NEW YORK, NY--(Marketwire -03/02/12)- After a solid start to the year, gold mining stocks have struggled of late. The Market Vectors Gold Miners ETF (GDX) is down more than 3 percent over the last month, while the Market Vectors Junior Gold Miners ETF (GDXJ) has crumbled more than 6 percent over the that period. Five Star Equities examines the outlook for companies in the Gold industry and provides equity research on Rubicon Minerals Corporation (AMEX: RBY - News) (TSX: RMX.TO - News) and Yamana Gold, Inc. (NYSE: AUY - News) (TSX: YRI.TO - News). Access to the full company reports can be found at:
Earlier this week gold suffered its biggest one-day drop in more than three years after Federal Reserve Chairman Ben Bernanke disappointed investors who had hoped for a strong signal of more stimulus. Goldman Sachs' chief U.S. economist, Jan Hatzius, wrote in a note to clients that Bernanke's "prepared statement offered no clear signal about further easing." The reduced potential for quantitative easing led to a rally in the U.S. dollar and substantial weakness in precious metals.
In his semi-annual speech before Congress, Bernanke acknowledged improvement in the labor market and said that headwinds such as Europe and a weak housing market would fade beyond 2012.
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Yamana Gold Inc. engages in gold and other precious metals mining, and related activities, including exploration, extraction, processing, and reclamation. Last month the company announced its mineral reserves and resources for the year ended December 31, 2011. Yamana's total gold equivalent ounces, or GEO, in the proven and probable mineral reserves category increased by 2.0M ounces to 18.6M ounces, which represents an 11% increase over the previous year.
Rubicon Minerals Corporation, a mineral exploration company, engages in the acquisition, exploration, and development of mineral properties in Canada and the United States. On Wednesday the company reported that it closed its previously announced bought deal equity financing of 49,000,000 common shares of the Company at a price of Cdn$4.10 per share for aggregate gross proceeds to the Company of Cdn$200,900,000.
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