RENO, NV: By Dorothy Kosich – Tuesday, September 15, 2009
When über mining investor Rob McEwen makes predictions on gold prices or appears to have developed an interest in silver mines, retail investors heed his clarion call and place their bets that the gold price is about to soar.
In a presentation to the Denver Gold Group on U.S. Gold Monday, McEwen was somewhat subdued as he only briefly mentioned he thought gold could hit $5,000 an ounce before the end of the gold cycle. As this reporter scrambled for a clarification of his remarks in a brief interview, McEwen stuck by his prognostication, forecasting the end of the gold cycle would occur either in 2014 or 2015.
McEwen is so dedicated to the power of gold, he told his audience of fund managers, analysts, investment bankers and miners that he personally owns 21% of U.S. Gold. In comparison most major mining CEOs own a mere pittance.
He is steadfast in his belief that the Cortez Trend-which hosts Barrick’s massive Cortez Hills gold project-will yield millions of gold ounces for his U.S. Gold company.
But, McEwen also has developed a fondness for silver, albeit he lacks the same passion for the precious metal as he feels for gold.
All Things Considered, John’s Commentary….
In the precious metals mining business, there is no bigger name than Rob McEwen. He is the founder of the richest-ever gold mine in the world. Everyone listens when he speaks (much like Steve Jobs of Apple on technology or Warren Buffet on investing) – he is that big. Note: Don’t lose sight of the fact that Rob has also developed a taste for silver mining.
People think a person is nuts when they talk about $5000 gold – they laugh. Before this bull market in precious metals is done, prices are going to go so far past where anyone believed they could, it will be astonishing.
If you don’t take some action, you’ll be left behind. And not just monetarily – if there is a disruption in “life as normal”, gold and silver will be the ultimate form of insurance. It’s not too late. We will be happy to share our reasoning with you.
