Short-Term Outlook for Gold Bullish as Lawmakers Seek to Find Solution for Upcoming "Fiscal Cliff"
November 26 2012 - 8:20AM
Marketwired
Gold stocks surged Wednesday as gold futures gained nearly $20 an
ounce to settle at a 1-month high on optimism that lawmakers could
make a deal which would avoid the upcoming "fiscal cliff." The
Market Vectors Gold Miners ETF (GDX) spiked 1.5 percent last
Wednesday. The Paragon Report examines investing opportunities in
the Gold Industry and provides equity research on Gold Fields Ltd.
(NYSE: GFI) and Golden Star Resources Ltd. (NYSE: GSS) (TSX: GSC).
Access to the full company reports can be found at:
www.ParagonReport.com/GFI www.ParagonReport.com/GSS
The "fiscal cliff" is a combination of government spending cuts
and tax increases set to take effect at the beginning of 2013
unless lawmakers reach a compromise on a new budget deal. The
Treasury Department has recently reported that the October deficit,
which is the first month of the new fiscal year, grew 22 percent to
$120 billion. Gold historically has gained in times of economic
uncertainty as investors look to it as a safe haven.
"Unless there is a clear agreement between the Democrats and
Republicans on the solution to the so-called U.S. fiscal cliff, the
short-term direction is bullish for gold," said Chintan Karnani,
chief analyst at Insignia Consultants.
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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 attributable gold
production to be 810,000 gold equivalent ounces in the third
quarter.
Golden Star Resources holds the largest land package in one of
the world's largest and most prolific gold producing regions. The
Company holds a 90% equity interest in Golden Star Ltd and Golden
Star Ltd., which respectively own the Bogoso/Prestea and Wassa/HBB
open-pit gold mines in Ghana, West Africa. The company reported
gold sales increased 9 percent to 80,826 ounces in the third
quarter.
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compensated by other third party organizations for advertising
services. We act as an independent research portal and are aware
that all investment entails inherent risks. Please view the full
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