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Gold still the best option vs Bitcoin, says gold mining boss 

Published: 16:17 11 Jan 2022 GMT

Goldman Sachs -

Gold is an investor’s best bet against inflation, better than Bitcoin, at least that’s the view of Mark Bristow – chief executive of the world’s second largest gold mining company. 

Bristow’s bullish view grates against those of some crypto-friendly analysts which argue that cryptocurrencies could rival gold as a hedge against inflation. 

Mark Bristow, chief executive of Barrick Gold Corp, unsurprisingly has talked up a bullish on the near term value of gold. 

Bristow believes that the price of gold will most likely average between US$1,750 and slightly above US$1,800 per ounce. 

But, in the market, analysts see the yellow metal moving lower to average US$1,683, down on the prevailing price of around US$1,800. 

Gold has traditionally been a store of value and a defence against inflation.  

Nevertheless, the gold price fell by 3.6% in 2021, despite inflation rates across the world gaining because of the pandemic. 

The emergence of cryptocurrencies has, meanwhile, created new global assets groups which like gold, can be a store of value when looking to over the long-term.   

Goldman Sachs (NYSE:GS)’ recently stated that Bitcoin could rival gold as a store of value, with it possessing the potential to reach US$100,000 within the next four years. 

Bristow, meanwhile, reckons gold’s precious nature will continue to make it the best hedging option. 

“Look at gold and its precious nature, you can’t print it and you can’t make it. You can make cryptocurrencies, and there are many of them,” he added. 
 

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