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Wednesday, November 09, 2016 1:56:36 PM
By Neils Christensen of Kitco News
Wednesday November 09, 2016 13:48
(Kitco News) - While some are shocked at the news that Republican candidate Donald Trump defied the odds to become the next U.S. President, one mining executive said that he is “delighted” with the victory that will be supportive of the mining and investment sector.
http://www.kitco.com/news/2016-11-09/A-Trump-Presidency-Will-Put-Investor-Money-To-Work-Rob-McEwen.html
In an interview with Kitco News, McEwen Mining CEO Rob McEwen, said that he is not surprised that Trump managed to win the election as he has tapped into growing frustration among Americans.
“He read the American people correctly that they are really angry and they don’t believe the people running the country have any appreciation of what is actually going on,” he said.
McEwen said that one of the reasons he is optimistic of a Trump Presidency is because of his commitment to reduce regulatory burdens, in the financial sector, that impact the mining industry.
“I think we’ve allowed our regulators, accountants and our stock exchanges to steal money from investor under the guise of good corporate governance,” he said. “It makes investors question why they should buy into this system that isn’t working.”
On the mining side, McEwen said that not only will streamlined regulations attract more investors, but projects will be able to grow and build shareholder value. This is of particular importance for McEwen as his company is in the process of developing two mines in Nevada: the Gold Bar project and the Tonkin project.
“I hope that now there will be an attitude of: let’s get sensible regulations in place; let’s get money working faster and let’s not have these very protracted period of time where you are waiting for multiple level of bureaucracy to pass on a project. This isn’t about to take away the integrity but to get things done faster,” he said.
While McEwen sees potential for all U.S. extraction sectors, he doesn’t think that President Trump will have a major impact on the direction of gold prices. He added that although Trump's unexpected victory has been extremely bullish on gold, prices are ultimately going higher no matter who is in the White House.
“I didn’t think either candidate would be able to stop the momentum that is already in place,” he said. “The entire western world has engaged in a very big experiment, in which we don’t know the outcome.”
Globally, low interest rates, growing government debt and continued currency debasement polices will all be good for gold in the long-run, he said.
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