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Friday, June 18, 2010

AngloGold Ashanti (NYSE:AU) Down on Great Gold Day

AngloGold Ashanti (NYSE:AU) was one of the few poor gold performers on Friday, on a day which broke another record at the close of $1,256.50, an increase of $11.30 on the day.

The news yesterday that they were going to focus on developing mining projects outside Australia because of the 40 percent super tax, seems to have overshadowed the rest of the good news related to gold.

This isn't necessarily looked upon as a negative in the long term, but it will probably extend the period of time for AngloGold to increase its gold reserves, as it had been looking to the Tropicana gold project in western Australia to boost it reserves, but now has relegated that to the back burner and is looking to other properties to develop.

AngloGold lost a penny in New York to close on Friday at $44.79.

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