NEW YORK, NY--(Marketwire - Feb 4, 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 AuRico Gold Inc. (
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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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AuRico Gold is a leading Canadian gold producer with mines and projects in North America that have significant production growth and exploration potential. The company expects total production of 190,000 to 220,000 gold ounces in 2013 due largely to increased production from the Young-Davidson mine, which began commercial production on September 1, 2012.
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. The company is scheduled to release its fourth quarter 2012 results after market close on Wednesday, February 20th. According to their preliminary results Yamana is expecting to report record fourth quarter production of 322,800 gold equivalent ounces.
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