Wednesday, April 6, 2011

Gold Miners (ABX) (GG) (NEM) (EGO) Rocket Up on Record Gold Prices

Gold miners Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG), Newmont Mining (NYSE:NEM) and Eldorado Gold (NYSE:EGO) skyrocketed on Tuesday as gold prices surged to $1,455.50 an ounce to reach a record high.

Gold for June delivery climbed $19.50, or 1.4%, to $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange.

Ongoing unrest in the Middle East, the EU sovereign debt crisis, Japan's struggle and political uncertainty in the United States is the major impetus behind the action.

The expectations that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major force behind the continuing rise in gold prices.

Eldorado Gold closed Tuesday at $16.94, gaining $0.90, or 5.61 percent. Goldcorp closed at $52.16, rising $2.96, or 6.02 percent. Newmont Mining closed at $56.98, up $2.39, or 4.38 percent. Barrick ended the session at $54.28, increasing $2.89, or 5.62 percent.

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