SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Aug 30, 2012) - While the price of gold has faced several headwinds of late, several analysts are optimistic gold could make a run in the second half of 2012 due to the ongoing accommodative monetary policies across the globe. A recent survey from Bloomberg shows that gold could be set for its best year since 2010. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Gold Fields Ltd. (NYSE: GFI) and Newmont Mining Corp. (NYSE: NEM).
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Gold prices could reach as high as $1,800 an ounce by the end of the year, according to the median forecast of 15 traders and analysts surveyed by Bloomberg at a recent conference. The 15 percent gain would be the largest since gold prices surged 30 percent in 2010. Gold is positioned for its 12th consecutive year of gains as potential economic stimulus from governments around the globe boost investment demand for the precious metal.
"The euro zone has been quiet of late, but that doesn't mean the problems have disappeared," said Jeffrey Rhodes, global head of precious metals at INTL FCStone Inc. "The U.S. economy has been sluggish and there is a growing belief that there is going to be QE3 soon. This anticipation is driving the market."
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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. The company reported that that attributable group production for second quarter 2012 is expected to be 862,000 gold equivalent ounces, which is 4 percent higher than the first quarter.
As of December 31, 2011, Newmont had proven and probable gold reserves of 98.8 million attributable ounces and an aggregate land position of approximately 31,571 square miles (81,767 square kilometers). The company announced a third quarter gold price-linked dividend of $0.35 per share, up 17 percent from the prior year quarter.
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