Gold has been attracting investor interest because it recently broke out of the $930 to $960 U.S. range that it had been trading in and climbed over $1,000.
The last time gold was over $1,000 was last March. In November, it dropped to $700 as stock-market prices fell sharply.
Many investors see investing in gold as a safe haven
We feel that gold could well move even higher. That’s because low interest rates and government stimulus spending are likely to spur inflation. This could prompt many investors to seek security by investing in gold.
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If you are interested in gold investing, we think you should do it through gold-mining stocks. Like bullion, gold-mining stocks benefit from increases in the price of gold. But unlike bullion, which comes with a continuing cash drain for management, insurance and so on, they have the potential to generate income. And we feel that the best way to profit from investing in gold stocks is to look for companies with sound production, positive cash flow and strong prospects.
Future is bright for New Gold
Stock Pickers Digest is our advisory newsletter covering riskier or speculative investments, and that includes gold stocks.
In a recent Stock Pickers Digest hotline, we updated subscribers on a gold stock we began covering a couple of years ago, New Gold (symbol NGD on Toronto).
New Gold has three operating mines: the Mesquite mine in the United States, the Cerro San Pedro mine in Mexico and the Peak mine in Australia.
The company bought rival gold producer Western Goldfields earlier this year. It’s currently focused on developing Western Goldfields’ New Afton project in Kamloops, B.C. New Gold expects the project to begin full production in 2012. The company hopes New Afton will boost its total gold production by roughly 20%.
Acquisitions often come with hidden risks, so we’ll continue to keep a close eye on New Gold in our Stock Pickers Digest newsletter and Hotlines.
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