Friday, July 16, 2010

Allied Nevada (AMEX:ANV), Iamgold (NYSE:IAG), Yamana (NYSE:AUY) Plunge, Along with Gold Price

Gold dropped for the fourth straight week, as investors look elsewhere for safety, albeit, it won't last too long. Consequently, Allied Nevada Gold (AMEX:ANV), Iamgold (NYSE:IAG) and Yamana Gold (NYSE:AUY) got hit hard Friday, as did most gold miners.

One of the worse performers in the sector for the day was Allied Nevada Gold, which plunged almost 7 percent to $17.25, losing $1.24, or 6.71 percent.

Next was Iamgold, falling to $15.91, a drop of $0.71, or 4.73 percent.

Yamana followed, ending the session and week at $9.53, a $.37 decline, or 3.74 percent.

The US dollar and euro were both higher, and the inflation picture looking pretty level in the U.S., at least for the short term.

What has skewed the picture some is the illusion in Europe by some investors that they've got back on track and are doing okay. That's probably the major factor that will unhinge all this optimism, and when Europe comes into the picture again, it will remind investors why gold will continue to go up over the long term.