NEW YORK, NY--(Marketwire - Feb 1, 2013) - Gold's appeal as a safe haven increased Wednesday as nation's gross domestic product unexpectedly shrank in the fourth quarter. "Gold is reasserting itself as a flight to quality asset," said Adam Klopfenstein, senior market strategist with Archer Financial. Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on NovaGold Resources Inc. (NYSE: NG) (TSX: NG) and Rubicon Minerals Corp. (NYSE: RBY) (TSX: RMX).
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The Commerce Department reported GDP declined at an annual rate of 0.1 percent in the fourth quarter, which was the first contraction in 3 and 1/2 years. Gold prices surged 1.1 percent, its largest gain in over 3 weeks, to settle at $1,681.60 an ounce Wednesday. Gold prices posted its 12th consecutive year of gains with an increase of 6 percent in 2012.
"The investment case for gold looks robust, with recent action by governments indicating that real interest rates are likely to remain negative in 2013, and the risk of inflation has increased. In addition, the behavior of central banks suggests gold purchases look set to continue as diversification of currency exposure remains a key focus," said Evy Hambro, the manager of the BlackRock Gold & General fund, in a recent interview with the Telegraph.
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NOVAGOLD is a well-financed precious metals company engaged in the exploration and development of mineral properties in North America. With approximately 39 million ounces of gold in the Measured and Indicated resource categories, the company's 50%-owned Donlin Gold is regarded to be one of the largest and most prospective known gold deposits in the world.
Rubicon is well funded and its flagship Phoenix Gold Project is fully permitted to potential production. The company plans to complete and release the summary of its updated mineral resource at the end of the first quarter of this year. The report will include data from over 100,000 m of core drilling since late 2011.
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