Euro Zone Crisis Deals Damaging Blow to Gold Prices Five Star Equities Provides Stock Research on Newmont Mining and Goldcorp
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Five Star Equities Provides Stock Research on Newmont Mining and Goldcorp
NEW YORK, NY -- (Marketwire) -- 05/10/12 -- Gold miner stock has had a dismal 2012; the Market Vectors Gold Miners ETF has plummeted over 24 percent in the last three months. Bullion prices fell below $1,600 an ounce Tuesday amid fresh concerns of a euro zone debt crisis. "Absent new monetary stimulus, gold doesn't make sense. When people are fearful of the fiat currencies eroding their wealth, that's when gold catches its bid," said Jeffrey Sherman, commodities portfolio manager at DoubleLine Capital. Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on Newmont Mining Corporation (NYSE: NEM) and Goldcorp Inc. (NYSE: GG).
Access to the full company reports can be found at:
www.FiveStarEquities.com/NEM
www.FiveStarEquities.com/GG
Political uncertainties in Greece and a leadership change in France cause prices for commodities across the board to sink Tuesday. Gold, which investors usually look to as a safe haven during times of political and financial crisis, fell sharply as investors began to question whether Europe would come through with the funding needed to bail out its economy. Analysts predict that gold prices could slide even further as there is little support under the $1,600 an ounce levels. "The fact that support has been broken on a daily, weekly and monthly time frame suggests that this selloff could get worse," said Adam Sarhan, CEO of investment research and consultant Sarhan Capital.
Five Star Equities releases regular market updates on the Gold Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.
Newmont Mining is primarily a gold producer, with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Founded in 1921 and publicly traded since 1925, Newmont is one of the world's largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500. The company recently reported net income from continuing operations of $561 million, up 9% from $514 million in the first quarter 2011.
Goldcorp's operating assets include five mines in Canada and the U.S., three mines in Mexico, and two in Central and South America. The company reported that gold sales in the first quarter were 545,700 ounces on production of 524,700 ounces. This compares to sales of 627,300 ounces on production of 637,600 ounces in the first quarter of 2011. Silver production totaled 6.6 million ounces compared to silver production of 6.1 million ounces in the prior year's first quarter.
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