Monday, April 11, 2011

Barrick (ABX), (GFI) (HMY) Jump as Gold, Silver Skyrocket

Gold and silver prices are roaring again after languishing for some time on unwarranted optimism which has resulted in gold miners like
Barrick Gold (NYSE:ABX), Gold Fields (NYSE:GFI) and Harmony Gold Mining (NYSE:HMY) soaring with the precious metals.

On Friday gold prices hit another new record, reaching a high of $1,476 an ounce. Silver prices rose to a 31-year high, closing at 40.60 an ounce, after reaching a high of $40.63 an ounce during the session.

Most of this is based upon the collapsing U.S. dollar, pullback in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake are just some of the negative factors hitting the markets.

Amazingly, many investors are acting as if these are some parenthetical events that have little bearing on the markets and commodity prices.

Gold Fields closed Friday at $18.55, gaining $0.40, or 0.40 percent. Barrick Gold closed at $54.37, rising $0.60, or 1.12 percent. Harmony Gold Mining closed at $15.56, jumping $0.23, or 1.50 percent.

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