NEW YORK, NY -- (Marketwire) -- 01/02/13 -- Gold stocks have surged recently on optimism that policy makers would come up with an alternative to the upcoming "fiscal cliff". Gold prices have gained 6 percent in 2012, marking its 12th consecutive year of gains. The Market Vectors Gold Miners ETF (GDX) spiked 3.36 percent on the last trading day of 2012. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Yamana Gold Inc. (NYSE: AUY) (TSX: YRI) and New Gold Inc. (NYSE: NGD) (TSX: NGD).
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Gold futures surged 1.2 percent to end the year as news broke a deal to resolve the fiscal cliff was "within sight" according to a statement by the President. Prices for the commodity had been dragged down in December, down 2.1 percent for the month, as investors braced for higher taxes in the coming year.
"Today it appears that an agreement to prevent this New Year's tax hike is within sight, but it is not done," President Obama said. "There are still issues left to resolve, but we're hopeful that Congress can get it done, but it's not done."
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Yamana Gold has a diversified portfolio of assets providing sustainable gold production supported by a large resource base. With expansions at current operations and projects currently under development, production is expected to increase by over 60 percent to be at a sustainable level of approximately 1.75 million GEO by 2014. Shares of the company have gained over 17 percent in 2012.
New Gold is an intermediate gold mining company. The company has a portfolio of four producing assets and two significant development projects. New Gold's New Afton project met its targeted June 2012 production start and began commercial production ahead of schedule in July 2012. The company has forecasted between 405,000 and 445,000 ounces of gold production in 2012.
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