Gold Futures Surge to 1 Month Highs on Optimism That the Upcoming "Fiscal Cliff" Can Be Avoided
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 Wednesday.
The Paragon Report examines investing opportunities in the Gold
Industry and provides equity research on Newmont Mining Corp.
(NYSE: NEM) and Goldcorp Inc. (NYSE: GG) (TSX: G).
Access to the full company reports can be found at:
www.ParagonReport.com/NEM www.ParagonReport.com/GG
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.
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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Newmont is one of the largest gold companies in the world, with
the majority working at core operations in the United States,
Australia, Peru, Indonesia, New Zealand and Ghana. The company
currently offers investors an annual dividend of $1.40 for a yield
of roughly 2.95 percent. The company reported revenues of $2.5
billion in the third quarter.
Goldcorp is one of the world's fastest growing senior gold
producers. Its low-cost gold production is located in safe
jurisdictions in the Americas and remains 100% unhedged. The
company currently offers investors an annual dividend of $0.54 per
share for a yield of roughly 1.3 percent. Goldcorp recorded record
revenues of $1.5 billion in the third quarter.
The Paragon Report has not been compensated by any of the
above-mentioned publicly traded companies. Paragon Report is
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that all investment entails inherent risks. Please view the full
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