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Goldcorp CEO McEwen: Gold To Hit $850 An Ounce

By Heather Draper
Dow Jones Newswires
Tuesday, September 28, 2004

DENVER -- One of the gold industry's biggest bulls
believes gold prices will hit at least $850 a troy
ounce within the next few years.

Goldcorp Inc. Chief Executive Rob McEwen said
"gold is money" and warned that the ballooning U.S.
budget deficit and inflated real-estate market will
continue to eat away at the value of the U.S. dollar,
which will make more investors turn to gold.

When investor confidence disappears, McEwen said,
"paper money eventually returns to its intrinsic
value, which is zero."

McEwen was speaking Tuesday to mining analysts
and executives at the Denver Gold Forum, an
invitation-only industry conference.

He said Goldcorp is holding back 30 percent of its
gold production because the company believes gold
prices will go much higher.

McEwen, the largest individual shareholder in
Goldcorp, said earlier this month that he is planning
to leave his post as chief executive of the
Toronto-based intermediate-size gold producer. He
plans to step down as soon as a successor is chosen.

He has been with Goldcorp for 18 years.

"Business literature is filled with examples of people
who stayed too long," McEwen told the gold forum
audience. Goldcorp needs a manager with a different
skill set to meet its future needs, he said.

The ideal candidate, McEwen said, is aware of the
market and knows how it operates, has innovative
approaches to mining, and "has spent a year and a
half at Toyota."

An outside perspective will help Goldcorp leave its
"rivals in the dust," he said.

As if backing up McEwen's higher gold price prediction,
gold futures hit a five-week high on Tuesday of more
than $414 a troy ounce after oil prices spiked and
created more uncertainty in the market.

Also sending gold prices higher was a revised gold
reserves forecast Tuesday by Newmont Mining Corp.
The Denver company said its gold reserves in Ghana
should go up 33 percent, or 4 million ounces, this year
to 16 million ounces from 11.9 million last year.

Goldcorp on Monday declared its tenth regular monthly
dividend payment for 2004 of 1.5 cents per share. The
company plans a total annual dividend payment of 18
cents a share in 2004.

McEwen said the company is cash-rich and debt-free
but because it is holding back 30 percent of its gold
production its earnings are lower than they might have
been. But he said he is so bullish on the price of gold
that he'd be holding back 100 percent of gold production
if Goldcorp were a privately held company.

Goldcorp shares traded recently at $13.48, up 46 cents,
or 3.53 percent, on volume of 1.12 million. Average daily
volume is 1.14 million.

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http://www.depression2.tv

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http://www.minersmanual.com/minernews.html

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html

http://www.goldcolony.com

http://www.miningstocks.com

http://www.mineralstox.com

http://www.freemarketnews.com

http://www.321gold.com

http://www.SilverSeek.com

http://www.investmentrarities.com

http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm
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Ted Butler silver commentary archive:

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----------------------------------------------------

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----------------------------------------------------

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