Friday, May 20, 2011

Allied Nevada Gold (ANV) Trades Higher on Economic Weakness

Allied Nevada Gold (AMEX:ANV) was able to trade in positive territory on Thursday even as gold prices closed down on the day.

Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

Allied Nevada Gold Corp. participates in the evaluation, acquisition, exploration, and advancement of gold exploration and development projects in the State of Nevada in the United States. Its open pit Hycroft Mine is its gold producer at this time, while the company engages in early stage and advance exploration of over 100 other
properties in Nevada.

Allied Nevada Gold (ANV) closed Thursday at $34.26, gaining $0.25, or 0.74 percent.

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