NEW YORK, NY--(Marketwire -06/04/12)- After a solid start to the year, gold mining stocks have struggled of late. The Market Vectors Gold Miners ETF (GDX) is down almost 15 percent year-to-date, while the Market Vectors Junior Gold Miners ETF (GDXJ) has crumbled nearly 22 percent over the same period. The Paragon Report examines investing opportunities in Gold Industry and provides equity research on Newmont Mining Corp. (NEM) and Harmony Gold Mining Company (HMY).
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Gold prices, as of Tuesday, have fallen 7 percent this month settling at $1,548.60 per troy ounce, gold prices are now down 1.1 percent for the year. This has been the first time since 2008 that gold prices have been negative this late in the year. In times of financial crisis investors historically have rushed to gold as a safe haven. It now seems that gold may be losing its safe haven status as investors instead have been flocking to U.S. Treasury and German bonds. "They're trumping gold as a safe haven," said James Steel, a gold analyst at HSBC.
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Newmont Mining Corporation is primarily a gold producer, with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont is one of the world's largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500.
In FY11, Harmony produced 1.3 million ounces of gold, making it one of the world's largest gold mining companies. The group's operations are located primarily on the Witwatersrand Basin in South Africa, with a highly prospective exploration portfolio and open-pit mining operation in Papua New Guinea. The company announced that the net profit for the nine months ended 31 March 2012 was US$332 million, 285% higher when compared to US$93 million for the corresponding nine months of the previous year.
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