Shares of Gold Fields (NYSE:GFI), Royal Gold (Nasdaq:RGLD), Allied Nevada Gold (AMEX:ANV), Keegan Resources Inc (AMEX:KGN), Golden Star Resources (AMEX:GSS) and Compania Mina Buenaventura, S.A (NYSE:BVN) all traded up on Wednesday as gold and silver prices climbed on the day.
June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.
The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.
A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.
Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.
Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.
The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.
Royal Gold (RGLD) closed Wednesday at $59.32, gaining $1.48, or 2.56 percent.
Showing posts with label Keegan Resources. Show all posts
Showing posts with label Keegan Resources. Show all posts
Thursday, May 19, 2011
Monday, May 16, 2011
Newmont (NEM) (SA) (KGN) (BVN) (IVN) Trade Mixed As Gold Drops
Gold and silver prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on gold miners such as Newmont Mining (NYSE:NEM), Seabridge Gold (Amex:SA), Keegan Resources Inc (AMEX:KGN), Compania Mina Buenaventura, S.A (NYSE:BVN) and Ivanhoe Mines Ltd. (NYSE:IVN) - which closed mixed - and gold ETFS.
Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.
The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.
Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.
Ivanhoe Mines closed Friday at $24.05, gaining $0.20, or 0.84 percent.
Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.
The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.
Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.
Ivanhoe Mines closed Friday at $24.05, gaining $0.20, or 0.84 percent.
Tuesday, May 10, 2011
Miners (NXG) (KGN) (GG) (AEM) (IVN) Trade Up as Gold, Silver Rebound
Gold miners Northgate Minerals (AMEX:NXG), Keegan Resources Inc (AMEX:KGN), Goldcorp (NYSE:GG), Agnico-Eagle (NYSE:AEM) and Ivanhoe Mines Ltd. (NYSE:IVN) closed up Monday as gold prices turned around on Monday.
Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.
Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.
According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).
The U.S. dollar fell to $1.434 against the euro and dropped against the Japanese yen to 80.24 yen.
Ivanhoe Mines Ltd. (IVN) closed Monday at $25.56, gaining $1.38, or 5.71 percent.
Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.
Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.
According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).
The U.S. dollar fell to $1.434 against the euro and dropped against the Japanese yen to 80.24 yen.
Ivanhoe Mines Ltd. (IVN) closed Monday at $25.56, gaining $1.38, or 5.71 percent.
Monday, May 9, 2011
Miners (GFI) (FCX) (NEM) (KGN) (AZK) Mixed as Gold Closes Up
Gold was able to shake itself of silver Friday, as it has been weighed down by the plummeting price of silver in recent trade, which also has been dragging down gold miners Gold Fields (NYSE:GFI), Freeport-McMoRan (NYSE:FCX), Newmont Mining (NYSE:NEM), Keegan Resources Inc (AMEX:KGN) and Aurizon Mines (AMEX:AZK).
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
Newmont (NEM) closed Friday at $53.72, gaining $0.97, or 1.77 percent.
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
Newmont (NEM) closed Friday at $53.72, gaining $0.97, or 1.77 percent.
Friday, May 6, 2011
Miners (AEM) (IAG) (FCX) (AU) (KGN) Pressured as Gold Prices Fall
Agnico-Eagle (NYSE:AEM), IAMGOLD Corporation (NYSE:IAG), Freeport-McMoRan (NYSE:FCX), AngloGold Ashanti (NYSE:AU) and Keegan Resources Inc (AMEX:KGN) got hammered Thursday as gold and silver prices continue to plunge.
Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.
The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.
Since the Friday settlement price silver has plummeted 25 percent.
The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.
Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.
As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.
Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.
AngloGold Ashanti (AU) closed Thursday at $45.77, falling $2.22, or 4.63 percent.
Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.
The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.
Since the Friday settlement price silver has plummeted 25 percent.
The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.
Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.
As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.
Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.
AngloGold Ashanti (AU) closed Thursday at $45.77, falling $2.22, or 4.63 percent.
Thursday, May 5, 2011
Miners (AUY) (NEM) (NXG) (KGN) (AU) Trade Mixed as Gold Closes Down
Even though several events should have helped support gold prices on Wednesday, that wasn't the case, as Yamana Gold (NYSE:AUY), Newmont Mining (NYSE:NEM), Northgate Minerals (AMEX:NXG), Keegan Resources Inc (AMEX:KGN) and AngloGold Ashanti (NYSE:AU) closed mixed, with gold for June delivery, the most actively traded contract, falling $25.10 to $1,515.30 an ounce.
Silver prices are the story for commodities and gold at this time, as the plunge in prices is dragging down the overall commodity sector, as traders sell off holdings to take some profits.
Silver fell $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver closed in on $50 an ounce mark last week.
Silver for July delivery dropped $2.820, at $39.765 per troy ounce.
The U.S. dollar index lost 0.15 percent to $73.01, dropping from Tuesday's 73.127 close. The dollar index is down 7.5 percent so far in 2011.
Against the euro, the dollar plunged to its lowest level Wednesday since December 2009.
Other than the fall of the dollar, other factors that would have normally supported gold was the underreported decision by the European Union to bail out Portugal for close to 78 billion euros.
Also largely ignored was the ADP Employment Change report for April, which showed the private sector missed the anticipated addition of 200,000 jobs, being able to only generate 179,000 for the month.
Also of note Wednesday was the Institute for Supply Management’s services-sector index, which was weakened more than expected in April, confirming that American growth is slowing.
Yamana Gold (AUY) closed Wednesday at $12.30, gaining $0.29, or 2.41 percent.
Silver prices are the story for commodities and gold at this time, as the plunge in prices is dragging down the overall commodity sector, as traders sell off holdings to take some profits.
Silver fell $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver closed in on $50 an ounce mark last week.
Silver for July delivery dropped $2.820, at $39.765 per troy ounce.
The U.S. dollar index lost 0.15 percent to $73.01, dropping from Tuesday's 73.127 close. The dollar index is down 7.5 percent so far in 2011.
Against the euro, the dollar plunged to its lowest level Wednesday since December 2009.
Other than the fall of the dollar, other factors that would have normally supported gold was the underreported decision by the European Union to bail out Portugal for close to 78 billion euros.
Also largely ignored was the ADP Employment Change report for April, which showed the private sector missed the anticipated addition of 200,000 jobs, being able to only generate 179,000 for the month.
Also of note Wednesday was the Institute for Supply Management’s services-sector index, which was weakened more than expected in April, confirming that American growth is slowing.
Yamana Gold (AUY) closed Wednesday at $12.30, gaining $0.29, or 2.41 percent.
Wednesday, May 4, 2011
Correction for (AEM) (KGN) (GRS) (ANV) (NCMGY) as Gold Prices Fall
Shares of gold miners like Keegan Resources Inc (AMEX:KGN), Agnico-Eagle (NYSE:AEM), Allied Nevada Gold (AMEX:ANV), Gammon Gold (NYSE:GRS) and Newcrest Mining (OTC:NCMGY) were suffering Tuesday as the price of gold dropped on the session, as the U.S. dollar gained a little.
Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.
A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.
Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.
Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.
Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.
Gold looks like it's just taking a needed breather before resuming its upward run.
Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.
A growing number of gold miners are increasing dividends to attract investors.
Allied Nevada Gold (ANV) closed at $37.74, falling $2.56, or 6.35 percent.
Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.
A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.
Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.
Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.
Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.
Gold looks like it's just taking a needed breather before resuming its upward run.
Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.
A growing number of gold miners are increasing dividends to attract investors.
Allied Nevada Gold (ANV) closed at $37.74, falling $2.56, or 6.35 percent.
Tuesday, May 3, 2011
Goldcorp (GG) (GRS) (EGO) (KGN) (TRE) Trade Down as Gold Levels
Shares of Gammon Gold (NYSE:GRS), Goldcorp (NYSE:GG), Eldorado Gold Corporation (NYSE:EGO), Keegan Resources Inc (AMEX:KGN) and Tanzanian Royalty Exploration (AMEX:TRE) closed down as gold prices closed 70 cents above last close.
Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.
Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.
The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.
It is surprising to see gold and silver be pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.
One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.
Ivanhoe Mines closed at $26.16, falling $0.12, or 0.46 percent.
Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.
Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.
The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.
It is surprising to see gold and silver be pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.
One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.
Ivanhoe Mines closed at $26.16, falling $0.12, or 0.46 percent.
Monday, May 2, 2011
Goldcorp (GG) (KGN) (NXG) (ANV) (NCMGY) Trade Mixed as Gold Price Breaks Records Again
Keegan Resources Inc (AMEX:KGN), Northgate Minerals (AMEX:NXG), Allied Nevada Gold (AMEX:ANV), Goldcorp (NYSE:GG) and Newcrest Mining (OTC:NCMGY.PK) closed mixed Friday as gold price records continue be broken.
Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.
The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.
Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.
The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.
Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.
Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.
Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.
The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.
Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.
The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.
Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.
Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.
Friday, April 29, 2011
Jaguar (JAG) (KGN) (EGO) (GFI) Close Mixed as Gold, Silver Break Records
Keegan Resources Inc (AMEX:KGN), Jaguar Mining (NYSE:JAG), Eldorado Gold Corporation (NYSE:EGO) and Gold Fields (NYSE:GFI) closed down Thursday even as gold and silver prices broke all-time records. It appears investors are taking some profits off the top.
Gold prices shot up while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.
Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.
Silver prices for July moved up $1.55 to settle at $47.54 an ounce.
Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.
The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.
Gold prices shot up while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.
Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.
Silver prices for July moved up $1.55 to settle at $47.54 an ounce.
Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.
The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.
Wednesday, April 27, 2011
Randgold (GOLD) (GSS) (AZK) (KGN) Close Mixed as Gold, Silver Routed
Gold prices were down from records set the previous trading session, temporarily falling below the important $1,500 level, but the losses in the yellow metal were somewhat benign, as gold miners Randgold (NASDAQ:GOLD), Golden Star Resources (AMEX:GSS), Aurizon Mines (AMEX:AZK) and Keegan Resources Inc (AMEX:KGN) closed mixed.
On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up could have an adverse effect on the metals' unprecedented rally.
There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.
The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4%, to finish at $45.058.
Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.
Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.
On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up could have an adverse effect on the metals' unprecedented rally.
There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.
The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4%, to finish at $45.058.
Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.
Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.
Tuesday, April 26, 2011
Newmont (NEM) (KGN) (HMY) (ABX) Close Down as Gold Breaks Another All-Time Record
Gold and silver prices are continuing their upward move, even as gold miners Keegan Resources Inc (AMEX:KGN), Newmont Mining (NYSE:NEM), Harmony Gold Mining (NYSE:HMY) and Barrick Gold (NYSE:ABX) all closed down, as investors took some profits as the yellow metal continued its upward run.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.
The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.
The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Wednesday, April 6, 2011
Gold Miners (GOR) (KGN) (CGR) (THM) Soar on Record Gold Prices
Gold miners Gold Resource Corp (AMEX:GOR), Keegan Resources (AMEX:KGN), Claude Resources (AMEX:CGR), International Tower Hill Mines (AMEX:THM) surged on Tuesday as gold prices rose to $1,455.50 an ounce to reach a record high.
Gold for June delivery rose $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Oning 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 realization that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.
International Tower Hill Mines closed Tuesday at $10.38, gaining $0.56, or 5.70 percent. Claude Resources closed at $2.71, rising $0.07, or 2.65 percent. Keegan Resources closed at $9.44, up $0.66, or 7.52 percent. Gold Resource Corp ended the session at $28.00, increasing $1.09, or 4.05 percent.
Gold for June delivery rose $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.
Oning 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 realization that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.
International Tower Hill Mines closed Tuesday at $10.38, gaining $0.56, or 5.70 percent. Claude Resources closed at $2.71, rising $0.07, or 2.65 percent. Keegan Resources closed at $9.44, up $0.66, or 7.52 percent. Gold Resource Corp ended the session at $28.00, increasing $1.09, or 4.05 percent.
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