Gold Stocks Struggle as Gold Prices Lose 1.1 Percent for the Year
June 04 2012 - 8:20AM
Marketwired
After a solid start to the year, gold mining stocks have struggled
of late. The Market Vectors Gold Miners ETF (GDX) is down almost 15
percent year-to-date, while the Market Vectors Junior Gold Miners
ETF (GDXJ) has crumbled nearly 22 percent over the same period. The
Paragon Report examines investing opportunities in Gold Industry
and provides equity research on Gold Fields Limited (NYSE: GFI) and
Jaguar Mining Inc. (NYSE: JAG).
Access to the full company reports can be found at:
www.ParagonReport.com/GFI
www.ParagonReport.com/JAG
Gold prices, as of Tuesday, have fallen 7 percent this month
settling at $1,548.60 per troy ounce, gold prices are now down 1.1
percent for the year. This has been the first time since 2008 that
gold prices have been negative this late in the year. In times of
financial crisis investors historically have rushed to gold as a
safe haven. It now seems that gold may be losing its safe haven
status as investors instead have been flocking to U.S. Treasury and
German bonds. "They're trumping gold as a safe haven," said James
Steel, a gold analyst at HSBC.
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Gold Fields is one of the world's largest unhedged producers of
gold with attributable annualized production of 3.5 million gold
equivalent ounces from eight operating mines in Australia, Ghana,
Peru and South Africa. Gold Fields has total attributable gold
equivalent Mineral Reserves of 80.6 million ounces and Mineral
Resources of 217 million ounces.
Jaguar Mining is a gold producer in Brazil with operations in a
prolific greenstone belt in the state of Minas Gerais. Jaguar is
also engaged in developing the Gurupi Project in the state of
Maranhão. Based on its development plans, Jaguar is one of the
fastest growing gold producers in Brazil. The company recently
reported net income of $2.8 million for the quarter ended March 31,
2012. This result compares to net income of $3.7 million in the
first quarter of 2011.
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