Gold Stocks Continue to Soar as Stimulus Measures From Central Banks Boost Gold Prices
September 25 2012 - 8:20AM
Marketwired
Gold stocks have been on an impressive run as of late as prices for
the precious metals have surged due to the potential of economic
stimulus from central banks across the globe. Gold prices reached a
6-month high last Thursday after the Federal Reserve announced
stimulus for the U.S. economy. The SPDR Gold Trust ETF (GLD) has
gained nearly 10 percent in the last month. Five Star Equities
examines the outlook for companies in the Gold Industry and
provides equity research on Gold Fields Ltd. (NYSE: GFI) and Yamana
Gold Inc. (NYSE: AUY) (TSX: YRI).
Access to the full company reports can be found at:
www.FiveStarEquities.com/GFI www.FiveStarEquities.com/AUY
Gold prices in August saw its largest monthly gain since January
when gold prices rose by 15 percent after the Fed announced it
would keep interest rates near zero till late 2014. The Federal
Reserve announced on Thursday that it would purchase $40 billion of
mortgage-backed securities a month, and would keep the benchmark
interest rate low till at least mid-2015. Year to date gold prices
are up 13 percent.
According to a recent report from Thomson Reuters GFM, gold
purchases from central banks in 2012 will total 493 metric tons, an
increase of 7.9 percent. Central banks have expanded reserves to
diversify from the dollar and protect themselves from a potential
gain in inflation.
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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 across the world. Gold
Fields also has an extensive and diverse global growth pipeline
with four major projects in resource development and feasibility,
with construction decisions expected in the next 18 to 24
months.
Yamana is a Canadian-based gold producer with significant gold
production, gold development stage properties, exploration
properties, and land positions in Brazil, Argentina, Chile, Mexico
and Colombia. The company last month reported it had acquired
Extorre Gold Mines Ltd. "We will be evaluating a plan for a 2015
start-up that targets a production level at or above 200,000 ounces
of gold equivalent(1) per year," stated Peter Marrone, Chairman and
CEO.
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