FP says Goldcorp CEO sees sentiment turning positive

Jeannes attempts to talk his shares higher while market is questioning GoldCorp's present fundamental and technical health.

2015-03-05 07:54 ET - In the News

The Financial Post reports in its Thursday edition that Goldcorp chief executive officer Chuck Jeannes believes investor sentiment is finally starting to turn positive on gold mining stocks. The Post's Peter Koven writes that Mr. Jeannes says, "I find there's some green shoots of optimism emerging." Mr. Jeannes, 56, had dozens of meetings with large institutional investors over the last couple of weeks. He says more and more of them are coming around to the idea that the gold price has found a bottom at $1,200 (U.S.) an ounce. Every time gold dropped below $1,200 (U.S.) over the last couple of years, it rebounded quickly. He says some large United States generalist investors are taking an interest in his company, including some he has never met before. That is a positive signal, because the U.S. generalists largely bailed out of the gold sector when prices plunged in 2013. He is also getting meeting requests from large investors who have not been in the stock for more than three years. Mr. Jeannes says, "It doesn't mean they're going to buy, but at least they're taking the time to come listen." Generalists are taking an interest in gold because they cannot find a sector that looks cheaper on paper.