SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Jul 31, 2012) - Gold prices have recently hit a three-week high after comments from European Central Bank President Mario Draghi increased speculation that more quantitative easing was on the way."Within our mandate, the ECB is ready to do whatever it takes to preserve the euro," Mario Draghi said at a recent conference. "And believe me, it will be enough." The SPDR Gold Trust ETF (GLD) has risen 2.56 percent in the last week. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Kinross Gold Corporation (NYSE: KGC) (TSX: K) and Jaguar Mining Inc. (NYSE: JAG) (TSX: JAG).
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Gold prices hit as high as $1,628.60 an ounce last Friday, but settled at $1,618. Following Mario Draghi's comments German Chancellor Angela Merkel and French President François Hollande on Friday both had vowed to do "everything possible to protect the euro zone." A recent article from the Wall Street Journal suggested that Federal Reserve officials were growing impatient with the economy's recovery and were moving closer to stimulus.
"Gold has shown itself sensitive to monetary policy announcements this year and any indication of further easing would buoy gold prices, we believe," said James Steel, an analyst with HSBC, in a note.
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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 the United States. The company recently reported that it has completed the sale of their interest in the Crixás (Serra Grande) gold mine in Brazil to AngloGold Ashanti for $220 million. Kinross is scheduled to release second quarter 2012 financials on August 8, 2012.
Jaguar Mining is a gold producer in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar sold 30,138 ounces of gold at an average realized price of $1,691 per ounce in the three months ended March 31, 2012 compared to 39,794 ounces of gold at an average realized price of $1,386 per ounce in the three months ended March 31, 2011.
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