Thursday, April 14, 2011

Kinross (KGC) (AEM) (AU) (NEM) Down as Gold, Silver End Slightly Up

Gold and silver prices were up moderately Wednesday which had gold miners like Agnico-Eagle (NYSE:AEM), Kinross Gold Corp (NYSE:KGC), AngloGold Ashanti (NYSE:AU) and Newmont Mining (NYSE:NEM) slightly down on the day, as most the precious metals also dropped.

On Wednesday gold prices closed at $1455.60 an ounce. The Silver price for the May contract was higher by .43 percent at 40.24 an ounce.

The collapsing U.S. dollar continues to be a big factor, although it gained in strength near the end of trading Wednesday. Other factors are tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening food and fuel inflation and the consequences of the Japanese earthquake in the auto and tech sectors, among others.

July platinum added $2.90 to $1,777.20 a troy ounce, but June palladium fell $4.80 to $765.30 a troy ounce.

Among base metals, May copper was down 9 cents to $4.30 a pound in New York trade, while three-month contracts were $115 lower to $9,515 a ton on the London Metal Exchange after stockpiles in LME-monitored warehouses added another 3,225 tons throughout the day.

Tin was also down in London trade, falling $300 to $32,250 a ton, while nickel dropped $450 to $26,250 a ton.

Newmont Mining closed Wednesday at $56.32, falling $0.92, or 1.61 percent. Kinross Gold Corp. closed at $15.53, down $0.13, or 0.83 percent. Agnico-Eagle closed at $64.75, dropping $0.38, or 0.58 percent. AngloGold Ashanti ended the day at $48.91, down $0.02, or 0.04 percent.

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