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Friday, July 9, 2010

Newmont (NYSE:NEM), Barrick (NYSE:ABX), Goldcorp (NYSE:GG) End Week on the Upside

The major gold miners ended the week and trading session on a high, after a poor showing early in the week, although Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) were more volatile than Newmont Mining (NYSE:NEM), which had a nice upward move since Wednesday, as did some of the smaller miners.

Newmont broke their all-time high on Friday, which had formerly been reached in February 2006, when they hit $62.80. They pulled back later in the trading day to end at $61.92, gaining $1.59, or 2.64 percent. That brought their market cap to $30.43 billion.

Barrick climbed $0.99 on the day, finishing at $43.57, a 2.33 percent increase. Their market cap is $42.90 billion.

Goldcorp, along with Barrick were performing more erratic for the week, and did end at $41.59, a gain of $0.98, or 2.41 percent. Goldcorp's market cap was just above Newmont at $30.52 billion.

Newmont has overtaken Goldcorp as the low-cost gold producer, positioning them to be profitable in most economic conditions, although Goldcorp still maintains solid cost controls too.

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