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Tuesday, June 15, 2010

US Gold (AMEX:UXG), Eldorado Gold (NYSE:EGO), Compania de Minas Buenaventura (NYSE:BVN), New Gold (AMEX:NGD) Continue to Surge

Since the S&P 500 hit its high on April 23, gold mining stocks have been hot, and several have soared by double-digits during that time, including US Gold (AMEX:UXG), Eldorado Gold (NYSE:EGO), Compania de Minas Buenaventura (NYSE:BVN), and New Gold (AMEX: NGD), all of which are continuing to soar today, as gold resumes its upward price movement.

Using the high on April 23 and the low on June 7 as a measuring stick for the performance of these gold mining companies, they skyrocketed during that time, with US Gold leading the way with gains of 22.2 percent. Eldorado Gold was next with a gain of 21.9 percent during that period of time, followed by Compania de Minas Buenaventura with a 15.7 percent increase in share price, and last New Gold, which still had a solid 10.4 percent gain.

Much of this was of course simply in line with the rise in gold prices because of concerns over the sovereign debt crisis in Europe and inflation in China related to their urban property markets.

For Eldorado, they also surged upward because management increased gold production estimates for the rest of their fiscal 2010 year, increasing the range from 550,000-600,000 ounces of gold to 575,000-625,000 ounces to be produced this fiscal year.

With Compania de Minas Buenaventura, they benefited from a major gold discovery in a Peru project they are in partnership with Gold Fields (NYSE:GFI) in.

Every company mentioned in this article are continuing to move upward in price today, as gold prices in general move strongly upward after a few days of correction.

Gold prices were up $13.50, reaching $1,234.90 as of 2:22 PM EDT.

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