Outlook for gold optimistic

Gold standard bars are piled up at the gold smelter company Argor-Heraeus in Mendrisio, Switzerland.

Gold standard bars are piled up at the gold smelter company Argor-Heraeus in Mendrisio, Switzerland. When the world’s biggest gold miner decided to undertake one of the largest equity issues in Canadian history to eliminate its decades-old hedging program, it was a sign that the Canadian mining industry’s fortunes had truly turned around. In perhaps the most blatant expression of optimism from the industry this year, Toronto-based Barrick Gold Corp. (TSX:ABX) raised nearly US$4 billion to eliminate a hedging program, set up to protect it against low gold prices, in the confidence that gold is only going to go higher in the foreseeable future.

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