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Greenwood Village-based Newmont Mining Corp., the largest U.S. gold producer, said it is “quietly confident” that prices of bullion will increase this year, buoyed by a lack of selling from central banks and investor appetite for the precious metal.
“The continuing decline in official sector sales are obviously going to be a positive thing for the gold price,” Philip Stephenson, Newmont’s regional group executive of operations in the Asia Pacific, said at a conference in Perth, Australia, on Monday.
Chief executive Richard O’Brien is boosting output at Boddington, which will be Australia’s largest gold mine once it reaches full annual capacity of 1 million ounces, to benefit from prices that reached a record $1,227.50 an ounce in December.
