Tuesday, September 21, 2010

Goldcorp (NYSE:GG), Barrick (NYSE:ABX), Newmont (NYSE:NEM) Gain on Record Gold Prices, Fed Meeting Expectations

Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) continue to enjoy the record-breaking gold prices which have helped them to climb along with them. That was no different Monday, as gold prices surged to another record, reaching as high as $1,285 an ounce.

Even though all the largest gold miners increased in value, there was still the sense of things being held back in anticipation of the Fed meeting tomorrow, where everyone will be looking for a clue as to whether or not they're going to throw another round of quantitative easing at the market.

Goldcorp was the largest beneficiary of the largest miners mentioned above, closing at $43.70, gaining $1.04, or 2.44 percent.

Barrick Gold closed at $46.45, an increase of $0.46, or 1.00 percent.

Newmont closed at $63.27, a slight upward tick of $0.26, or 0.41 percent.

If quantitative easing is mentioned in today's Fed meeting, all these figures, especially gold futures, should shoot up to much higher levels.

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