NEW YORK, NY--(Marketwire - Jan 2, 2013) - Gold stocks have surged recently on optimism that policy makers would come up with an alternative to the upcoming "fiscal cliff". Gold prices have gained 6 percent in 2012, marking its 12th consecutive year of gains. The Market Vectors Gold Miners ETF (GDX) spiked 3.36 percent on the last trading day of 2012. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on Eldorado Gold Corp. (NYSE: EGO) (TSX: ELD) and Kinross Gold Corp. (NYSE: KGC) (TSX: K).
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Gold futures surged 1.2 percent to end the year as news broke a deal to resolve the fiscal cliff was "within sight" according to a statement by the President. Prices for the commodity had been dragged down in December, down 2.1 percent for the month, as investors braced for higher taxes in the coming year.
"Today it appears that an agreement to prevent this New Year's tax hike is within sight, but it is not done," President Obama said. "There are still issues left to resolve, but we're hopeful that Congress can get it done, but it's not done."
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Eldorado Gold is a low-cost gold producer with operations in Asia, Europe and South America. The company has seven operating mines and a pipeline of projects in different stages of construction and development. The company has set 2012 production guidance at 660,000 ounces of gold at cash operating costs of approximately $465 per ounce.
Kinross is a Canadian-based gold mining company with mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and the United States. The Company remains on track to meet its 2012 production forecast of approximately 2.5-2.6 million gold equivalent ounces. Shares of the company have fallen over 14 percent in 2012.
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