NEW YORK, NY--(Marketwire - Feb 5, 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 Golden Star Resources Ltd. (
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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 last 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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Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. As a result of successful drilling programs, the company has decided to add an additional drilling rig to their Wassa drilling fleet, bringing the total to six rigs. "This new drilling strongly suggests that Wassa Main's overall average grade should increase and contained gold should grow significantly from where we are today." commented Sam Coetzer, President and CEO.
Harmony reported an operating profit of R1.6 billion (US$188 million) in the fourth quarter, an increase of 16 percent. Harmony has recently reported that they have made progress in their negotiations with their Kusasalethu employees and are "one step closer to finding a sustainable solution to re-opening Kusasalethu" mine.
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