NEW YORK, NY -- (Marketwire) -- 08/05/11 -- Gold prices are currently at record highs as weaker than expected economic growth has led investors to scrutinize the future of the dollar. The dollar recently sunk to new lows against the Swiss franc and a four-month low against the yen, giving gold prices an added boost. Gold denominated in dollars appears cheaper to investors holding foreign currencies when the greenback weakens. The Bedford Report examines the Gold Industry and provides equity research on AuRico Gold, Inc. (NYSE: AUQ) (TSX: AUQ) and Rubicon Minerals Corporation (NYSE Amex: RBY) (TSX: RMX). Access to the full company reports can be found at:
Strong physical gold demand from China has also helped support gold prices even when investor demand has tailed off. Chuck Jeannes, chief executive officer of Goldcorp, explains that while global demand for gold is advancing on concerns about financial turmoil in the US and some European countries, consumers in China are buying larger amounts of the metal as an inflation hedge.
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Investors have also sought out Gold producers, many of which have posted record profits during the latest gold rush.
Last month AuRico Gold announced a "significant increase in production as well as record operating cash flow and net free cash flow for the second quarter." During the second quarter, the company's Ocampo mine produced 19 percent more realized gold equivalent ounces as compared to the first quarter at cash costs of $340 per realized gold equivalent ounce, resulting in a record margin of 77 percent or $1,171 per gold equivalent ounce.
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