Friday, October 8, 2010

Barrick (NYSE:ABX), Ivanhoe (NYSE:IVN), Eldorado (NYSE:EGO), Agnico (NYSE:AEM) Rise with Surging Gold Prices

The jobs report in the U.S. showing further terrible results have gold prices today jumping and gold miners rising with them. Barrick Gold (NYSE:ABX), Ivanhoe Mines (NYSE:IVN), Eldorado Gold and (NYSE:EGO) and Agnico-Eagle Mines (NYSE:AEM) are all in positive territory in anticipation of the inevitable inflationary move by the Federal Reserve, which will pump more money into the American economy.

Ivanhoe Mines made the highest move of the gold miners mentioned above, rising to $24.59, gaining $0.86, or 3.62 percent, as of 2:40 PM EDT. Following them was Agnico, which pushed to $72.78, a gain of $1.38, or 1.93 percent. Barrick also increased, standing at $48.40, adding $0.72, or 1.51 percent. Eldorado finished the grouping off, rising to $18.57, an increase of $0.21, or 1.14 percent.

A number of diversified miners also benefited from the fall in jobs, anticipating higher metals' prices because of the falling value of the U.S. dollar, which will worsen from the Federal Reserve's inflating of the money supply.

Commodity prices in general will continue to increase in price because of the falling value of the U.S. dollar and inflation from the Federal Reserve's actions.

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