“Some gold miners are hitting new 52-week lows. AngloGold Ashanti’s (AU) U.S. listed stock was recently down 3.9% to $32.75,” wrote the Wall Street Journal’s MarketWatch blog on April 10th. Indeed, AngloGold Ashanti had been trading at $47 only two months back in February after which it went into a nosedive. Perhaps you should not be plunking your spare change into AngloGold? But wait — you’ve heard of PIGS; eurozone; debt crisis. Put all those red-flag terms and phrases together and they spell “U-P” for gold and precious metals stocks, sooner or later. For those and a few other reasons, there’s only one direction for AngloGold Ashanti to head: up – or at least, not down. This is not meant to imply a short-term bullish outlook on AngloGold, just a short-term non-bearishoutlook.
AngloGold focuses on gold mining and extraction throughout Africa. It also mines silver and mineral salts, and operates in Australia and the western hemisphere. That said, it is gold-centric and Africa-centric: it is headquartered in Johannesburg, is Africa’s biggest gold producing company and obtains about 40% of its gold from South African mines. AngloGold’s 2003 purchase of Ashanti Goldfields of Ghana created what is now a trillion-dollar company
Like most miners, be they diversified or precious metals, AngloGold’s stock has taken a hit. Above $48 in mid-November and mid-December, it now trades at around 33. AngloGold can take solace from rival Agnico-Eagle Mines (AEM) plight. Riding high at $70 in September, it too has tumbled and is trading at around $32.To continue reading, click here.
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