SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Oct 9, 2012) - Gold Prices last week reached an 11-month high of $1,796.50 an ounce after comments by European Central Bank President Mario Draghi suggested that more bailouts may be forthcoming. Draghi had stated that euro is "irreversible," and that the central bank stood prepared to purchase the bonds of indebted countries. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Kinross Gold Corporation (NYSE: KGC) (TSX: K) and Golden Star Resources Ltd. (NYSE: GSS) (TSX: GSC).
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"We expect fears towards the fiscal outlook will likely intensify during the fourth quarter along with the possibility of a U.S. credit downgrade event. This will prove to be most beneficial to the precious metals complex and specifically gold, in our view," Deutsche Bank analysts said in a report.
Commerzbank analysts noted that exchange-traded funds have recently increased their holdings of physical gold. ETF's holdings of bullion on Wednesday reached a record of 2,554 tons, an increase of 164 tons since the end of July Commerzbank reported.
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Kinross is a Canadian-based gold mining company with mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and United States. Kinross reported for the second quarter of 2012 production of 632,772 gold equivalent ounces, compared with 660,807 ounces in second quarter 2011. The company is scheduled to release its financial statements and operating results for the third quarter of 2012 on Wednesday, November 7.
Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. For the fourth quarter of 2012 the company expects to produce approximately 87,000 ounces to 92,000 ounces of gold, resulting in a range of approximately 333,000 to 338,000 ounces for the year.
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