NEW YORK, NY--(Marketwire -08/29/12)- While the price of gold has faced several headwinds of late, several analysts are optimistic gold could make a run in the second half of 2012 due to the ongoing accommodative monetary policies across the globe. A recent survey from Bloomberg shows that gold could be set for its best year since 2010. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Eldorado Gold Corp. (EGO) (ELD.TO) and New Gold Inc. (NGD) (NGD.TO).
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Gold prices could reach as high as $1,800 an ounce but 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.
"The euro zone has been quiet of late, but that doesn't mean the problems have disappeared," said Jeffrey Rhodes, global head of precious metals at INTL FCStone Inc. "The U.S. economy has been sluggish and there is a growing belief that there is going to be QE3 soon. This anticipation is driving the market."
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Eldorado's Resource and Reserve statement as of December 31, 2011 had 19.05 million ounces of proven and probable gold reserves, out of a 22.89 million ounces of measured and indicated gold resources and 8.56 million ounces of inferred gold resources. The company's 2012 gold production forecast is between 730,000-775,000 ounces of gold.
New Gold is an intermediate gold mining company. The company has a portfolio of four producing assets and two significant development projects. New Gold's New Afton project met its targeted June 2012 production start and is scheduled to begin commercial production in August 2012. The company reported gold production in the second quarter increased by 8 percent to 95,158 ounces from 88,478 ounces in the same period of the prior year.
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