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.
Showing posts with label Nevsun. Show all posts
Showing posts with label Nevsun. Show all posts
Wednesday, April 6, 2011
Thursday, December 2, 2010
Exeter (AMEX:XRA), Gammon (NYSE:GRS), Nevsun (AMEX:NSU), Northgate Minerals (AMEX:NXG) Soar on China Gold Imports
Gold prices today were soaring before noon as news from the Shanghai Gold Exchange that China had acquired 209 metric tons of the yellow metal through October caused gold miners like Exeter (AMEX:XRA), Gammon (NYSE:GRS), Nevsun (AMEX:NSU) and Northgate Minerals (AMEX:NXG) soar in share price.
To contrast this, China only acquired 45 tons of gold for all of 2009, showing they are protecting their assets in the midst of a weak currency environment; particularly against inflation.
Gold fell down to earth after noon, as is a common event for the precious metal, which was closing in on $1,400 an ounce before plummeting.
No matter. Gold prices will continue to rise for some time, and are at this time looking for an excuse to make a big move again, although speculators will continue to make it a volatile ride on the way up.
Exeter was trading at $5.92, up by $0.37, or 6.67 percent as of 1:05 PM EST. Gammon was at $7.15, gaining $0.33, or 4.84 percent. Nevsun rose to $6.23, increasing $0.25, or 4.19 percent. Northgate was trading at $3.08, up $0.11, or 3.70 percent.
To contrast this, China only acquired 45 tons of gold for all of 2009, showing they are protecting their assets in the midst of a weak currency environment; particularly against inflation.
Gold fell down to earth after noon, as is a common event for the precious metal, which was closing in on $1,400 an ounce before plummeting.
No matter. Gold prices will continue to rise for some time, and are at this time looking for an excuse to make a big move again, although speculators will continue to make it a volatile ride on the way up.
Exeter was trading at $5.92, up by $0.37, or 6.67 percent as of 1:05 PM EST. Gammon was at $7.15, gaining $0.33, or 4.84 percent. Nevsun rose to $6.23, increasing $0.25, or 4.19 percent. Northgate was trading at $3.08, up $0.11, or 3.70 percent.
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