October 03, 2009 06:00pm -- as taken from the Perth Sunday Times -Neil Dowling reporter GOLD is set to hit $1600 an ounce in the next six to 18 months, according to producers.
In a month when the metal hit more than $US1000 an ounce, the head of the world's fourth biggest gold producer said it could soar to $US1600 _ with some tipping an all-time high of $US2200.
The chief executive of South Africa's Gold Fields, the world's No.4 gold producer, said his prediction of $US1600 an ounce was tied directly to the oil price.
`Some people say oil is going up to $US100 a barrel in the next six to 18 months,'' Nick Holland said at this month's Denver Gold Forum.
`If that's true, and if you look at the long-term relationship between gold and oil, you should find that gold would go to $US1500 to $US1600.''
--------------- Goldfields may be playing a game with Conquest at the moment, but they know where the price of gold may be heading. So the question still remains will they make a play to take over conquest at NPV of $1.18 or will they continue to hold off.
I feel that the longer they take the better, as this would give CQT the chance to keep moving forward with a resource upgrade once they drill in the locations that Goldfields (who went into the JV to explore) supposedly did not. The recent announcement of the high grade Silver pit number 39 which will help repay any loan quickly, and the DFS due Nov 09.
It should all make for a great XMAS 09
Good luck to all holders.
ZESTO DYOR
CQT Price at posting:
72.5¢ Sentiment: LT Buy Disclosure: Held
