Pierre Lassonde is my new hero

Mineweb - Pierre Lassonde from FNV gives all of gold exploration a good fucking hiding. "Where are the new technologies? Where is the innovation in exploration? You guys are 40 years behind the oil industry!"

Seriously, what he actually said was:

I mean give me a new technology that has really shaken our world in the last 30 years. I mean we’re still using the same stupid drill rigs that we’ve used for 100 years. Maybe they’re a little faster. The oil is better. But there’s nothing dramatically new.

and

We need a paradigm shift in exploration and exploration technology. Where is the equivalent of 3d geophysics that they’ve got in oil and gas? Haven’t got that in our business. Why not?

and

Look at oil and gas, they’ve got fracking and they’ve got horizontal drilling, 4,000, 10,000 feet down and one mile out. Where are you guys?

Oh also, Lassonde agrees with me about India and China:

He reiterated his bullish stance that the price of gold is now stuck in a mid-cycle trough in an otherwise ongoing bull run. He predicted the gold price would see-saw for the next six to nine months but eventually make “another leg up.”

His rationale for an ongoing bull run in gold was predicated largely on coming inflation, which he sees as inevitable, and demand from China and India “the two elephants in the room” where consumer spending on gold has surged over the past decade.

Indeed he fingered China and India as the prime factor in the long term for the price of gold. “These two countries will determine more than anything else the price and the direction of the price of gold over the next 10 years,” he said.

When CEOs of multi-billion-dollar companies, with fantastic growth profiles, who have pioneered an industry, agree with me, I feel much more confident.

Gold is going up from here cos Pierre Lassonde says so.

And I agree.

If anyone finds video of this tirade, let me know and I'll post it up here.