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 IAMGOLD Corporation (
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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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IAMGOLD is a leading mid-tier gold producer with five operating gold mines (including current joint ventures) on three continents. The company's growth plans are strategically focused in certain regions in Canada, select countries in South America and Africa. The company reported gold production of 214,000 attributable ounces for the fourth quarter of 2012.
New Gold has a portfolio of four producing assets and two significant development projects. The company's New Afton project met its targeted June 2012 production start and began commercial production ahead of schedule in July 2012. New Gold is forecasting between 405,000 and 445,000 ounces of gold production in 2012. The company is scheduled to release its fourth quarter results on February 27th.
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