AngloGold Ashanti Ltd., Africa's largest Gold producer, said Monday it expects the precious metal to trade above 1,700 oz at some point during Y 2012, prices will remain volatile.
Chief EO Mark Cutifani said Gold will be boosted by the fact that "Europeans have not come to grips with what they're facing" and election uncertainty coming up in the USA. "Winds are starting to turn favorable for Gold," Mr. Cutifani said.
The Gold mining company reported a drop in profit during Q-2, due in part to a 5% lower Gold price.
AngloGold said costs to operate in South Africa will also rise in the next Quarter due to higher labor wages kicking in along with an increase in power tariffs.
The company said it maintains its full year output target of 4.3-M ozs to 4.4-M ozs at a total cash cost of $780/oz to $805/oz. It plans to bring 3 new projects online by the end of Y 2013 which could add combined annual output of just over a 1-M ozs.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.