The current bull cycle for gold prices is still in progress, and it's only a matter of time before price levels for the yellow metal hit $2,000 an ounce, this according to Sean Boyd, CEO of Agnico Eagle.
"We're still in that bull market that started in 2015. This is just the initial phase," Boyd told Kitco News. "We think in this cycle gold will hit a new high in U.S. dollars. Ultimately, we'll get to $2,000, may take two or three years."
Boyd noted that current gold prices are really nothing to worry about.
"Gold's fine. I think when we look at the current gold price, a little over $1,450, I think it's actually doing quite well given where the general stock markets are," he said.
Spot gold last traded at $1,461.50 an ounce Monday, flat on the day, while stocks fell, with the S&P 500 down nearly a percent.
On mining, junior miners are still not seeing gold prices at the levels needed for investors to come in, Boyd said.
"I think the gold price is just not high enough to attract a lot of new money into the space, and I think as we've mentioned before here, we started to see more generalist money start to look at the bigger, higher quality gold miners a couple of years ago.
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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.