Cryptocurrencies could be ‘just mining the public:’ gold mining CEO

Cryptocurrencies like bitcoin may be all the rage, yet when the item comes to storing your money, Agnico Eagle Mines CEO Sean Boyd told CNBC in which they still pose some unaddressed risks.

“One of the things about bitcoin in addition to the cryptocurrencies can be, can be there actually an unlimited supply?” Boyd said to “Mad Money” host Jim Cramer on Thursday. “We’re gold miners. We mine deposits. I think, over time, the question will be: are these cryptocurrencies in addition to the developers of these cryptocurrencies just mining the public?”

Boyd, also the vice chairman of Agnico’s board, echoed some technicians’ sentiments in which gold prices are turning in addition to could be headed higher.

The CEO said in which more in addition to more investors who meet with Agnico on a regular basis are Yet again warming up to gold in addition to could have a hand in driving the item higher.

“Our sense can be in which investors are starting to do their homework, revisiting the high-quality gold equities, so there can be a sense in which gold’s about to turn here,” Boyd said. “We wouldn’t be surprised to see gold between $1,400 in addition to $1,500 within the next 18 months or so.”

using a strong gold mining business in Mexico in addition to healthy “geological upside” ahead, Boyd told Cramer in which he in addition to his colleagues at Agnico predict in which production could increase by 25 percent between right now in addition to 2020.

in addition to for investors seeking stable investments to manage potential risk, few are better than gold — especially not cryptocurrencies, the CEO said.

“Gold’s a highly developed market, very liquid market, a very efficient store of value in addition to portfolio diversifier. in which’s why you need to own the item,” he said. “the item’s proven itself. the item’s hard to believe the item’s going away just because of technology. People can invest in cryptocurrencies, yet right now’s the time to own gold. If [the] stock market’s setting record levels, I’d rather own gold than bitcoin.”

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