The CEO of a Canada-headquartered gold mining company, Mark Bristow, has insisted that gold currently has little downside risk. He also highlighted the precious nature of the metal and how it is a better alternative store of value than cryptocurrencies.
Better Inflation Hedge
Mark Bristow, the CEO of Canada-based Barrick Gold Corp., recently argued that gold has little downside risk and investors seeking to hedge against inflation will pick the precious metal over cryptocurrencies, a report has said. The CEO made these comments despite some analysts predicting that the precious metal will average $1,683 in Q4 of 2022.
As previously reported by Bitcoin.com News, the price of gold, which started the year 2021 trading above $1,900, ended the year nearly 4% lower. According to a report, the metal’s retreat in 2021 appeared to coincide with a period where inflation rates soared.
Yet despite the precious metal’s notable decline since the start of 2021, Bristow insisted during an interview that gold is in fact headed for better times.
“The risk is on the upside. I don’t think there’s very much risk on the downside,” Bristow is quoted stating.
The Crypto-Versus-Gold Debate
The CEO, who previously suggested that “no one believes in fiat anymore,” used the latest interview opportunity to once again share his views on the gold-versus-crypto debate. He explained:
Look at gold and its precious nature — you can’t print it and you can’t make it. You can make cryptocurrencies, and there are many of them. When you’re in a dynamic phase like we’re in now and the world’s uncertain, it’s always good for gold.
Still, despite Bristow’s optimistic views, the price of gold has averaged below $1,850 since the start of 2022, a figure that is more than $200 less than the metal’s all-time high price of over $2,070, seen in August 2020.
What are your thoughts on this story? Tell us what you think in the comments section below.
Terence Zimwara
Image Credits: Shutterstock, Pixabay, Wiki Commons
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