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What Goldcorp’s CEO Says About Gold Standard

Thursday, 25 Oct 2012 | 5:56 PM ET

As Goldcorp reported a 48 percent increase in its third-quarter profit on Thursday, CEO Chuck Jeannes spoke to CNBC about the disconnect between prices of the miners and the precious metal.

"It was much easier to put some optionality value in the equities when gold was trading at $300 or $400 or $500 than in it when gold is trading at $1,700," he said on "Fast Money."

What Goldcorp's CEO Says About the Gold Standard
Goldcorp CEO Chuck Jeannes reveals how a return to the gold standard plays into company plans.

"The upside from where we are today is not quite as easy to see as it was back then, so that value has come out of the stocks," the added.

Gold closed at $1,713 an ounce.

A question by Drakon Capital's Guy Adami about a possible return by the United States to the gold monetary standard let Jeannes to reveal what plans the company was making.

"I would likewise put it at a low probability and so it's not something at the company we're taking any action," he said. "The likelihood is probably pretty slim."

Trader disclosure: On Oct. 25, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL PUT SPREADS & PUTS; Karen Finerman is long BAC CALL SPREADS; Karen Finerman is long JPM CALL SPREADS; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long TKR; Karen Finerman is long M; Karen Finerman is long RLGY; Karen Finerman is short MDY; Karen Finerman is short IWM; Karen Finerman is short SPY; Brian Kelly is long EWT; Brian Kelly is long SMH; Brian Kelly is short XLF; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN;

For Aaron Kessler
Raymond James expects to receive or intends to seek compensation for investment banking services from the subject companies in the next three months: AMZN, GOOG, SCOR.

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