SOURCE: The Bedford Report

The Bedford Report

May 17, 2011 08:16 ET

Gold Producers Optimistic Bullion Prices Will Rise

The Bedford Report Provides Analyst Research on NovaGold and Rubicon Minerals

NEW YORK, NY--(Marketwire - May 17, 2011) - After a surprising drop to kick off the month of May, gold prices have begun to stabilize as US budget concerns and fear of inflation in emerging markets has led investors back into the precious metals market in order to avoid currency fluctuations. The Bedford Report examines the outlook for the Gold Market and provides research reports on NovaGold Resources, Inc. (NYSE Amex: NG) and Rubicon Minerals Corporation (NYSE Amex: RBY). Access to the full company reports can be found at:

Gold producers remain optimistic about the outlook of bullion prices. According to a report by metals consultancy GFMS Ltd. and Societe Generale, gold miners cut their combined hedge position by almost 25 percent during the last three months of 2010. Hedging programs allow producers to lock in current gold prices for future production, which guards against any potential price declines in the future. The strategy can backfire if spot metal prices rise above the hedged price. The buying back of outstanding hedge positions was a key element in gold's rally over the past decade.

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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 percent. Presently, India accounts for 32 percent of the global jewelery 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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