Wednesday, April 6, 2011

Gold Miners (GOLD) (NG) (GBG) (GFI) Up on Record Gold Prices

Gold miners Randgold Resources (NASDAQ:GOLD), NovaGold Resources (AMEX:NG), Great Basin Gold (AMEX:GBG) and Gold Fields Ltd. (NYSE:GFI) jumped on Tuesday as gold prices rose to $1,455.50 an ounce to reach a record high.

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

Continuing 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 inevitability that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a major part of the continuing rise in gold prices.

Gold Fields Ltd. closed Tuesday at $18.29, gaining $0.69, or 3.92 percent. Great Basin Gold closed at $2.73, rising $0.14, or 5.41 percent. NovaGold Resources closed at $13.79, up $0.91, or 7.07 percent. Randgold Resources ended the session at $87.84, increasing $6.27, or 7.69 percent.

No comments: