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‘Investors are still on the sidelines’: John Hathaway says precious metals and mining stocks in ‘early days’ at GMS


John Hathaway of Sprott Asset Management (left), speaking with Dean McPherson of the TMX Group at the Global Mining Symposium.

John Hathaway of Sprott Asset Management (left), speaking with Dean McPherson of the TMX Group at the Global Mining Symposium.

Prominent gold commentator John Hathaway appeared on the second day of The Northern Miner’s Global Mining Symposium. In January, after 22 years at Tocqueville Asset Management, the veteran investment manager moved to Toronto-headquartered Sprott Asset Management (TSX: SII; NYSE: SII), where he is now senior portfolio manager and managing director.

Hathaway spoke with Dean McPherson, head of business development for the TMX Group, who opened the discussion asking how long the current gold bull market would last.

“The message I’d like to convey is that it’s still early days,” Hathaway answered. “I don’t see why gold couldn’t double in price.”

Hathaway went on to outline his perspective that it’s a brand new world for the precious metals mining sector, and while no one can say for sure how it will play out, he remains very bullish on gold.

At Sprott Asset Management, which began trading on the New York Stock Exchange in June, there is roughly US$17 billion in assets under management (AUM), with stronger gold and silver prices helping to increase the value of those AUMs.

When McPherson mentioned the news from August that Warren Buffett was buying up some US$565 million worth of Barrick Gold (TSX: ABX; NYSE: GOLD) shares, Hathaway reminded him that the billionaire U.S. investor has long disliked gold – until now.

Continue reading at www.northernminer.com.


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