Yamana Gold (NYSE:AUY), Randgold (NASDAQ:GOLD), NovaGold Resources Inc. (AMEX:NG) and Royal Gold (Nasdaq:RGLD) close up as gold prices post new records again.
Gold prices Wednesday soared to another record, reaching as high as $1,529.20 on the Comex division of the New York Mercantile Exchange, before ending the session at $1,517.10 an ounce for June at the Comex.
At the close of regular trading on Comex, silver for May delivery jumped 91 cents, or 2 percent, to end at $45.96 an ounce. Gold and silver were pushing higher in after-hours trading.
Some of this was the result of Federal Reserve chairman Ben Bernanke saying he won't be doing anything soon to combat the soaring inflation.
Bernanke likes to use the so-called core inflation numbers, which exclude food and fuel, which are part of the surging increase in inflation, but aren't officially counted. Which is why Bernanke can say core inflation will rise 1.3%-1.6%, below its 2% inflation mandate.
As to economic growth, Bernanke admitted it was slowing down in the U.S. in 2011, somewhere in the range of 3.1%-3.3%.
The non-action by the Fed concerning interest rates is a very bullish factor for gold and silver, and will continue to offer support and impetus to the precious metals.
The euro climbed to $1.4782 from Tuesday's $1.464. The U.S. dollar rose against the yen, up to 82.11 yen from Tuesday's 81.53 yen.
Royal Gold closed at $60.43, gaining $1.49, or 2.53 percent. NovaGold ended the day at $13.23, rising $0.56, or 4.42 percent. Randgold closed at $87.03, up $1.39, or 1.62 percent. Yamana Gold closed the session at $12.62, climbing $0.33, or 2.69 percent.
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