NEW YORK, NY--(Marketwire - Feb 21, 2013) - Gold stocks have struggled in 2013 as growing optimism for the global economy has lessened gold's appeal as a safe haven. Both the Market Vectors Gold Miners ETF (GDX) and the Market Vectors Junior Gold Miners ETF (GDXJ) have fallen nearly 20 percent year-to-date. Research Driven Investing examines investing opportunities in the Gold Industry and provides equity research on Eldorado Gold Corp. (
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Since reaching $1,750 an ounce in December, gold prices have fallen as low as $1,590.20 a troy ounce, a six-month low. Investors have been worried that minutes released from the latest Federal Open Market Committee would signal an end to the third round of stimulus measures. Gold prices have declined for five consecutive sessions and are down approximately 5 percent in 2013.
"Investor risk appetite is on the upswing at the expense of demand for safe-haven assets like gold," said Jim Wyckoff, a Kitco Metals analyst.
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Eldorado produces, develops and explores in countries with significant geological potential. The company operates in Turkey, China, Greece, Brazil and Romania. Shares of Eldorado Gold have fallen over 26 percent year-to-date. Production was 659,369 ounces of gold for the year-end 2012, at a cash cost of $489. The company's mid-year guidance was 660,000 ounces at $465 per ounce.
At Kinross, their strong operating results are driven by a focused portfolio of nine mines located in four key regions: South America, North America, West Africa and Russia. Shares of the company have declined over 22 percent year-to-date. The company reported production of 2,617,813 equivalent ounces for the full year 2012, exceeding their guidance of 2.5-2.6 million gold equivalent ounces.
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