Wednesday, July 21, 2010

Ivanhoe (NYSE:IVN), Paramount (AMEX:PZG), Northgate (AMEX:NXG), Aurizon (AMEX:AZK) Finish Positive on Down Day

Ivanhoe Mines (NYSE:IVN), Northgate Minerals (AMEX:NXG), Aurizon Mines (AMEX:AZK) Paramount Gold and Silver Corp. (AMEX:PZG) all managed to finish positive on an otherwise slow day, as most gold miners and miners in general were down.

Gold prices have been under pressure because of low inflation and the silly notion the European sovereign debt crisis is under control. People will find out about that soon enough, just like the recent reminder when Ireland debt was downgraded.

Some are attempting to prop up the euro, but over the long-term, and probably short-term, it is unlikely to work. Gold had been moving up as the euro went down.

Gold miners and other metal producers have declined with gold prices, but the companies listed here were all able to buck that trend on Wednesday.

Topping the list is one of my favorites for the long term, Ivanhoe Mines, which closed at $17.02 a share, gaining $0.29, or 1.73 percent. Volume was above the 3-month average for the day.

Paramount Gold and Silver Corp., as measured by percentage, was up the most of these four, ending the day at $1.33, gaining $0.06, or 4.72 percent. Volume was just above average for them.

Northgate Minerals finished the session at an even $3.00, increasing $0.09, or 3.09 percent. Northgate traded far above the normal 3-month trading average.

Aurizon (AMEX:AZK) ended the day at $4.90, gaining $0.05, or 1.03 percent. Trading volume for them was below the 3-month average.

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