Analysts Predict Bullish Short-Term Outlook for Gold as Lawmakers Look to Avoid "Fiscal Cliff"
23 November 2012 - 2:20PM
Marketwired
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 Wednesday.
The Paragon Report examines investing opportunities in the Gold
Industry and provides equity research on Eldorado Gold Corp. (NYSE:
EGO) (TSX: ELD) and New Gold Inc. (NYSE: NGD) (TSX: NGD).
Access to the full company reports can be found at:
www.ParagonReport.com/EGO
www.ParagonReport.com/NGD
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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Eldorado Gold is a Canadian international gold producer with
seven operating mines, three mines under construction, three
development projects and an extensive exploration program. The
company operates in China, Turkey, Brazil, Greece and Romania. For
the third quarter of 2012 Eldorado reported gold sales of 165,365
ounces at $1,670 per ounce.
New Gold is an intermediate gold mining company. The company has
a portfolio of four producing assets and two significant
development projects. The company's New Afton project successfully
transitioned into production, achieving full mill design throughput
of 11,000 tons per day over one month ahead of schedule.
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