China Gold-Investment Demand to Grow More Than 10% - Eldorado Gold and AngloGold Ashanti Look to Benefit
13.06.2012 | Marketwire
Five Star Equities Provides Stock Research on Eldorado Gold and AngloGold AshantiNEW YORK, NY -- (Marketwire) -- 06/13/12 -- As conditions in Europe continue to worsen investors have been looking to gold as a safe haven, providing a boost for gold stocks. The Market Vectors Gold Miners ETF (GDX) has surged over 9 percent in the last month. According to the Industrial and Commercial Bank of China Ltd. (ICBC) gold-investment demand in China is expected to grow more than 10 percent this year. Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on Eldorado Gold Corp. (NYSE: EGO) (TSX: ELD) and AngloGold Ashanti Ltd. (NYSE: AU).
Access to the full company reports can be found at:
www.FiveStarEquities.com/EGO
www.FiveStarEquities.com/AU
In the first quarter of 2012 investment demand for gold was a record 98.6 metric tons, a 13 percent increase from the year ago quarter according to numbers in a recent Bloomberg article. The World Gold Council predicts that in 2012 China will top India as the largest bullion market. "It's necessary for individual, institutional or even government investors to hold gold when the value of money is decreasing at a time of possible quantitative easing or excessive money-printing practices," said Zheng Zhiguang, general manager of the precious-metals department at ICBC.
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Eldorado Gold's Resource and Reserve statement as of December 31, 2011 had 19.05 million ounces of proven and probable gold reserves, out of a 22.89 million ounces of measured and indicated gold resources and 8.56 million ounces of inferred gold resources. Their exploration budget for 2012 is approximately US$66 million.
AngloGold Ashanti has 20 operations in 10 countries on four continents, as well as several exploration programs in both the established and new gold producing regions of the world AngloGold Ashanti which currently holds, through its subsidiaries, a 50% interest in the Serra Grande mine in Brazil, has agreed to acquire the remaining 50% stake in the mine from Kinross Gold Corporation for US$220 million in cash.
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