Gold Prices Surge to 11-Month High as More Bailouts May Be on the Way for Euro-Zone
October 10 2012 - 8:20AM
Marketwired
Gold Prices last week reached a 11-month high of $1,796.50 an ounce
after comments by European Central Bank President Mario Draghi
suggested that more bailouts may be forthcoming. Draghi had stated
that euro is "irreversible," and that the central bank stood
prepared to purchase the bonds of indebted countries. The Paragon
Report examines investing opportunities in the Gold Industry and
provides equity research on Gold Fields Ltd. (NYSE: GFI) and New
Gold Inc. (NYSE: NGD)(TSX: NGD).
Access to the full company reports can be found at:
www.ParagonReport.com/GFI www.ParagonReport.com/NGD
"We expect fears towards the fiscal outlook will likely
intensify during the fourth quarter along with the possibility of a
U.S. credit downgrade event. This will prove to be most beneficial
to the precious metals complex and specifically gold, in our view,"
Deutsche Bank analysts said in a report.
Commerzbank analysts noted that exchange-traded funds have
recently increased their holdings of physical gold. ETF's holdings
of bullion on Wednesday reached a record of 2,554 tons, an increase
of 164 tons since the end of July, Commerzbank reported.
Paragon Report releases regular market updates on the Gold
Industry so investors can stay ahead of the crowd and make the best
investment decisions to maximize their returns. Take a few minutes
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Gold Fields recently reached a formal agreement with the
National Union of Mineworkers to implement a new operating model at
its developing South Deep Gold Mine in South Africa. "This
agreement will define the future of South Deep and position it to
become one of the most modern underground mechanized mines both
locally and internationally. The agreement shows that there is
indeed room for constructive collaboration in South African labor
relations," said Gold Fields CEO Nick Holland.
New Gold is an intermediate gold mining company. The company has
a portfolio of four producing assets and two significant
development projects. The company's New Afton project met its
targeted June 2012 production start and began commercial production
ahead of schedule in July 2012. Shares of New Gold have gained over
25 percent in the last three months.
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that all investment entails inherent risks. Please view the full
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