NEW YORK, NY--(Marketwire - Nov 22, 2012) - 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 Brigus Gold Corp. (NYSE: BRD) (TSX: BRD) and Jaguar Mining Inc. (NYSE: JAG) (TSX: JAG).
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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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Brigus Gold has reported a total of 480,850 indicated ounces on the Grey Fox property of the Black Fox Complex. The company has recently announced production in the third quarter totaled 19,526 ounces of gold, a 7 percent sequential increase, and a 16 percent increase year-over-year. Brigus Gold earlier this month completed a $10 million flow-through share financing.
Jaguar Mining is a gold producer in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar is also engaged in developing the Gurupi Project in the state of Maranhão. Jaguar sold 23,307 ounces of gold at an average realized price of $1,648 per ounce in the third quarter compared to 41,390 ounces of gold at an average realized price of $1,692 per ounce in the third quarter 2011.
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