Monex Precious Metals

1-800-444-8317

Thomson Reuters GFMS Gold Market News:

Date of Release: 4th May 2012

IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.

Newmont reported attributable gold production of 1.3 Moz in the first quarter of 2012, down 2% year-on-year. The company maintained its previously announced 2012 outlook for attributable gold production of 5-5.2 Moz at costs attributable to sale of between $625 and $675/oz. nevertheless, it cautioned investors “not to place undue reliance” on its forecasted capex budget “should the company be unable to continue with its current development plan at conga.”

According to iMf statistics, Mexico and russia raised their gold official reserves by 16.8 tonnes and 16.5 tonnes respectively in March. Meanwhile, a number of other countries, including kazakhstan, ukraine and Belarus also reported small increases in their gold holdings.

African Barrick Gold reported a 17% fall in quarterly output, partly due to lower ore quality at its Buzwagi mine in Tanzania. apart from lowered production, the gold miner is also battling rising expenses. cash costs rose 41% to $925/oz, far above the company’s full-year estimate of $790/oz to $860/oz.

Additional Information

• Gold Market Outlook for Next Three Months
• Key Gold Market Developments