Friday, April 15, 2011

Gammon (GRS) (JAG) (AXU) (KGC) Trade Mixed as Gold, Silver Rise Again

Shares of most gold miners were up as gold rose again Thursday, although Jaguar Mining (NYSE:JAG), Alexco Resource (AMEX:AXU), Kinross Gold Corp (NYSE:KGC) and Gammon Gold (NYSE:GRS) were trading mixed.

Gold for June delivery climbed $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange. Silver jumped $1.427, or 3.6 percent, to $41.664 an ounce.

Spot gold was up 1.4 per cent to $1,474.30 an ounce, closing in on its record $1,476.21 set on Monday.

The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.

The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.

In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce. May copper fell 1.05 cents to settle at $4.284 a pound

Kinross Gold Corp closed Thursday at $15.96, gaining $0.16, or 1.03 percent. Jaguar Mining closed at $5.15, falling $0.04, or 0.77 percent. Gammon Gold ended the session at $10.60, up $0.28, or 2.71 percent. Alexco Resource soared to closed at $9.65, rising $0.97, or 11.18 percent.

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