The price of gold is hopping again today, pushing up shares of gold miners like NovaGold (NYSE:NG), Goldcorp (NYSE:GG), Newmont (NYSE:NEM), Eldorado Gold (NYSE: EGO) and Barrick Gold (NYSE:ABX), as the market remains jittery over the inability of politicians to come to a conclusion concerning the debt ceiling.
U.S. gold futures for August delivery rose to $16.80 an ounce at $1,618.30.
Spot gold climbed as high as $1,624 an ounce and was up 1.1 percent at $1,615.74 an ounce.
Expectations are the price of gold will be volatile this week, moving in conjunction with news stories released covering the negotiations.
Silver Prices jumped to $41.08 an ounce in Monday morning – a 2.5 gain from the close on Friday. It has pulled back since then.
Showing posts with label Gold Prices Today. Show all posts
Showing posts with label Gold Prices Today. Show all posts
Monday, July 25, 2011
Thursday, July 14, 2011
Gold Prices Today Soaring on Debt Fears
With U.S. and European debt generating huge concerns among investors, gold continues to push up, increasing by $3 to $1,588.50 an ounce at the Comex division of the New York Mercantile Exchange for August delivery.
Gold has reached as high as $1,594.90, as it presses toward the $1,600 an ounce mark.
The euro was up 0.33 percent against the dollar, while the dollar index remains flat at $74.96.
Uncertainty in the U.S. and Europe continues to be the determining factor in the price of gold during this time, and the hint toward the Federal Reserve being ready to pour more money into the market and further devalue the U.S. dollar is more fuel to the gold price fire.
Also on the back of the minds of investors is the inflation situation in China and India. India just announced inflation climbed to 9.44 percent in Junem up form 9.06 percent in May. Production prices in the U.S. also help gold, and silver as well, falling 0.4 percent below what was being looked for.
Barrick Gold (NYSE:ABX) and US Gold Corp (NYSE:UXG) have been the recipients of bullish call activity recently, with investors acquired 53,000 call options in comparison to 20,000 puts.
US Gold has heavy call activity for November. The share price has been jumping since it hit $5.82 on Monday. It was trading at $6.65, as of 10:59 AM EDT.
A number of gold miners have pulled back after jumping in early morning trading. Goldcorp was at $54.01, falling 0.23, or 0.42 percent, as of 11:00 AM EDT. Yamana Gold (NYSE:AUY) was at $13.01, down $0.14, or 1.06 percent. Eldorado Gold was trading at $17.76, declining $0.01, or 0.06 percent. NovaGold was at $10.06, dropping $0.21, or 2.04 percent.
Gold has reached as high as $1,594.90, as it presses toward the $1,600 an ounce mark.
The euro was up 0.33 percent against the dollar, while the dollar index remains flat at $74.96.
Uncertainty in the U.S. and Europe continues to be the determining factor in the price of gold during this time, and the hint toward the Federal Reserve being ready to pour more money into the market and further devalue the U.S. dollar is more fuel to the gold price fire.
Also on the back of the minds of investors is the inflation situation in China and India. India just announced inflation climbed to 9.44 percent in Junem up form 9.06 percent in May. Production prices in the U.S. also help gold, and silver as well, falling 0.4 percent below what was being looked for.
Barrick Gold (NYSE:ABX) and US Gold Corp (NYSE:UXG) have been the recipients of bullish call activity recently, with investors acquired 53,000 call options in comparison to 20,000 puts.
US Gold has heavy call activity for November. The share price has been jumping since it hit $5.82 on Monday. It was trading at $6.65, as of 10:59 AM EDT.
A number of gold miners have pulled back after jumping in early morning trading. Goldcorp was at $54.01, falling 0.23, or 0.42 percent, as of 11:00 AM EDT. Yamana Gold (NYSE:AUY) was at $13.01, down $0.14, or 1.06 percent. Eldorado Gold was trading at $17.76, declining $0.01, or 0.06 percent. NovaGold was at $10.06, dropping $0.21, or 2.04 percent.
Wednesday, April 20, 2011
Gold Breaks $1,500 as Kinross (KGC) (RGLD) (AUY) (HMY) Close Mixed
After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners Royal Gold (NASDAQ:RGLD), Yamana Gold (NYSE:AUY), Harmony Gold Mining (NYSE:HMY) and Kinross Gold Corp (NYSE:KGC) closed mixed on the day.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Royal Gold closed Tuesday at $56.46, gaining $0.28, or 0.14 percent. Yamana Gold ended the session at $12.93, up $0.39, or 3.11 percent. Harmony Gold Mining closed at $14.78, falling $0.18, or 1.20 percent. Kinross Gold Corp. closed the day at $15.24, rising $0.02, or 0.13 percent.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Royal Gold closed Tuesday at $56.46, gaining $0.28, or 0.14 percent. Yamana Gold ended the session at $12.93, up $0.39, or 3.11 percent. Harmony Gold Mining closed at $14.78, falling $0.18, or 1.20 percent. Kinross Gold Corp. closed the day at $15.24, rising $0.02, or 0.13 percent.
Gold Breaks $1,500 as Newmont (NEM) (IAG) (JAG) (NXG) Close Mixed
After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners IAMGOLD Corporation (NYSE:IAG), Northgate Minerals (AMEX:NXG), Jaguar Mining (NYSE:JAG) and Newmont Mining (NYSE:NEM) closed mixed on the day.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Newmont Mining closed Tuesday at $58.63, gaining $0.76, or 1.31 percent. IAMGOLD Corporation ended the session at $20.69, up $0.66, or 1.37 percent. Northgate Minerals closed at $2.87, rising $0.04, or 0.43 percent. Jaguar Mining closed the day at $5.46, gaining $0.48, or 9.64 percent.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Newmont Mining closed Tuesday at $58.63, gaining $0.76, or 1.31 percent. IAMGOLD Corporation ended the session at $20.69, up $0.66, or 1.37 percent. Northgate Minerals closed at $2.87, rising $0.04, or 0.43 percent. Jaguar Mining closed the day at $5.46, gaining $0.48, or 9.64 percent.
Gold Breaks $1,500 as Centerra (TSE:CG), Alamos (TSE:AGI), Aura (TSE:ORA) and Gabriel (TSE:GBU) Close Mixed
After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners Centerra Gold (TSE:CG), Alamos Gold (TSE:AGI), Aura Minerals (TSE:ORA) and Gabriel Resources (TSE:GBU) closed mixed on the day.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Gabriel Resources closed Tuesday in Toronto at $7.04, falling $0.02, or 0.28 percent. Aura Minerals ended the session at $17.68, level with Monday's close. Alamos Gold closed at $14.71, also level with the close on Monday. Centerra Gold closed the day at $17.49, gaining $0.395, or 2.28 percent.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Gabriel Resources closed Tuesday in Toronto at $7.04, falling $0.02, or 0.28 percent. Aura Minerals ended the session at $17.68, level with Monday's close. Alamos Gold closed at $14.71, also level with the close on Monday. Centerra Gold closed the day at $17.49, gaining $0.395, or 2.28 percent.
Gold Breaks $1,500 as NovaGold (NG) (EGO) (AZK) (TRE) Close Mixed
After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners NovaGold Resources Inc. (AMEX:NG), Eldorado Gold Corporation (NYSE:EGO), Aurizon Mines (AMEX:AZK) and Tanzanian Royalty Exploration (AMEX:TRE) closed mixed on the day.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
NovaGold Resources Inc. closed Tuesday at $13.18, gaining $0.07, or 0.53 percent. Eldorado Gold Corporation ended the session at $17.97, up $0.21, or 1.18 percent. Aurizon Mines closed at $6.63, falling $0.07, or 1.04 percent. Tanzanian Royalty Exploration closed the day at $6.30, down $0.04, or 0.63 percent.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
NovaGold Resources Inc. closed Tuesday at $13.18, gaining $0.07, or 0.53 percent. Eldorado Gold Corporation ended the session at $17.97, up $0.21, or 1.18 percent. Aurizon Mines closed at $6.63, falling $0.07, or 1.04 percent. Tanzanian Royalty Exploration closed the day at $6.30, down $0.04, or 0.63 percent.
Wednesday, April 13, 2011
Kinross (KGC) (NG) (GRS) (AUY) Fall with Broader Commodities
Gold prices fell Tuesday after soaring recently, as oil prices dropped, dragging commodities in general down with them. Gold miners like Kinross Gold (NYSE:KGC), Novagold (AMEX:NG), Gammon Gold (NYSE:GRS) and Yamana Gold (NYSE:AUY) all closed down over 2 percent on the day
Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.
Weak news was enough to push the price of gold and gold miners down, as the market seemed to be looking for any excuse for gold prices to correct. The U.S. dollar fell again, making the downward move even more counterintuitive to the fundamentals.
Yamana Gold closed at $12.60, down $0.29, or 2.25 percent. Gammon gold closed at $10.11, falling $0.26, or 2.51 percent. Novagold ended the session at $12.82, declining $0.31, or 2.36 percent. Kinross closed at $15.66, dropping $0.44, or 2.73 percent.
Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.
Weak news was enough to push the price of gold and gold miners down, as the market seemed to be looking for any excuse for gold prices to correct. The U.S. dollar fell again, making the downward move even more counterintuitive to the fundamentals.
Yamana Gold closed at $12.60, down $0.29, or 2.25 percent. Gammon gold closed at $10.11, falling $0.26, or 2.51 percent. Novagold ended the session at $12.82, declining $0.31, or 2.36 percent. Kinross closed at $15.66, dropping $0.44, or 2.73 percent.
Monday, April 11, 2011
Barrick (ABX), (GFI) (HMY) Jump as Gold, Silver Skyrocket
Gold and silver prices are roaring again after languishing for some time on unwarranted optimism which has resulted in gold miners like
Barrick Gold (NYSE:ABX), Gold Fields (NYSE:GFI) and Harmony Gold Mining (NYSE:HMY) soaring with the precious metals.
On Friday gold prices hit another new record, reaching a high of $1,476 an ounce. Silver prices rose to a 31-year high, closing at 40.60 an ounce, after reaching a high of $40.63 an ounce during the session.
Most of this is based upon the collapsing U.S. dollar, pullback in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake are just some of the negative factors hitting the markets.
Amazingly, many investors are acting as if these are some parenthetical events that have little bearing on the markets and commodity prices.
Gold Fields closed Friday at $18.55, gaining $0.40, or 0.40 percent. Barrick Gold closed at $54.37, rising $0.60, or 1.12 percent. Harmony Gold Mining closed at $15.56, jumping $0.23, or 1.50 percent.
Barrick Gold (NYSE:ABX), Gold Fields (NYSE:GFI) and Harmony Gold Mining (NYSE:HMY) soaring with the precious metals.
On Friday gold prices hit another new record, reaching a high of $1,476 an ounce. Silver prices rose to a 31-year high, closing at 40.60 an ounce, after reaching a high of $40.63 an ounce during the session.
Most of this is based upon the collapsing U.S. dollar, pullback in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake are just some of the negative factors hitting the markets.
Amazingly, many investors are acting as if these are some parenthetical events that have little bearing on the markets and commodity prices.
Gold Fields closed Friday at $18.55, gaining $0.40, or 0.40 percent. Barrick Gold closed at $54.37, rising $0.60, or 1.12 percent. Harmony Gold Mining closed at $15.56, jumping $0.23, or 1.50 percent.
Friday, April 8, 2011
Ivanhoe (IVN) (IAG) (NG) Jump on Record Gold Prices
As the price of gold rockets toward $1,500 an ounce, shares of gold miners are riding the wave as well, with Ivanhoe (NYSE:IVN), Iamgold (NYSE:IAG), Novagold (AMEX:NG) all trading in positive territory today.
The price of gold today has taken off, soaring as high as $1,473 an ounce, reaching another all-time high.
So far this week the price of gold has jumped 3.1 percent, as the U.S. dollar continue to collapse and investors look to tangible assets to invest their money.
Silver also made a significant move today, surpassing the $40 an ounce mark, another 31-year high for the commodity as well. Silver has risen about 6.3 percent this week.
Iamgold was trading at $23.18, gaining $0.24, or 1.05 percent, as of 12:17 AM EDT. Novagold was trading at $13.98, up $0.58, or 4.33 percent. Ivanhoe was trading at $28.28, rising $0.25, or 0.89 percent.
The price of gold today has taken off, soaring as high as $1,473 an ounce, reaching another all-time high.
So far this week the price of gold has jumped 3.1 percent, as the U.S. dollar continue to collapse and investors look to tangible assets to invest their money.
Silver also made a significant move today, surpassing the $40 an ounce mark, another 31-year high for the commodity as well. Silver has risen about 6.3 percent this week.
Iamgold was trading at $23.18, gaining $0.24, or 1.05 percent, as of 12:17 AM EDT. Novagold was trading at $13.98, up $0.58, or 4.33 percent. Ivanhoe was trading at $28.28, rising $0.25, or 0.89 percent.
Gold Price Today Soaring Toward $1,500 an Ounce
The price of gold today has taken off, rising at high as $1,473 an ounce, reaching another all-time high, a phrase we'll hear again and again going forward.
So far this week the price of gold has jumped 3.1 percent, as the U.S. dollar continue to collapse and investors look to tangible assets to place their money.
Silver also made a significant milestone today, surpassing the $40 an ounce mark, another 31-year high for the commodity as well. Silver has gained about 6.3 percent this week.
Barrick Gold (NYSE:ABX) was trading at $54.70, gaining $0.93, or 1.73 percent, as of 11:34 AM EDT. Newmont Mining (NYSE:NEM) was at $58.59, up $0.30, or 0.51 percent. Goldcorp (NYSE:GG) was trading at $54.41, rising $1.22, or 2.29 percent. Eldorado Gold was at $17.86, increasing $0.65, or 3.78 percent.
So far this week the price of gold has jumped 3.1 percent, as the U.S. dollar continue to collapse and investors look to tangible assets to place their money.
Silver also made a significant milestone today, surpassing the $40 an ounce mark, another 31-year high for the commodity as well. Silver has gained about 6.3 percent this week.
Barrick Gold (NYSE:ABX) was trading at $54.70, gaining $0.93, or 1.73 percent, as of 11:34 AM EDT. Newmont Mining (NYSE:NEM) was at $58.59, up $0.30, or 0.51 percent. Goldcorp (NYSE:GG) was trading at $54.41, rising $1.22, or 2.29 percent. Eldorado Gold was at $17.86, increasing $0.65, or 3.78 percent.
Wednesday, April 6, 2011
Gold Miners (GOLD) (NG) (GBG) (GFI) Up on Record Gold Prices
Gold miners Randgold Resources (NASDAQ:GOLD), NovaGold Resources (AMEX:NG), Great Basin Gold (AMEX:GBG) and Gold Fields Ltd. (NYSE:GFI) jumped on Tuesday as gold prices rose to $1,455.50 an ounce to reach a record high.
Gold for June delivery was up $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Continuing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.
The inevitability that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.
Gold Fields Ltd. closed Tuesday at $18.29, gaining $0.69, or 3.92 percent. Great Basin Gold closed at $2.73, rising $0.14, or 5.41 percent. NovaGold Resources closed at $13.79, up $0.91, or 7.07 percent. Randgold Resources ended the session at $87.84, increasing $6.27, or 7.69 percent.
Gold for June delivery was up $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Continuing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.
The inevitability that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.
Gold Fields Ltd. closed Tuesday at $18.29, gaining $0.69, or 3.92 percent. Great Basin Gold closed at $2.73, rising $0.14, or 5.41 percent. NovaGold Resources closed at $13.79, up $0.91, or 7.07 percent. Randgold Resources ended the session at $87.84, increasing $6.27, or 7.69 percent.
Gold Miners (GRS) (NSU) (CGC) (BVN) Soar on Record Gold Prices
Gold companies Gammon Gold (NYSE:GRS), Nevsun Resources (AMEX:NSU), Capital Gold Corp. (AMEX:CGC) and Compania de Minas (NYSE:BVN) soared on Tuesday as gold prices rose to $1,455.50 an ounce to reach a record high.
Gold for June delivery climbed $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Continuing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.
The certainty that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.
Compania de Minas closed Tuesday at $44.16, gaining $2.11, or 5.02 percent. Capital Gold Corp. closed at $6.30, rising $0.25, or 4.13 percent. Nevsun Resources closed at $6.29, up $0.32, or 5.36 percent. Gammon Gold ended the session at $10.12, increasing $0.28, or 2.85 percent.
Gold for June delivery climbed $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Continuing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.
The certainty that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.
Compania de Minas closed Tuesday at $44.16, gaining $2.11, or 5.02 percent. Capital Gold Corp. closed at $6.30, rising $0.25, or 4.13 percent. Nevsun Resources closed at $6.29, up $0.32, or 5.36 percent. Gammon Gold ended the session at $10.12, increasing $0.28, or 2.85 percent.
Gold Miners (IVN) (IAG) (GSS) (AEM) Surge on Record Gold Prices
Gold miners Ivanhoe (NYSE:IVN), IAMGOLD (NYSE:IAG) Golden Star Resources (Amex:GSS) and Agnico-Eagle (NYSE:AEM) soared on Tuesday as gold prices rose to $1,455.50 an ounce to reach a record high.
Gold for June delivery jumped $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Continuing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.
The idea that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a key factor behind the continuing rise in gold prices.
Agnico-Eagle closed Tuesday at $66.81, gaining $2.67, or 4.16 percent. Golden Star Resources closed at $3.08, rising $0.21, or 7.32 percent. IAMGOLD closed at $22.90, up $1.16, or 5.34 percent. Ivanhoe ended the session at $28.44, increasing $0.84, or 3.04 percent.
Gold for June delivery jumped $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Continuing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.
The idea that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a key factor behind the continuing rise in gold prices.
Agnico-Eagle closed Tuesday at $66.81, gaining $2.67, or 4.16 percent. Golden Star Resources closed at $3.08, rising $0.21, or 7.32 percent. IAMGOLD closed at $22.90, up $1.16, or 5.34 percent. Ivanhoe ended the session at $28.44, increasing $0.84, or 3.04 percent.
Thursday, March 24, 2011
SPDR Gold Trust (GLD) Hits Record High
SPDR Gold Trust (NYSEArca:GLD) soared to over $140 as gold bullion closed at $1438 after soaring to $1442, and will continue to rise as investors attempt to protect themselves. Silver actually hit a new 35-year peak at $37.19, and getting closer to the $40-$50 goal we set last fall.
Gold is no longer just a hedge against QE2 and inflation– or a hedge against deflation. Or a hedge against a declining dollar. Today, gold has become an expression of the instability spreading from Tunisia to Egypt to Libya to Syria, to Yemen, to Saudi Arabia, to Iran, to Bahrain– and those street dissensions to come, conceivably in Kuwait, UAE, and elsewhere. Oil supplies are threatened. Buy gold and silver.
You don’t believe? Look at a chart of gold against silver. They are moving in absolute tandem now. Any Sheikh trying to preserve his fortune must own gold and silver.
In the US the price of GLD, the largest gold ETF, hit a peak of $140 and looks set to breakthrough that mark tomorrow or the next day. Let’s see if net selling turns into net buying.
SPDR Gold Trust closed Wednesday at $140.34, rising $1.29, or 0.93 percent.
Source
Gold is no longer just a hedge against QE2 and inflation– or a hedge against deflation. Or a hedge against a declining dollar. Today, gold has become an expression of the instability spreading from Tunisia to Egypt to Libya to Syria, to Yemen, to Saudi Arabia, to Iran, to Bahrain– and those street dissensions to come, conceivably in Kuwait, UAE, and elsewhere. Oil supplies are threatened. Buy gold and silver.
You don’t believe? Look at a chart of gold against silver. They are moving in absolute tandem now. Any Sheikh trying to preserve his fortune must own gold and silver.
In the US the price of GLD, the largest gold ETF, hit a peak of $140 and looks set to breakthrough that mark tomorrow or the next day. Let’s see if net selling turns into net buying.
SPDR Gold Trust closed Wednesday at $140.34, rising $1.29, or 0.93 percent.
Source
Wednesday, March 23, 2011
Governments to Rob (ABX) (NEM) (AEM), Others?
Greedy governments, especially of the United States, Canada, Australia and Chile are looking at confiscating more of the earnings generated from profitable gold mining companies like Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Agnico-Eagle (NYSE:AEM), rather than deal with the issue of out of control spending and making promises they can't keep.
Governments, which are the cause of the economic conditions around the world from not only spending, but allowing unregulated central banks like the Federal Reserve to endlessly print money, which is a major impetus for the rise in gold prices in the first place.
As Newmont CEO Richard O'Brien said, "When I sit down with governments, I say the headline is gold prices are up, but behind the headlines you need to understand costs are up and capital numbers are up as well."
Costs to find, finance and produce gold come in at between $900 and $950 an ounce, he said.
"That's even before we pay taxes," O'Brien added. "We're making a profit and we're not going to complain about it, nor are going to shirk our commitments to the communities. But don't think that gold prices are at $1,400 and costs are at $350. That's not where we are anymore."
While the gold miners attempt to make their case, it's not relevant. It doesn't matter how profitable they are, the governments are going after them in an attempt to weaken the gold industry, as it continually reminds people of their failures.
But even that aside, gold miners are built to make profits, and they are cyclical in nature, although the cycles can be longer than the usual business cycle of a sector, as the recent decade has shown.
Gold prices are volatile though, and government interference and greedy confiscation will slow down the industry from making investment and building it out to meet an already depleting supply.
Governments, which are the cause of the economic conditions around the world from not only spending, but allowing unregulated central banks like the Federal Reserve to endlessly print money, which is a major impetus for the rise in gold prices in the first place.
As Newmont CEO Richard O'Brien said, "When I sit down with governments, I say the headline is gold prices are up, but behind the headlines you need to understand costs are up and capital numbers are up as well."
Costs to find, finance and produce gold come in at between $900 and $950 an ounce, he said.
"That's even before we pay taxes," O'Brien added. "We're making a profit and we're not going to complain about it, nor are going to shirk our commitments to the communities. But don't think that gold prices are at $1,400 and costs are at $350. That's not where we are anymore."
While the gold miners attempt to make their case, it's not relevant. It doesn't matter how profitable they are, the governments are going after them in an attempt to weaken the gold industry, as it continually reminds people of their failures.
But even that aside, gold miners are built to make profits, and they are cyclical in nature, although the cycles can be longer than the usual business cycle of a sector, as the recent decade has shown.
Gold prices are volatile though, and government interference and greedy confiscation will slow down the industry from making investment and building it out to meet an already depleting supply.
Monday, March 21, 2011
Goldman (GS) Sees Gold Price Peak in 2012
Over the next three months, investment bank Goldman Sachs (NYSE:GS) said they see the price of gold rising to about $1,480 and jumping to about $1,690 over the next 12 months.
After that the giant bank said they see interest rates in the U.S. kicking in around that time, which should put downward pressure on prices.
Goldman said in a note, "Given the decline in U.S. real interest rates, we see the recent retracement in gold prices as offering a good buying opportunity, and maintain our long gold trading recommendation as we expect gold to rally to our three-month price target of $1,480 an ounce."
For the next 6 months Goldman sees gold prices rising to $1,565 an ounce.
"Optimism over the state of the global economic recovery at the start of the year, which drove U.S. real interest rates sharply higher, has been tempered by the ongoing events in the Middle East and North Africa and Japan...setting the stage for the next gold price rally," Goldman concluded.
After that the giant bank said they see interest rates in the U.S. kicking in around that time, which should put downward pressure on prices.
Goldman said in a note, "Given the decline in U.S. real interest rates, we see the recent retracement in gold prices as offering a good buying opportunity, and maintain our long gold trading recommendation as we expect gold to rally to our three-month price target of $1,480 an ounce."
For the next 6 months Goldman sees gold prices rising to $1,565 an ounce.
"Optimism over the state of the global economic recovery at the start of the year, which drove U.S. real interest rates sharply higher, has been tempered by the ongoing events in the Middle East and North Africa and Japan...setting the stage for the next gold price rally," Goldman concluded.
Friday, March 11, 2011
Newmont (NEM), Barrick (ABX), Goldcorp (GG), Eldorado (EGO) Jump on Safe Haven Focus
A number of things have again been lining up to support gold recently, including continuing sovereign debt issues in the EU; most recently with Spain. There's also rising inflation, and today's reminder with the earthquake in Japan, the fragility of the global economy. There's also the fighting in Libya which hasn't slowed down at all, creating more uncertainty.
Consequently investors are again migrating to gold and gold investments like miners Newmont (NYSE:NEM), Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Eldorado Gold (NYSE:EGO), which are all up today as gold prices are bid up.
Gold for April delivery rose $7.10, or 0.5%, to $1,419.50 an ounce on the Comex division of the New York Mercantile Exchange.
Shares in SPDR Gold Trust (NYSEArca:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX) and Market Vectors Junior Gold Miners ETF (NYSEArca:GDXJ) are all up as well.
Silver investments like the iShares Silver Trust (NYSEArca:SLV) and Global X Silver Miners ETF (NYSEArca:SIL), along with Silver Wheaton (NYSE:SLW), are all up as well, moving in unison with gold.
Consequently investors are again migrating to gold and gold investments like miners Newmont (NYSE:NEM), Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Eldorado Gold (NYSE:EGO), which are all up today as gold prices are bid up.
Gold for April delivery rose $7.10, or 0.5%, to $1,419.50 an ounce on the Comex division of the New York Mercantile Exchange.
Shares in SPDR Gold Trust (NYSEArca:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX) and Market Vectors Junior Gold Miners ETF (NYSEArca:GDXJ) are all up as well.
Silver investments like the iShares Silver Trust (NYSEArca:SLV) and Global X Silver Miners ETF (NYSEArca:SIL), along with Silver Wheaton (NYSE:SLW), are all up as well, moving in unison with gold.
Friday, March 4, 2011
Commodity ETFs (SLV), (SIL), (GLD), (GDX) Jump On Safety Concerns
Shares of iShares Silver Trust (NYSEArca:SLV), Global X Silver Miners (NYSEArca:SIL), SPDR Gold Shares (NYSEArca:GLD) and Market Vectors Gold Miners (NYSEArca:GDX) are all up Friday, as investors flee to safety and stability in light of the poor jobs report and ongoing Middle East crisis.
Silver prices were soaring again today, reaching as high as $53.30 an ounce, the highest level in over 30 years.
The Dow Jones Industrial Average plummeted over 150 points in mid-day trading, also affected to the potential negative impact of rising oil prices.
iShares Silver Trust was trading at $34.50, gaining $1.08, or 3.25 percent, as of 2:27 PM EST. Global X Silver Miners rose to $28.09, up $0.57, or 2.07 percent. Market Vectors Gold Miners was trading at $60.24, up $0.37, or 0.62 percent. SPDR Gold Shares rose to $139.22, up $1.13, or 0.82 percent.
Silver prices were soaring again today, reaching as high as $53.30 an ounce, the highest level in over 30 years.
The Dow Jones Industrial Average plummeted over 150 points in mid-day trading, also affected to the potential negative impact of rising oil prices.
iShares Silver Trust was trading at $34.50, gaining $1.08, or 3.25 percent, as of 2:27 PM EST. Global X Silver Miners rose to $28.09, up $0.57, or 2.07 percent. Market Vectors Gold Miners was trading at $60.24, up $0.37, or 0.62 percent. SPDR Gold Shares rose to $139.22, up $1.13, or 0.82 percent.
Tuesday, March 1, 2011
Gold Prices Today Soar to Record $1,435.60 An Ounce
Gold is back as continuing unrest in Libya has caused investors once again to seek safety in the yellow metal, as gold prices today rose to a record $1,435.60 an ounce.
Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said, “The continued violence in the Middle East is bringing in new buyers and spurring gold to new territory. The rush to economic health is fading. Crude above $100 is an energy tax that will force governments to put more money into the system. Our old fear of stagflation returns.”
Gold futures for April delivery climbed to an all-time high after the close of trading on the Comex in New York. The metal had settled up $21.30, or 1.5 percent, at $1.431.20 at 1:49 p.m. The former intraday record high was $1,432.50 on December 7.
Gold for immediate delivery jumped as much as 1.7 percent to a record $1,434.93. The gold price increased 1.6 percent to $1,434.27 at 4:01 PM EST.
Spot gold was up to $1,433.80 an ounce at markets closed, a gain of $22.60.
Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said, “The continued violence in the Middle East is bringing in new buyers and spurring gold to new territory. The rush to economic health is fading. Crude above $100 is an energy tax that will force governments to put more money into the system. Our old fear of stagflation returns.”
Gold futures for April delivery climbed to an all-time high after the close of trading on the Comex in New York. The metal had settled up $21.30, or 1.5 percent, at $1.431.20 at 1:49 p.m. The former intraday record high was $1,432.50 on December 7.
Gold for immediate delivery jumped as much as 1.7 percent to a record $1,434.93. The gold price increased 1.6 percent to $1,434.27 at 4:01 PM EST.
Spot gold was up to $1,433.80 an ounce at markets closed, a gain of $22.60.
Friday, February 18, 2011
Gold, Silver Prices Today Rise to 30-Year High on Unrest in Middle East
Ongoing unrest in the middle east is causing investors to push up the price of gold and silver today, with silver reaching a 30-year high, and palladium also rising to its highest levels in 10 years.
Physical demand for gold in the middle east has been skyrocketing, increasing 39 percent in the fourth quarter, according to World Gold Council, as locals in the region see the potential for instability for some time ahead.
Gold for immediate delivery climbed $2.85, or 0.2 percent, to $1,386.95 an ounce by 8:50 AM in London. Gold futures for April delivery jumped $2.20, or 0.2 percent, to $1,387.30 an ounce on the Comex in New York.
Silver climbed as much as 0.6 percent to $31.9775 an ounce, the highest since March 7, 1980, and palladium rose 0.5 percent to $848.88 an ounce, the highest level since Feb. 28, 2001.
Physical demand for gold in the middle east has been skyrocketing, increasing 39 percent in the fourth quarter, according to World Gold Council, as locals in the region see the potential for instability for some time ahead.
Gold for immediate delivery climbed $2.85, or 0.2 percent, to $1,386.95 an ounce by 8:50 AM in London. Gold futures for April delivery jumped $2.20, or 0.2 percent, to $1,387.30 an ounce on the Comex in New York.
Silver climbed as much as 0.6 percent to $31.9775 an ounce, the highest since March 7, 1980, and palladium rose 0.5 percent to $848.88 an ounce, the highest level since Feb. 28, 2001.
Subscribe to:
Posts (Atom)