One of the most well-respected CEOs in the industry, Mark Bristow, who headed Randgold before it merged with Barrick, remarked on the tight gold supply in a recent interview with The Northern Miner. Asked to comment on how the gold industry could look in five to 10 years, Bristow had this to say:
The industry is in decline. We’ve got ourselves into a really tight spot because we haven’t invested in exploration and our future.
Now when you look at the average life of mine, it’s less than the time it takes to discover and develop a world-class asset. The supply side of our industry is very tight. The demand side … and I disagree with some of the talk presenters here today, in that gold is an inelastic industry just like everything else