SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Jun 28, 2012) - Gold prices have struggled to maintain any upwards momentum in 2012 and as a result gold stocks have fallen. The Market Vectors Gold Miners ETF (GDX) and the Market Vectors Junior Gold Miners ETF (GDXJ) have fallen nearly 14 percent and 23 percent year-to-date. Since hitting a record of 1,921 dollars a troy ounce last September, gold prices have fallen to $1,583/oz. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Eldorado Gold Corp. (NYSE: EGO) (TSX: ELD) and Newmont Mining Corp. (NYSE: NEM).
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Gold prices could get a boost from increased demand in India, who up until the first quarter of 2012 was the world's top gold consumer. India's demand for the precious metal may rise as a result of monsoon rains. "If we have good monsoon rains, then gold demand could be anywhere between 750 and 800 metric tons this year," said Prithviraj Kothari, President of the Bombay Bullion Association. Mr. Kothari stated that India's gold purchases likely fell by 50 percent in the first half of 2012 to 250 tons from the first half of 2011. According to data from the World Gold Council the country's import of the precious metal totaled 969 tons last year.
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Eldorado Gold produces, develops and explores in countries with substantial geological potential, including Turkey, China, Brazil, Greece and Romania. For the first quarter of 2012 the company reported gold production of 155,535 ounces at an average cash operating cost of $452 per ounce, compared with 148,577 ounces at $410 per ounce in the first quarter of 2011.
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 will report second quarter 2012 results before the market opens on Friday, July 27, 2012.
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