Gold
Gold continues upward assault, Goldfields and Lihir Gold post modest gains
The gold price continued its march forward as investors continue to seek shelter from the US Dollar’s devaluation. As the dollar persistently slides, the yellow metal rises on-and-on with futures hitting the latest new record highs at $1,155. The dollar index, which represents the greenbacks comparative strength against a basket of six major currencies, fell a further half percent overnight.
For months, the gold market has persistently fed off US dollar weakness; this latest push to new highs was helped by further dollar declines. The US Dollar Index, which reflects the relative strength of the greenback against a basket of the other six major currencies, dropped a further 0.5% this morning.
With gold prices making persist gains many analysts and commentators now see $1,200 gold in 2009 as a real possibility.
GoldFields (NYSE: GFI) and Lihir Gold (NASDAQ: LIHR) were the strongest major gold stock today as they advanced almost 1%. GoldCorp Inc (NYSE: GG) and Newmont Mining Corp (NYSE: NEM) both traded more than half a percent higher than last night’s close.
Yamana Gold (NYSE: AUY) and Kinross Gold (NYSE: KGC) both gained one third of a percent Meanwhile AngloGold Ashanti (NYSE: AU) and Barrick Gold (NYSE: ABX). Elsewhere a couple of gold majors had a tougher time of things, Randgold Resources (NYSE: GOLD) slid almost a quarter of a percent lower while Polyus Gold (IOB: PLZL.IL) dropped 1%.
Both Keegan Resources (AMEX: KGN) and Eldorado Gold Corp (AMEX: EGO) led the gold equities on the American Stock Exchange, as each company advanced more than 2%. IAM Gold (NYSE: IAG) and Minefinders (AMEX: MFN) climbed almost 1% higher than Tuesday’s close.
Agnico Eagle (NYSE: AEM) and Nevsun Resources (AMEX: NSU) both gained half a percent, while Exeter Resource Corp (AMEX: XRA) were also higher after rising around a third of a percent. Moving in the opposite direction, New Gold (AMEX: NGD) and Rubicon Minerals (AMEX: RBY) both fell, easing a quarter of a percent.
In Toronto, Kent Exploration (TSX-V: KEX) was the strongest performer as the junior exploration play climbed nearly 4%. Victoria Gold Corp (TSX-V: VIT) followed, rising almost 2%. Elsewhere Centamin Egypt (TSX: CEE) fell three quarters of a percent.
Bravo Venture Group(TSX-V: BVG), Kootenay (TSX: KTN) and Hawthorne Gold Corp (TSX-V: HGC) were unchanged on the day.
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09/04/10 The Gold:Silver Ratio: Will The Yellow Metal Lose Its Shine?
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01/02/10 The Strong US dollar continues to put pressure on gold
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08/01/10 China overtakes India as largest consumer of gold
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04/01/10 Gold ETFs attract $17 billion in 2009
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07/12/09 North American Gold Stocks Struggle As Golden Rally Loses Its Shine
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23/10/09 Pressure on U.S. administration to support dollar could create volatility in gold markets
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20/10/09 CME Group’s Decision to Accept Gold Bullion as Collateral Reflects Gold’s Growing Appeal as Alternative Asset Class to US Currency and Debt Securities
Other Gold news
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27/08/10 Gold holds steady after US GDP report
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19/08/10 Gold adds $2/ounce after US employment data weighs on greenback
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18/08/10 Gold bounces back to June highs on safe-haven gains
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10/08/10 Gold rebounds back above $1,200 ounce level
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30/07/10 GDP data hits equities and oil, but US dollar and gold post small gains
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26/07/10 Bullion, coin dealers call for investigation of U.S. coin blanks supply
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08/07/10 U.S. gold coin sales in June fall from one year ago
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22/06/10 Merrill Lynch upgrades gold and silver price forecasts
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18/06/10 Gold futures hit new record high
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11/06/10 Gold bounces back to $1230
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