Gold and silver prices are jumping again after leveling off for some time on unjustified optimism which has resulted in gold miners like
Ivanhoe Mines Ltd. (NYSE:IVN), Gammon Gold (NYSE:GRS) and Goldcorp (NYSE:GG) soaring with the precious metals. Ivanhoe is less impacted by gold alone because of it becoming a diversified miner.
On Friday gold prices hit another new record, rising a high of $1,476 an ounce. Silver prices increased to a 31-year high, closing at 40.60 an ounce after reaching a high of $40.63 an ounce during the session.
The majority of this is based upon the collapsing U.S. dollar, pullback in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake are just some of the negative factors hitting the markets.
Strangely, many investors are acting as if these are some parenthetical events that have little bearing on the markets and commodity prices.
Gammon Gold closed Friday at $10.50, gaining $0.33, or 3.24 percent. Goldcorp closed at $54.44, rising $1.25, or 2.35 percent. Ivanhoe closed at $28.22, jumping $0.08, or 0.29 percent.
Monday, April 11, 2011
Goldcorp (NYSE:GG) (GRS) (IVN) Up as Gold, Silver Soar
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