Improving Margins Help Gold Miners Outperform Bullion in the Third Quarter
November 05 2012 - 8:20AM
Marketwired
After a strong third quarter, gold mining stocks have struggled of
late. The Market Vectors Gold Miners ETF (GDX) is down more than 4
percent over the last month, while the Market Vectors Junior Gold
Miners ETF (GDXJ) has crumbled more than 5 percent over the that
period. Five Star Equities examines the outlook for companies in
the Gold Industry and provides equity research on Goldcorp Inc.
(NYSE: GG)(TSX: G) and Gold Fields Ltd. (NYSE: GFI).
Access to the full company reports can be found at:
www.FiveStarEquities.com/GG www.FiveStarEquities.com/GFI
Since the end of June until now gold stocks have begun to
outperform bullion. Over that time period the S&P/TSX Global
Gold Index has gained 12 percent, while gold futures in New York
have gained roughly 6.7 percent. Shares of major gold companies
such as Goldcorp Inc. and Agnico-Eagle Mines Ltd. have surged
recently as earnings have beat profit estimates as a result of
lower costs and higher cash flow.
"The gold shares are starting to outperform the gold price,"
David Christensen, CEO of ASA Gold and Precious Metals Ltd. "As the
companies begin to tighten their operating constraints and generate
more cash flow; we're seeing some of that turnaround in the
valuations in the industry."
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Goldcorp is the fastest-growing, lowest-cost senior gold
producer, with operations and development projects in politically
stable jurisdictions throughout the Americas. The company reported
record revenues of $1.5 billion in the third quarter. Goldcorp
produced a total of 592,500 ounces of gold during the third
quarter.
Gold Fields is one of the world's largest un-hedged 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. The company expects production of 810,000
gold equivalent ounces in the third quarter of 2012.
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