SOURCE: The Bedford Report
NEW YORK, NY--(Marketwire - Jun 29, 2011) - Fiscal policy in the United States has created a great deal of uncertainty surrounding the value of the American dollar over the past few years. In response to this, many investors have sought out precious metals and other commodities as safe havens for protecting their money. 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 stock research on Great Basin Gold Ltd. (NYSE Amex: GBG) (TSX: GBG) & New Gold, Inc. (NYSE Amex: NGD) (TSX: NGD). Access to the full company reports can be found at:
With the Federal Reserve ending its $600 billion treasury bond-buying program this month as planned, analysts have raised concerns that gold may be due for a significant pullback. According to a Reuters survey of financial professionals, at least half expect oil and gold prices to fall further in the third quarter, hurt by a stronger dollar that will make them more expensive to non-US investors.
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A drop in demand for gold could also hurt producers, many of which boosted spending as gold hit all-time highs.
New Gold recently budgeted $20 million to significantly increase the exploration program at the company's recently acquired Blackwater Project and is targeting 40,000 to 50,000 metres of drilling in the second half of 2011.
During the most recent quarter, Great Basin Gold closed an $86 million bought deal public offering with the proceeds from this transaction mainly being utilized for working capital requirements during the production build-up at its Burnstone Mine.
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