Wednesday, April 6, 2011

Gold Miners (IVN) (IAG) (GSS) (AEM) Surge on Record Gold Prices

Gold miners Ivanhoe (NYSE:IVN), IAMGOLD (NYSE:IAG) Golden Star Resources (Amex:GSS) and Agnico-Eagle (NYSE:AEM) soared on Tuesday as gold prices rose to $1,455.50 an ounce to reach a record high.

Gold for June delivery jumped $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 idea that Federal Reserve Chairman Ben Bernanke won't stop printing money is also a key factor behind the continuing rise in gold prices.

Agnico-Eagle closed Tuesday at $66.81, gaining $2.67, or 4.16 percent. Golden Star Resources closed at $3.08, rising $0.21, or 7.32 percent. IAMGOLD closed at $22.90, up $1.16, or 5.34 percent. Ivanhoe ended the session at $28.44, increasing $0.84, or 3.04 percent.

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