NEW YORK, NY--(Marketwire -06/13/12)- As conditions in Europe continue to worsen investors have been looking to gold as a safe haven, providing a boss for gold stocks. The Market Vectors Gold Miners ETF (GDX) has surged over 9 percent in the last month. According to the Industrial and Commercial Bank of China Ltd. (ICBC) gold-investment demand in China is expected to grow more than 10 percent this year. Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on Kinross Gold Corporation (KGC) (K.TO) and Yamana Gold Inc. (AUY) (YRI.TO).
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In the first quarter of 2012 investment demand for gold was a record 98.6 metric tons, a 13 percent increase from the year ago quarter according to numbers in a recent Bloomberg article. The World Gold Council predicts that in 2012 China will top India as the largest bullion market. "It's necessary for individual, institutional or even government investors to hold gold when the value of money is decreasing at a time of possible quantitative easing or excessive money-printing practices," said Zheng Zhiguang, general manager of the precious-metals department at ICBC.
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Kinross is a Canadian-based gold mining company with mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and the United States. The company recently announced that they have agreed to sell its 50 percent stake in the Crixás gold mine, located in the State of Goiás, Brazil, to AngloGold Ashanti Ltd. for $220 million.
Yamana Gold's exploration budget for 2012 is approximately $125 million. Exploration will continue to focus on mineral resource discovery and development as well as mineral reserve growth at existing operations, development projects and on new discoveries to continue developing the Company's project pipeline. A total of 390,000 meters of drilling at 16 projects will be completed as part of the 2012 program.
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