Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) End Week Strong

Barrick Gold (NYSE:ABX) (TSE:ABX) and Newmont Mining (NYSE:NEM) ended the week up strongly, as Newmont rose by 8 percent on the week and Barrick wasn't too far behind at a gain of 6.5 percent.

Newmont also reached a 52-week high of $59.57 a share this week, although it pulled back a little since then. In electronic trading on Friday it was $58 a share at about 5:00 P.M. EST.

Barrick went as high as $46.05 on Friday, not too far from its 52-week high of $48.02. It shouldn't be long before they break through that and then they'll be shooting for $50 a share.

We are probably going to see some big swings in the days, and possibly weeks ahead for gold and gold mining prices, as we're facing extraordinary times in Europe, and increasing inflation risks in China.

Investors are starting to understand the propping up of the positive financial news by mainstream media outlets is only telling a small part of the economic story, and we are at as grave as economic risks as we've ever been in most of out lifetimes, and it has yet to be seen and played out as to how deep and far the consequences will go concerning Europe and their failed socialist, welfare practices.

The threat is real, and the Federal Reserve and central banks are already talking in a way that says the $1 trillion offered to the failing socialist nations in Europe aren't going to be near enough to stem the tide sweeping across the continent.

Gold will respond accordingly, and the European bailout will probably end up in the multi-trillions, making the bailout of the banks seem like a drop in the bucket. Oops. I forgot, The European bailout is just another bailout of the banks.

Amazingly, that's what the Federal Reserve is using as an argument that Americans won't have to bail out the socialist countries of Europe. Rather they say, we're bailing out the banks. At least they're being honest this time around.

Either way, these are going to be extraordinary times, and gold should be in a bull market for years, possibly extending far beyond what was originally thought.