Kitco News – Gold is getting little attention these days, and wrongfully so, says Rob McEwen chairman and chief owner of McEwen Mining, a mid-tier gold and silver producer. ‘If you are in Australia, Canada, the price is going up because of the foreign exchange — at some point, it will move in U.S. dollar terms,’ McEwen said in an interview with Kitco News on Monday. He added, ‘People should be putting a little money into gold, think of it as 80-90 percent off; you can turn gold into cash in two days, it is value.’ McEwen, the former founder and CEO of Goldcorp said one of the greatest challenges the mining industry now faces, is operating within the lower cost environment. December Comex gold was last up $0.30 at $1,088.50 an ounce. McEwen also addressed the company’s record production for the third quarter with the El Gallo Mine, which he said is the company’s, ‘star performer.’ Total output for the July-September period was 43,390 gold-equivalent ounces, an increase of 54% over the third quarter of 2014. The El Gallo mine in Mexico was robbed last April but McEwen said the company has received reimbursement for approximately 80% of the fair value of a loss. ‘You have to be a little more sensitive to the local community — we built a new refinery and it is now according to Brinks – the state of art facility in Mexico,’ McEwen said.
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