Randgold CEO Forecasts $1,500 Gold This Year

Thanks to rising demand, tight supply and worries over the economy, gold should reach about $1,500 this year according to Randgold's CEO Mark Bristow.

Gold prices will rise to that level and even higher in the ensuing years because of a "shortage of gold supply, bigger demand from the BRIC [Brazil, Russia, India, and China] countries, particularly Asia, and fear about the economic situation," Mark Bristow said on the sidelines of the Indaba mining conference here.

That number's only a little more than a 5 1/4% gain over gold's record close near the end of last year, so it's not that wild a forecast. It's little more than 10% above current prices. Evidently, Mr. Bristow isn't getting very hepped up.