NEW YORK, NY--(Marketwire -03/27/12)- Gold prices posted the biggest one-day rise so far this month on Friday, reflecting higher oil prices and a sharp fall in the dollar as a result of disappointing U.S. housing market data. Another contributing factor was jewelry shops in India, the world's largest buyer, ending a five-day shutdown Thursday. The Paragon Report examines investing opportunities in the Gold industry and provides equity research on Royal Gold, Inc. (NASDAQ: RGLD - News) and Vista Gold Corp. (AMEX: VGZ - News) (TSX: VGZ.TO - News).
Jewelers in India were protesting tax increases that their government announced last week. There may be pent-up demand from the closures, Edel Tully, an analyst at UBS AG in London, recently wrote in a report. Rising fuel prices "create at least short-term inflation pressures," Federal Reserve Chairman Ben S. Bernanke said today during congressional testimony.
"We will see a rise in demand in the short term because of India coming back to the market," said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. "Bernanke's statements were gold friendly."
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Royal Gold, Inc. earlier this month announced that its Board of Directors has declared its second quarter dividend of US$0.15 per share of common stock. The dividend is payable on April 20, 2012 to shareholders of record at the close of business on April 5, 2012. The quarterly dividend of US$0.15 is also payable to holders of exchangeable shares of RG Exchangeco. This dividend is designated as an "eligible dividend" for Canadian tax purposes.
Vista Gold Corp. recently reported the initial results of the current resource conversion drilling program at its Mt. Todd gold project in Northern Territory, Australia, and provide an update on the Company's development activities at the Mt. Todd gold project as the definitive feasibility study nears completion. The Company has decided to build a project development team in Australia and to evaluate the potential for a larger project than contemplated in the feasibility study.
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