NEW YORK, NY--(Marketwire - Feb 1, 2013) - Gold's appeal as a safe haven increased Wednesday as nation's gross domestic product unexpectedly shrank in the fourth quarter. "Gold is reasserting itself as a flight to quality asset," said Adam Klopfenstein, senior market strategist with Archer Financial. Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on Eldorado Gold Corp. (
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The Commerce Department reported GDP declined at an annual rate of 0.1 percent in the fourth quarter, which was the first contraction in 3 and 1/2 years. Gold prices surged 1.1 percent, its largest gain in over 3 weeks, to settle at $1,681.60 an ounce Wednesday. Gold prices posted its 12th consecutive year of gains with an increase of 6 percent in 2012.
"The investment case for gold looks robust, with recent action by governments indicating that real interest rates are likely to remain negative in 2013, and the risk of inflation has increased. In addition, the behavior of central banks suggests gold purchases look set to continue as diversification of currency exposure remains a key focus," said Evy Hambro, the manager of the BlackRock Gold & General fund, in a recent interview with the Telegraph.
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Eldorado's growth profile is ambitious. By 2016 the company aims to produce 1.7 million ounces of gold. That's more than double their forecasted 2012 gold production of 660,000 ounces and equates to 160% growth over five years. The company is scheduled to release its year end 2012 results on Friday, February 22nd.
Jaguar Mining owns or controls mineral resources in a land base of approximately 210,000 hectares in Brazil, including the Gurupi Project in the northern state of Maranhão. This vast resource base represents significant opportunity for future growth. For the full year 2012, the company's gold production totaled 102,823 ounces.
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