Gold Futures Surge to 1 Month Highs on Optimism That the Upcoming “Fiscal Cliff“ Can Be Avoided

The Paragon Report Provides Stock Research on Newmont Mining and Goldcorp

NEW YORK, NY -- (Marketwire) -- 11/26/12 -- Gold stocks surged Wednesday as gold futures gained nearly $20 an ounce to settle at a 1-month high on optimism that lawmakers could make a deal which would avoid the upcoming "fiscal cliff." The Market Vectors Gold Miners ETF (GDX) spiked 1.5 percent Wednesday. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Newmont Mining Corp. (NYSE: NEM) and Goldcorp Inc. (NYSE: GG) (TSX: G).


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The "fiscal cliff" is a combination of government spending cuts and tax increases set to take effect at the beginning of 2013 unless lawmakers reach a compromise on a new budget deal. The Treasury Department has recently reported that the October deficit, which is the first month of the new fiscal year, grew 22 percent to $120 billion. Gold historically has gained in times of economic uncertainty as investors look to it as a safe haven.

"Unless there is a clear agreement between the Democrats and Republicans on the solution to the so-called U.S. fiscal cliff, the short-term direction is bullish for gold," said Chintan Karnani, chief analyst at Insignia Consultants.

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Newmont is one of the largest gold companies in the world, with the majority working at core operations in the United States, Australia, Peru, Indonesia, New Zealand and Ghana. The company currently offers investors an annual dividend of $1.40 for a yield of roughly 2.95 percent. The company reported revenues of $2.5 billion in the third quarter.

Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged. The company currently offers investors an annual dividend of $0.54 per share for a yield of roughly 1.3 percent. Goldcorp recorded record revenues of $1.5 billion in the third quarter.

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