Strong fundamentals will support a rebound in gold prices despite the recent drop off, executives from the world’s three biggest yellow metal miners agreed Wednesday at the Denver Gold Forum. Related content

Gold will once again break the US$1,000/oz barrier, and possibly reach heights of US$1,500/oz over the next 18-24 months, according to Vancouverite Goldcorp’s (TSX: G, NYSE:GG) CEO Kevin McArthur.

The gold market is undergoing a correction, McArthur said, adding though that he is surprised by “the quickness and amplitude of this correction.”

Gold hit a high on the London Bullion Market on March 17 when it closed at US$1,011.250/oz, spent roughly mid-June through August 1 above US$900/oz, and has since dropped off to close at US$775.750/oz on September 10. The metal has averaged US$900.463/oz so far this year.

US company Newmont Mining (NYSE: NEM) CEO Richard O’Brien also sees a sharp turnaround, with gold prices going into the US$1,300-1,400/oz range over the next year or two.

Along the way there “will be volatility… there will be ups and downs,” O’Brien said.

Factors underpinning the gold price resurgence forecasts include tight market supply as overall gold production declines, as well as a belief that “the US dollar will decline relative to the emerging currencies of China and India,” considering gold’s negative correlation to the US dollar, O’Brien added.

Sharing Newmont and Goldcorp’s sentiments is the world’s largest gold miner Barrick Gold (NYSE: ABX).

“We’re very bullish on gold prices,” Barrick executive VP exploration and corporate development Alexander Davidson said in Denver.

“The fundamentals for gold remain very compelling from both a supply and a demand side, underpinned by declining mine supply and emerging market demand for gold,” Davidson said.