Barrick Gold CEO: Cryptocurrencies Can't Beat Gold as an Inflation Hedge

According to Bloomberg News on January 11, Mark Bristow, chief executive of Barrick Gold Corp., the world’s second-largest gold miner, said in an interview in Saudi Arabia, “I don’t think the downside risk is too great. Instead of cryptocurrencies as a hedge against inflation and a recovery in jewellery demand, gold prices will remain firm this year.” He said the most likely scenario is for gold to trade between $1,750 an ounce and just over $1,800 an ounce. Spot gold is now up 0.4% at $1,809, bringing this year's decline to 1.1%.