Gold Prices Look to Get a Boost From Increased Demand in India
28.06.2012 | Marketwire
The Paragon Report Provides Stock Research on Kinross Gold and Jaguar MiningNEW YORK, NY -- (Marketwire) -- 06/28/12 -- Gold prices have struggled to maintain any upwards momentum in 2012 and as a result gold stocks have struggled. The Market Vectors Gold Miners ETF (GDX) and the Market Vectors Junior Gold Miners ETF (GDXJ) have fallen nearly 14 percent and 23 percent year-to-date. Since hitting a record of 1,921 dollars a troy ounce last September, gold prices have fallen to $1,583/oz. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Kinross Gold Corp. (NYSE: KGC) (TSX: K) and Jaguar Mining Inc. (NYSE: JAG) (TSX: JAG).
Access to the full company reports can be found at:
www.ParagonReport.com/KGC
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Gold prices could get a boost from increased demand in India, who up until the first quarter of 2012 was the world's top gold consumer. India's demand for the precious metal may rise as a result of monsoon rains. "If we have good monsoon rains, then gold demand could be anywhere between 750 and 800 metric tons this year," said Prithviraj Kothari, President of the Bombay Bullion Association. Mr. Kothari stated that India's gold purchases likely fell by 50 percent in the first half of 2012 to 250 tons from the first half of 2011. According to data from the World Gold Council the country's import of the precious metal totaled 969 tons last year.
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Kinross Gold recently reported that it had agreed to sell its 50 percent stake in the Crixás gold mine to AngloGold Ashanti for $220 million. Kinross' share of Crixás' proven and probable gold reserves was approximately 375,000 ounces as of December 31, 2011, and its share of forecast production for 2012 was approximately 70,000 gold equivalent ounces.
Jaguar Mining is actively exploring and developing additional mineral resources at its approximate 256,300-hectare land base in Brazil. The company sold 30,138 ounces of gold at an average realized price of $1,691 per ounce in the three months ended March 31, 2012 compared to 39,794 ounces of gold at an average realized price of $1,386 per ounce in the three months ended March 31, 2011.
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