲0.2%|Copper $6.641 ▲2.3%

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