NEW YORK, NY--(Marketwire -07/31/12)- Gold prices have recently hit a three-week high after comments from European Central Bank President Mario Draghi increased speculation that more quantitative easing was on the way." Within our mandate, the ECB is ready to do whatever it takes to preserve the euro," Mario Draghi said at a recent conference. "And believe me, it will be enough." The SPDR Gold Trust ETF (GLD) has risen 2.56 percent in the last week. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Golden Star Resources Ltd. (GSS) (GSC.TO) and Great Basin Gold Ltd. (GBG) (GBG.TO).
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Gold prices hit as high as $1,628.60 an ounce last Friday, but settled at $1,618. Following Mario Draghi's comments German Chancellor Angela Merkel and French President François Hollande on Friday both had vowed to do "everything possible to protect the euro zone." A recent article from the Wall Street Journal suggested that Federal Reserve officials were growing impatient with the economy's recovery and were moving closer to stimulus.
"Gold has shown itself sensitive to monetary policy announcements this year and any indication of further easing would buoy gold prices, we believe," said James Steel, an analyst with HSBC, in a note.
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Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. The company produced a total of 85,183 ounces of gold in the second quarter ended June 30, 2012, well within its guidance range and nearly 10% higher than first quarter 2012 gold production of 77,725 ounces. During the first half of 2012, Golden Star produced 162,908 ounces of gold.
Great Basin Gold is currently focused on its two emerging flagship mines in the world's richest gold-producing regions, the Hollister gold mine located on the Carlin Trend in Nevada, USA and the Burnstone gold mine located in the Witwatersrand Basin goldfield of South Africa. Together, these operations comprise a total resource base of 23.4M Au oz and 7.3M Au oz reserves.
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- Mario Draghi