{"id":5244,"date":"2024-06-06T14:39:55","date_gmt":"2024-06-06T14:39:55","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/06\/06\/mcewen-meding-gold-sector-poised-to-move-copper-crunch-keeps-building\/"},"modified":"2024-06-06T14:39:55","modified_gmt":"2024-06-06T14:39:55","slug":"mcewen-meding-gold-sector-poised-to-move-copper-crunch-keeps-building","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/06\/06\/mcewen-meding-gold-sector-poised-to-move-copper-crunch-keeps-building\/","title":{"rendered":"McEwen, Meding: Gold Sector Poised to Move, Copper Crunch Keeps Building"},"content":{"rendered":"<p><strong>Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about<\/strong><strong> the outlook for gold and copper, as well as news from their respective companies.<\/strong><\/p>\n<p>Looking first at gold, McEwen said it has space to move higher in 2024, and pointed to eye-watering predictions from a number of market participants. Citi is calling for US$3,000 per ounce before the end of 2024, while Bloomberg Intelligence expects US$7,000 by 2025. Meanwhile, Pierre Lassonde has given a US$19,000 to US$20,000 target. <\/p>\n<p>\u2018The whole sector has been underinvested for quite awhile, and I think it\u2019s poised to move,\u2019 he said. \u2018Inflation isn\u2019t going away, and even when interest rates rose in the late \u201970s and early \u201980s gold was climbing. So I think it\u2019s heading higher.\u2019 <\/p>\n<p>In terms of copper, Meding said that while the red metal is seeing a short-term supply crunch, its strong long-term demand outlook is more important to watch. \u2018Depending on who you ask in terms of forecasting agencies, there\u2019s demand between 2035 and 2050 of somewhere between 50 million and 68 million tonnes of copper when the world consumes about 25 million tonnes of copper per year,\u2019 he said during the interview. <\/p>\n<p>\u2018That means that if you compare this to the biggest producer, which is Chile, which is somewhere between 5.5 million and 6 million tonnes, that means we need somewhere between five and eight times Chile on top of what we currently have to be able to satisfy that demand going forward,\u2019 Meding added. <\/p>\n<p>McEwen Copper\u2019s Los Azules copper project is located in Argentina\u2019s San Juan province, and Meding and McEwen also both spoke about the changes they\u2019ve seen in the country so far under President Javier Milei. <\/p>\n<p>\u2018I think there will be a rush of companies coming in there if it looks like you can have a sustained lower tax rate and a stability agreement. So it\u2019s a good place to be right now \u2014 (it\u2019s) a seismic change in the politics,\u2019 said McEwen. <\/p>\n<p>Watch the interview above for more from McEwen and Meding on company plans moving forward. <\/p>\n<p><strong>Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies. Looking first at gold, McEwen said it has space to move higher in 2024, and pointed to eye-watering predictions from a number of market [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":5245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=5244"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/5245"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=5244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=5244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=5244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}