Morgan Stanley Upgrades Gold Fields (NYSE: GFI)

Written By Luke Burgess

Posted September 8, 2010

2011 gold fields logo

Gold Fields (NYSE: GFI) was upgraded from Equal Weight to Overweight by Morgan Stanley last week.

The company is one of the largest unhedged gold producers in the world with operations focused on North America, South America, Africa, Australia, Asia, as well as a partnership in Finland.

Gold Fields produced 3.6 million ounces of gold in 2009 from its nine producing mines, making it in the fourth largest gold producer in the world by volume.

The company is looking to expand operation at it’s South Deep gold project in South Africa. Gold Fields anticipates increasing gold output from South Deep by 166% from 300K ounces in 2010 to 800K ounces by 2014.

In the past 52 weeks, shares of Gold Fields have traded between a low of $10.88 and a high of $15.88. GFI is currently above its 50-day moving average of $13.61 and above its 200-day moving average of $13.20.

With 75% of the company’s total production coming from its South African and Australian gold mine, Gold Fields is an important exporter of gold to India, where gold demand is skyrocketing as investors begin to buy the yellow metal to hedge against economic turmoil.

I recently published a new report for Wealth Daily that discusses the investment highlights mining companies that are working in countries that export gold to India. You can read my latest report for free by clicking here or finding it on the Wealth Daily website called: India’s Gold Bull Market.

Good Investing,


Luke Burgess
Editor, Wealth Daily
Investment Director, Hard Money Millionaire and Underground Profits

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