NEW YORK, NY--(Marketwire -09/04/12)- Gold stocks have surged in the last month as prices for the precious metal have rallied sharply due to potential economic stimulus from central banks across the globe. The Market Vectors Gold Miners ETF (GDX) has gained over 14 percent in the last month. Gold prices have recently hit a five month high. Gold prices in August saw their largest monthly gain since January. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Rubicon Minerals Corp. (RBY) (RMX.TO) and Golden Star Resources Ltd. (GSS) (GSC.TO).
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Gold prices could reach as high as $1,800 an ounce by the end of the year according to the median forecast of 15 traders and analysts surveyed by Bloomberg at a recent conference. The 15 percent gain would be the largest since gold prices surged 30 percent in 2010. Gold is positioned for its 12th consecutive year of gains as potential economic stimulus from governments around the globe boost investment demand for the precious metal.
"Chairman Bernanke provided a clear case and justification for past and future endeavors of quantitative easing," said Global Hunter Securities analyst, Jeffrey Wright. "We think the door is wide open for more quantitative easing in 2012."
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Rubicon Minerals Corporation is an exploration and development company, focused on developing its flagship Phoenix Gold Project in Red Lake, Ontario. Red Lake is home to the richest gold deposit in the world operated by Goldcorp Inc. The Red Lake and Campbell mines combined past production, current reserves and resources total more than 24 million oz.
Golden Star has maintained an aggressive exploration program. Year over year, our exploration budget has ranged between $10 and $20 million per year. The exploration expenditures for 2012 are expected to total $14 to $16 million. At June 30, 2012, Golden Star had approximately $105.7 million in cash and cash equivalents versus $103.6 million at December 31, 2011.
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