Monday, May 23, 2011

Novagold (NG) Closes Up on Euro Fears

Shares of Novagold Resources (AMEX:NG) closed up on Friday as concerns over the faltering European Union and its sovereign debt crisis pushed gold prices up and gold miners with it.

June gold closed on Friday at $1,508.90 an ounce, up $16.50, trading in a range of $1,486.40 and $1,515.80.

For the Week gold was up by about 1.15 percent, but still down 4 percent from the all-time high of $1,575 an ounce reached in the early part of May.

Silver closed at $35.16, up 0.6 percent, but down by about 30 percent since a record high on April 28 of $49.51.

NovaGold Resources Inc. participates in the exploration and development of mineral resource properties in Alaska and British Columbia.

NovaGold closed Friday at $10.44, up $0.14, or 1.36 percent. It has a market cap of $2.44 billion.

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