NEW YORK, NY--(Marketwire - Nov 26, 2012) - Gold stocks surged Wednesday as gold futures gained nearly $20 an ounce to settle at a 1-month high on optimism that lawmakers could make a deal which would avoid the upcoming "fiscal cliff." The Market Vectors Gold Miners ETF (GDX) spiked 1.5 percent last Wednesday. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Gold Fields Ltd. (
The "fiscal cliff" is a combination of government spending cuts and tax increases set to take effect at the beginning of 2013 unless lawmakers reach a compromise on a new budget deal. The Treasury Department has recently reported that the October deficit, which is the first month of the new fiscal year, grew 22 percent to $120 billion. Gold historically has gained in times of economic uncertainty as investors look to it as a safe haven.
"Unless there is a clear agreement between the Democrats and Republicans on the solution to the so-called U.S. fiscal cliff, the short-term direction is bullish for gold," said Chintan Karnani, chief analyst at Insignia Consultants.
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Gold Fields is one of the world's largest un-hedged producers of gold with attributable annualized production of 3.5 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa. The company expects attributable gold production to be 810,000 gold equivalent ounces in the third quarter.
Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. The Company holds a 90% equity interest in Golden Star Ltd and Golden Star Ltd., which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West Africa. The company reported gold sales increased 9 percent to 80,826 ounces in the third quarter.
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