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Gold 1317 vs 1312      , $/R 11.01 vs 11.06    , Copper 7.18 vs 7.15 , Nickel 14.30 vs 14.28       , Oil 102.71 vs 103.04


HMY

+2.78%   



GLNCY

-2.08%    

A brisk U.S. manufacturing survey gave Asian stocks markets a lift on Friday and bolstered the dollar, though underlying concerns about China's economic growth kept investors from rushing to buy some emerging market shares

Why does he not sell on market? best way to do.

JOHANNESBURG (Reuters) - South African-focused bullion producer Sibanye Gold reported a 19 percent rise in operating profit for the six months to the end of December, despite a fall in the precious metal's spot price, as it reigned in costs and ramped up output.

The Gold Fields' spin-off, created last year, also approved a maiden final dividend of 75 cents per share for the period, resulting in a total dividend of 112 cents in 2013 and bringing its dividend yield to 5.5 percent based on its closing share price on Tuesday.

Sibanye has positioned itself as a company with mature assets that can generate solid dividends.

Production increased by 18 percent to 773,600 ounces over the period, which also saw a 15 percent decline in the average gold price compared with the previous six months.

But a weaker local currency meant that in rand terms the average bullion price was only 7 percent lower.

Total cash costs fell 10 percent from the previous six months to $804 an ounce.

Sibanye has cut costs by, among other things, trimming its workforce to 35,000 from 42,000, but in South Africa's tough labour environment, with growing union militancy, it may find it hard to make further big staff reductions.

Headline earnings per share were 195 cents but are not really comparable to the previous six months because the company only listed in mid-February last year.

This means that while it has 733 million shares in the previous period, the latest calculation is based on an average of 566 million shares and so is not really comparable.

Operating profit came in at around 4 billion rand from 3.37 billion rand, an increase of 19 percent

SGL Operating profit came in at around 4 billion rand from 3.37 billion rand, an increase of 19 percent

Gold 1312 vs 1316      , $/R 11.06 vs 10.86    , Copper 7.15 vs 7.21 , Nickel 14.28 vs 14.46       , Oil 103.04 vs 102.88



HMY 

-0.61%   



GLNCY

+0.35%   

UBS AG boosted forecasts for gold in 2014, citing a change in U.S. investors’ attitudes toward the precious metal that’s rallied this year on increased haven demand and buying from Asian consumers.

The one-month forecast was raised to $1,280 an ounce from $1,180, while the three-month outlook was increased to $1,350 from $1,100, analysts Edel Tully and Joni Teves said in a report. Gold may average $1,300 in 2014 from a previous estimate of $1,200, they said, while holding the 2015 target at $1,200.

Bullion climbed this year to the highest level in three months as signs the U.S. economy wasn’t recovering in line with expectations boosted demand for a haven. The more bullish view from UBS contrasts with outlooks from Societe Generale SA and Goldman Sachs Group Inc., which expect the metal to falter as the Federal Reserve presses on with cuts to stimulus. Gold slumped 28 percent in 2013 as investment holdings contracted.

“Gold has started to shed its stigma, if slowly,” Tully and Teves wrote in yesterday’s report. “Over the past thirteen months gold was either the favorite asset to short or to ignore completely. Recent developments, however, suggest that this is no longer the case, and momentum is returning.”

Gold for immediate delivery was at $1,313.43 at 7:27 a.m. in London from $1,311.60 yesterday. Prices rose to $1,332.45 on Feb. 18, the highest since Oct. 31, and are headed for a second monthly climb. This year, bullion is up 8.9 percent as the MSCI All-Country World Index of equities lost 1.1 percent.

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