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Saturday, June 26, 2010

Iamgold (NYSE:IAG) Finishes Negative for the Week

Iamgold (NYSE:IAG), like all the gold miners, big or small, started the week by dropping in a big way as traders too profits after record-breaking gold prices the week before.

In the case of the mid-tier gold miners like Iamgold, they weren't ever able to recover, as gold prices struggled throughout the rest of the week until Friday, where while getting a nice upward push, wasn't enough to make up for the rest of the week, and finished down.

Competitors like Eldorado Gold (NYSE:EGO) and Yamana Gold (NYSE:AUY) performed in similar fashion, although majors Newmont Mining (NYSE:NEM) and Barrick (NYSE:ABX) were able to end the week in positive territory.

At the end of the session Friday Iamgold was at $18.57, gaining $0.84, or 4.74 percent.

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