|By Marketwired .||
|January 4, 2013 08:21 AM EST||
NEW YORK, NY -- (Marketwire) -- 01/04/13 -- 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 Golden Star Resources Ltd. (NYSE: GSS) and Harmony Gold Mining Co. (NYSE: HMY).
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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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Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. The Company holds a 90% equity interest in Golden Star Ltd and Golden Star Ltd., which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West Africa. The company has recently promoted former COO Sam Coetzer to President and CEO effective January 1.
Harmony, one of the world's leading gold mining companies, has operations in South Africa and Papua New Guinea and produced 1.27 million ounces of gold in fiscal year 2012. In South Africa, the company has ten underground operations located on the world-renowned Witwatersrand Basin, one open-pit mine exploiting the Kraaipan Greenstone Belt, and several other surface operations.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at: http://www.paragonreport.com/disclaimer
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