One other major hurdle: Even if Ivanhoe strikes it big and can pull copper and gold out at a reasonable cost, how will it get the ore to market?
However, he said the tendency is for gold to pull back once it has made its highs.
FORBES: METALS OUTLOOK: Nervousness Regarding Global Economy To Support Gold Next Week
If a resolution is reached in time, as is expected by most people, then gold could pull back, he said.
FORBES: FOCUS: Gold Could Rally If U.S. Debt Ceiling Talks Falter
Even analysts who look for gold to end next week higher concede that gold could pull back temporarily before moving up.
FORBES: METALS OUTLOOK: Gold Prices Could Correct Next Week, But Trend Remains Up
Others pointed out that gold has been hit by the strength of the dollar and if the dollar does pull back from its recent run higher then gold will rebound.
With no hints of stimulus or quantitative easing, gold had nothing to pull it higher, said Sterling Smith, vice president, commodity research, Citibank Institutional Client Group.
FORBES: FOCUS: Gold Falls As Fed's Bernanke Doesn't Signal QE
NovaGold CEO Rick van Nieuwenhuyse told me in 2006 that he expected NovaGold to pull 700, 000 ounces of gold a year out of the ground by 2012.
This suggests fresh flight-to-safety buying by investors (including into gold), which will pull way demand for risk assets like stocks.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Up on Fresh Safe-Haven Demand, Short Covering
An increase in investor risk appetite saw solid rallies in the U.S. stock indexes Wednesday, which worked to pull way safe-haven demand for gold that surfaced Tuesday.
That could also cause equity markets to pull back, which would be supportive for gold.
FORBES: TD Securities: Gold Could Rebound From Here, But Gains Likely Limited
However, if the stock indexes continue to rally, that would suggest better investor risk appetite in the market place, which could pull away some safe-haven demand for gold and silver.
FORBES: Comex Gold Sharply Higher amid Bullish "Outside Market" Forces Wednesday
However, gains are being limited as higher European and U.S. stock markets pull some investment demand away from safe-haven gold.
FORBES: Comex Gold Trades Near Steady As Market Consolidates
Such would pull some safe-haven investment demand away from the gold market.
FORBES: Comex Gold Backs Off on Profit Taking After Scoring New High of $1,917.90
But Norway are determined to pull of an upset on Saturday and come away with the gold.
There are some market watchers who believe after the strong rally in gold, the metal could trade in a range or even pull back in the next week or so, even as they have long-term bullish viewpoints.
FORBES: METALS OUTLOOK: Nervousness Regarding Global Economy To Support Gold Next Week
If an agreement is reached on lifting the U.S. debt ceiling, prices could pull back, but buying interest under the market will limit the downside for gold prices, market watchers said.
FORBES: METALS OUTLOOK: Nervousness Regarding Global Economy To Support Gold Next Week
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