Friday, April 15, 2011

Goldcorp (GG) (AEM) (UXG) (GFI) Close Up as Gold, Silver Rise Again

Shares of most gold miners were up as gold rose again Thursday, with Agnico-Eagle (NYSE:AEM), Goldcorp (NYSE:GG), US Gold (AMEX:UXG) and Gold Fields (NYSE:GFI) closing in the positive.

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

Spot gold was up 1.4 percent 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

Gold Fields closed Thursday at $17.97, gaining $0.20, or 1.13 percent. US Gold closed at $9.45, rising $0.36, or 3.96 percent. Agnico-Eagle ended the session at $65.38, up $0.63, or 0.97 percent. Goldcorp closed at $53.96, rising $1.23, or 2.33 percent.

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