SOURCE: The Bedford Report

The Bedford Report

August 05, 2011 08:16 ET

Recent Market Unrest Fails to Hurt Gold Stocks

The Bedford Report Provides Equity Research on Yamana Gold and Great Basin Gold

NEW YORK, NY--(Marketwire - Aug 5, 2011) - Gold prices are currently at record highs as weaker than expected economic growth has led investors to scrutinize the future of the dollar. The dollar recently sunk to new lows against the Swiss franc and a four-month low against the yen, giving gold prices an added boost. Gold denominated in dollars appears cheaper to investors holding foreign currencies when the greenback weakens. The Bedford Report examines the Gold Industry and provides equity research on Yamana Gold, Inc. (NYSE: AUY) (TSX: YRI) and Great Basin Gold Ltd. (NYSE Amex: GBG) (TSX: GBG). Access to the full company reports can be found at:

Strong physical gold demand from China has also helped support gold prices even when investor demand has tailed off. Chuck Jeannes, chief executive officer of Goldcorp, explains that while global demand for gold is advancing on concerns about financial turmoil in the US and some European countries, consumers in China are buying larger amounts of the metal as an inflation hedge.

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Investors have also sought out Gold producers, many of which have posted record profits during the latest gold rush.

Yamana said its gold equivalent production rose 10 percent to more than 278,000 ounces in the second quarter, while its average realized gold price gained 25 percent to over $1,500 an ounce. On Wednesday Yamana declared its quarterly dividend of 4.5 cents per share, an increase of 50% over its prior dividend.

Great Basin Gold Ltd., which owns the Burnstone mine in South Africa and the Hollister mine in Nevada in the United States, recovered 5,511 ounces of gold and sold 2,794 ounces in the most recent quarter to record revenue of $3.8 million.

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