Monday, April 18, 2011

Gammon (GRS) (ANV) (SA) (AEM) Trade Mixed as Gold Rushes Toward $1,500

On Friday gold prices soared toward the $1,500 an ounce mark, trading as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce. Gammon Gold (NYSE:GRS), Allied Nevada Gold (AMEX:ANV), Seabridge Gold (Amex:SA) and Agnico-Eagle (NYSE:AEM) traded mixed as most gold miners pulled back after running up last week.

Inflation continues to be a major factor in gold price movement, as food and fuel prices in the U.S. continue to soar and consumer prices in China push up.

The continual weakness in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes gold an attractive safe haven alternative for capital.

Agnico-Eagle closed Friday at $65.24, falling $0.14, or 0.21 percent. Seabridge Gold closed at $33.62, gaining $0.61, or 1.85 percent. Allied Nevada Gold closed at $39.11, dropping $0.26, or 0.66 percent. Gammon Gold ended the session at $10.37, down $0.23, or 2.17 percent.

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