All of a sudden, everybody’s talking about gold – Alamos Gold’s John McCluskey on precious metals

Gold is finally getting some attention from the mainstream press, noted John A. McCluskey, president and CEO of Alamos Gold. On Wednesday McCluskey spoke to Kitco Mining. Alamos Gold (NYSE:AGI) is a Canadian-based intermediate gold producer with production from three operating mines in North America: Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Alamos Gold expects to produce between 485,000 and 525,000 ounces of gold in 2024. The gold production forecast doesn’t include Argonaut Gold. In the spring Alamos announced it was acquiring Argonaut Gold in a friendly acquisition. The deal is expected to close in September. Investors appear to like the growth story. Alamos is up 55% year-to-date, doubling the performance of the GDX, which up about 25% over the same period. Talking generally about gold, McCluskey said investors are starting to notice the metal. Gold has hit several all-time highs in 2024 and recently broke through $2,500 ounce. “I’ve probably seen more articles on gold in the last week than I’ve seen in the last three months,” said McCluskey. “You know, even though gold was running, the press was largely ignoring it. And suddenly, the Financial Times has got an article on gold, the Wall Street Journal has got an article on gold. Everybody’s talking about gold all of a sudden” McCluskey speculated that $2,500 was the “…magic number they were all waiting for.”