The Bank of Korea Boosts Gold Stockpiles Third Time Since June 2011 – (KGC, AUY, MG)


The government banks are raising gold stockpiles after the metal moved up for 11 years in a row as investors wanted a hedge against everything from increasing inflation to Europe’s financial worries to falling equities. The World Gold Council predicts banks purchases in 2012 will most likely surpass the 456 tons added last year.

The Bank of Korea, which maintains the world’s seventh-largest foreign-exchange reserves, raised gold reserves for the third time since June 2011, joining central banks from Russia to Kazakhstan in adding gold to diversify assets. The bank purchased 16 metric tons in July, boosting stockpiles to 70.4 tons, according to Lee Jung, who is a head of the investment strategy team at the bank’s Reserve Investment Division. Reserves rose by $810 million to $2.98 billion or the equivalent of 0.9 percent of total reserves, according to the bank statement.

Kinross Gold Corporation (USA) (NYSE:KGC)

In last trading session, Kinross Gold Corporation (USA) (NYSE:KGC) dropped -4.45% and closed at $7.94 with the total traded volume of 22.82 million shares. MS has market capitalization of 9.04 billion.

KGC has earnings per share of -$1.95 with the net profit margin of -54.59%.

Kinross Gold Corp declared that its Board of Directors has appointed J. Paul Rollinson (formerly Executive Vice-President, Corporate Development) as Chief Executive Officer of Kinross,  replacing Tye W. Burt. Mr. Rollinson has also replaced Mr. Burt on the Kinross Board of Directors.

Yamana Gold Inc. (USA) (NYSE:AUY)

Shares of Yamana Gold (AUY) are upgraded by HSBC from a neutral rating to an overweight rating. HSBC now has an $18.00 price target on the stock. Yamana Gold Inc. engages in the exploration, development, and production of mineral properties, primarily gold.

In last trading session, Yamana Gold Inc. (USA) (NYSE:AUY) fell -0.61% to close at $14.72 and its overall volume during last trading session was 13.43 million shares. Its opening price was $14.70 while its shares hit the day high price of $15.35 and day low of $14.54.

NovaGold Resources Inc. (USA) (NYSEAMEX:NG)

NovaGold Resources Inc. (USA) (NYSEAMEX:NG) reported the increase of +0.50% with the closing price of $3.99. The overall volume in the last trading session was 3.48 million shares. The total market capitalization remained $4.03 million.

NG is ahead of its 52 week low with 10.53% and its last month price volatility remained 5.02%. Company’s current year earnings per share grew 106.20%.


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