Friday, December 31, 2010

Gold Prices Today, Silver, Ending Year with a Roar

Gold will finish another year in positive ground, as gold prices today soared on the ongoing story of the weak U.S. dollar and other weak world currencies.

With quantitative easing in the U.S. ramping up again heading into 2011, that will continue to pressure the dollar and when banks really start lending again, will result in major inflation.

The sovereign debt crisis in Europe continues to weigh on the global economy, which has actually helped the U.S. dollar as the euro falls every time focus from the financial press zeros in on the extraordinary threat looming there.

Silver also continues to move up in percentage against gold, as investors migrate there as an alternative investment to gold as gold prices continue to rise.

This will be the tenth straight annual gain for gold, and that string shouldn't end over the next couple of years, and definitely won't in 2011.

Gold futures for February delivery rose to $1,418.60 an ounce on the Comex in New York as of 12:07 PM EST. Spot gold climbed to $1,418.70, up $14.60.

Silver futures for March delivery increased by 37.7 cents, or 1.2 percent, to $30.89 an ounce. Spot silver was trading at $30.90, up 0.44.

Gold and Silver Companies today:

Barrick Gold (NYSE:ABX) was trading at $53.22, up $0.62, or 1.18 percent, as of 12:42 PM EST.

Goldcorp (NYSE:GG) was at $45.89, up $0.61, or 1.35 percent.

Newmont Mining (NYSE:NEM) was at $61.57, gaining $0.49, or 0.80 percent.

Eldorado Gold (NYSE:EGO) was up to $18.67, rising by $0.13, or 0.70 percent.

Gammon Gold (NYSE:GRS) was trading at $8.23, up $0.27, or 3.39 percent.

Silver Companies

Silver Wheaton (NYSE:SLW) was trading at $39.13, up $1.26, or 3.33 percent.

Mag Silver (AMEX:MVG) was at $12.45, up $0.07, or 0.57 percent.

Hecla Mining (NYSE:HL) was at $11.35, gaining $0.22, or 1.98 percent.

Pan American Silver (Nasdaq:PAAS) rose to $41.57, increasing by $0.58, or 1.41 percent.

Silver Standard Resources (Nasdaq:SSRI) was at $28.24, up $0.21, or 0.75 percent.

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