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Gold Prices May Move Higher in September Says U.S. Global CEO

8/31/15 5:11 PM EDT
Kitco News -- As markets gear up for September, U.S. Global Investors CEO Frank Holmes said he expects to see a boost for gold in September. ‘Historically, when football season starts in September, gold is up,’ he said in an interview with Kitco News. He added that opportunities may present themselves in the gold space and in the mining sector. Commenting on the announcement of billionaire investor Carl Icahn’s 8.5 percent stake in mining giant Freeport-McMoRan, Holmes said that more ‘activist investing’ may take place in the sector. ‘I think it’s very significant when you look at the sheer size and change in that [Freeport] stock price from its lows,’ he highlighted. Freeport’s stock price jumped 6.4 percent last Thursday when the news broke of Icahn's acquisition of 88 million shares in just over a month. Looking ahead, Holmes said gold production may peak over the next five years, which may be constructive for gold prices. He also noted that Friday’s non-farm payrolls report will be on his radar this week. Kitco's Daniela Carbone has details from Wall Street.
Stocks in this video: GLDFCX
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