Gold Bull Alive and Well
Sean Boyd is CEO of $8 billion Agnico Eagle. When asked where he sees the gold bull market at this point, Boyd stated, “I believe we are in the middle of the bull run. Here we are and some people are saying gold is a bubble, but we’ve been maintaining over the last couple of years that we don’t see a lot of new people in terms of investment conferences, particularly among non-gold people.

So that means we are still early in the game and gold still has a lot further to run on the upside. When you have assets under management, which have allocations of gold at less than 1%, that means there is still much more room for gold in portfolios and we are still not there yet.

If you look at India and China, combined they took down about 52% of the annual mine supply last year. That’s a fair chunk and that’s up from where it was several years ago. That trend is likely to grow.

When you layer on top of that, eventually, more and more investors are feeling they need to diversify and get exposure to metal, that’s when gold will just take off. That will be the last phase of the bull market and it may still be two or three years away depending on how quickly this all unfolds.

That could take the price of gold into numbers that we can’t even imagine at the moment. We always talk about silver, and silver will go along with gold. Silver did have a big run and got ahead of itself, but silver, traditionally, will follow gold higher and the upside on silver will be greater in percentage terms than it is on gold.”