AngloGold Ashanti Ltd. (AU) shares just hit a new 52-week high on the heels of gold crossing the $1,000 mark and the company’s strong second-quarter results, reported in late July.

Second-Quarter Results

Income came in at $167 million, producing earnings of 47 cents per share, 5 cents ahead of last quarter’s earnings.

The company noted that it achieved higher production levels and lower costs at a number of its key mining sites, with Obuasi showing a 10% rise in production and a 16% drop in cash cots. Geita’s production was up 43% while costs were down 14%.

Ashanti also noted that it is aggressively reducing its hedges in order to capitalize on strong demand and higher gold prices. The company still had 4.47 million ounces hedged at the end of July, with plans to reduce that number to 4.1 million by the end of the year.

Estimates

The current-year estimate has fallen over the last few months but the next-year estimate has risen 35 cents to $2.62 per share, a bullish 36% growth projection.

The Chart

Shares of AU recently jumped above a short-term level of resistance and hit a new 52-week high. Take a look below.

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