On the panel to discuss "how to prosper during the resources boom" were Clifford Bennett, Chief Economist from Herston Economics alongside Peter Pontikis, Director, International Federation of Technical Analysts and the Managing Director of Cloncurry Metals (ASX:CLU). The general theme was that the strength of the resources demand was not going to go away but Peter Pontikis stressed that investors needed to have a risk strategy in place. Clifford Bennett suggested that this was a great buying opportunity and a once in a hundred year phenomenon.
This afternoon Barry Dawes, Managing Director of Martin Place securities made an even stronger call and suggested that gold could reach even giddier heights
Barry Dawes stated "the close of gold above $1240 for a new closing high marks the first real evidence of monetisation of the worlds public debt and should lead to significant upward moves in gold prices together with most commodities. The likely outcome is a very strong gold price that is likely to be measured in the $1,000's of dollars over the next few years."
Dawes sees the evidence for higher gold stories and sees $5,000 per ounce a reasonable target
Clifford Bennet said gold is a very strong buy on the basis of strong global economic growth, and that accelerating cultural demand in China and India is likely to see gold move towards $3,000 in the next few years. Whilst many in the market currently hold gold based on fears over Europe and China or as an inflation hedge, Clifford Bennet believes the primary driver of the gold price will be above current consensus global growth and is a remarkably positive story
Both Barry and Clifford will be presenting at the Resources Investment Expo on Saturday 19th June in Exhibition Hall One of the Brisbane Convention and Exhibition Centre.
Managing Director of Symposium, Kerry Stevenson, told ABN Newswire "This is a great opportunity for investors to get up close and personal with the resources industry."
Companies attending the Brisbane Resources Investment Expo include:
Environmental Clean Technologies (ASX:ESI)
China Yunnan Copper Australia (ASX:CYU)
Adelaide Energy (ASX:ADE)
Adelaide Resources (ASX:ADN)
Australian Bauxite (ASX:ABZ)
Cloncurry Metals (ASX:CLU)
Marenica Energy (ASX:MEY)
Mt Isa Metals (ASX:MET)
Symposium exists to connect the Australian resources industry with the investment community at both a domestic and international level. We provide a range of opportunities for mining, coal, oil, gas and other energy-related businesses to present to and engage with potential investors. Our events, from monthly roadshows to annual conferences in Australia as well as North America and China are all specifically designed to showcase the resources industry, raise awareness and create mutually beneficial business partnerships. For more information see: www.symposium.net.au
Mt Isa Metals Limited
Marenica Energy Limited
Global Resources Corporation Limited
Environmental Clean Technologies Ltd
Chinalco Yunnan Copper Resources Limited
Australian Bauxite Ltd
Andromeda Metals Ltd
Adelaide Energy Limited