Bitcoin may have taken a chunk out of gold demand but Sean Boyd, CEO of Agnico Eagle Mines (AEM), thinks the crypto craze will work to the yellow metal's advantage.
"I actually think you can build a much stronger case for gold in an environment where bitcoin is drawing this kind of investor interest," he said.
Boyd was speaking from the floor of the New York Stock Exchange (NYSE) where he will be ringing the closing bell for the company celebrating 60 years in business. The Canadian-based gold producer has operations in Canada, Finland and Mexico.
"I think gold has done exceptionally well given that we seem to be setting record highs in the stock market every week. [T]he market will turn at some point and it pays to be positioned properly in gold now, it will be hard to get positioned properly somewhere down the road."
"[Gold] Investors will come back when uncertainty creeps back into the market," he added.
Gold and silver markets were ending the U.S. day session near unchanged levels in quieter, pre-holiday trading Thursday afternoon. February Comex gold was last up $0.90 an ounce at $1,270.40. March Comex silver was last down $0.045 at $16.23 an ounce.
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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.