Gold prices today are pushing up the share price of giant gold miners Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp Inc. (NYSE:GG), as fears surrounding the EU sovereign debt crisis and possible contagion has investors fleeing for safety once again.
As has happened other times during the ongoing gold bull market, the U.S. dollar and gold have abandoned their usual inverse relationship and have moved up together.
This will happen again and again as the ebb and flow of news concerning the sovereign debt challenges in the EU are released to the public.
It seems during these times gold will continue to rise, but will be held back because of the increased value of the U.S. dollar during these times.
Barrick was trading at $51.88, rising by $1.55, or 3.08 percent as of 2:35 PM EST. Goldcorp was at $45.78, gaining $0.70, or 1.55 percent. Newmont was at $58.84, up by $0.75, or 1.29 percent.
Interestingly, trading volume for all three didn't take off, as they are all slightly below their 3-month average.
Tuesday, November 30, 2010
Barrick (NYSE:ABX), Newmont (NYSE:NEM), Goldcorp (NYSE:GG) Up on Rebounding Gold Prices Today
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1 comment:
Hi : )
You are shopping online or in-store? which often would you go for? truly wondering lol.. i prefer in-store because i don't really like waiting it to arrive!
Ty
Jessy
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