NEW YORK, NY -- (Marketwire) -- 11/23/12 -- Gold stocks surged Wednesday as gold futures gained nearly $20 an ounce to settle at a 1-month high on optimism that lawmakers could make a deal which would avoid the upcoming "fiscal cliff". The Market Vectors Gold Miners ETF (GDX) spiked 1.5 percent Wednesday. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on AuRico Gold Inc. (NYSE: AUQ) (TSX: AUQ) and NovaGold Resources Inc. (NYSE: NG) (TSX: NG).
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The "fiscal cliff" is a combination of government spending cuts and tax increases set to take effect at the beginning of 2013 unless lawmakers reach a compromise on a new budget deal. The Treasury Department has recently reported that the October deficit, which is the first month of the new fiscal year, grew 22 percent to $120 billion. Gold historically has gained in times of economic uncertainty as investors look to it as a safe haven.
"Unless there is a clear agreement between the Democrats and Republicans on the solution to the so-called U.S. fiscal cliff, the short-term direction is bullish for gold," said Chintan Karnani, chief analyst at Insignia Consultants.
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AuRico Gold's focus is on its core operations including the Young-Davidson gold mine in northern Ontario which declared commercial production on September 1st, 2012 and the El Chanate mine in Sonora State. AuRico's strong project pipeline also includes advanced development opportunities in Mexico and British Columbia. During October, the Young-Davidson mine produced 9,177 gold ounces.
NovaGold's Donlin Gold project, which is equally and jointly held with Barrick Gold Corporation -- the world's largest gold company -- is a uniquely attractive asset. In terms of the combined size, grade, exploration potential, production profile and jurisdiction, it is quite possibly the most important gold development project in the world today.
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