Thursday, April 06, 2006

Gold Fields Limited (GFI) & Gold / S.A Rand ($zar)

Gold Fields Limited (GFI) is one of the world’s largest unhedged producers of gold. The company was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited.
Gold Fields has attributable production of 4.2 million ounces per annum, mineral reserves of 64.8 million ounces and mineral resources of 174.5 million ounces. The company employs some 43,942 people including contractors across its operations and is listed in the JSE Securities Exchange South Africa (primary listing), New York Stock Exchange, London Stock Exchange, Euronext in Paris and Brussels as well as the SWX Swiss Exchange.

Technically GFI looks good, trading above the upper downtrend line , RSI & MACD are rising. Current Elliot wave count implies higher high will follow(v of 1).

Gold Fields Limited (GFI)chart

Ten years cup and handle pattern with an initial target of ~30$ .
Gold Fields Limited (GFI) chart

Gold in terms of South Africa Rand recently made a new multi year high, good support at 3500.

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