SOURCE: The Bedford Report

The Bedford Report

July 15, 2011 08:16 ET

Gold Producers Boost Production to Capitalize on Record Prices

The Bedford Report Provides Equity Research on Yamana Gold & Golden Star Resources

NEW YORK, NY--(Marketwire - Jul 15, 2011) - Gold prices edged close to record highs this week after the US government's credit rating was placed on review. Gold is widely considered an alternative currency and continues to benefit from fresh buying interest as investors scrutinize the future of the dollar. Investors have also sought out Gold producers, many of which have posted record profits during the latest gold rush. The Bedford Report examines the outlook for the Gold Market and provides equity research on Yamana Gold, Inc. (NYSE: AUY) & Golden Star Resources, Ltd. (NYSE Amex: GSS) (TSX: GSC). Access to the full company reports can be found at:

Strong physical demand for gold from India has also helped support gold prices even when investor demand has tailed off. A recent report from the World Gold Council (WGC) titled 'India: Heart of Gold' argues that Gold demand in India will continue to be robust in the next decade. The report estimates that cumulative annual demand will be in excess of 1,200 tonnes by 2020, registering a growth of 33 per cent. Presently India accounts for 32 percent of the global jewellery and investment demand. "Demand for gold will be driven by savings and growing income levels," said Ian Tefler, chairman of WGC.

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The uptick in demand for gold could also benefit producers, many of which are boosting production as gold hits all-time highs. Yamana Gold boosted production by 11 percent to 267,368 gold equivalent ounces in the most recent quarter. The company posted first quarter earnings of $148 million, or 20 cents a share, up from $132 million, or 18 cents a share, a year earlier.

Golden Star Resources has also boosted production of late. Tom Mair, President and CEO of Golden Star Resources, said the company "saw an increase in gold production from the fourth quarter of 2010 to the first quarter of this year."

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