Wednesday, April 6, 2011

Miners (RBY) (XRA) (AUY) (NAK) Jump on Record Gold Prices

Gold miners Rubicon Minerals (AMEX:RBY), Exeter Resource Corp. (AMEX:XRA), Yamana Gold, Inc. (NYSE:AUY) and Northern Dynasty (AMEX:NAK) surged 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.

Rubicon Minerals closed Tuesday at $5.51, gaining $0.35, or 6.78 percent. Exeter Resource Corp. closed at $5.47, rising $0.32, or 6.21 percent. Yamana Gold, Inc. closed at $12.96, up $0.63, or 5.11 percent. Northern Dynasty ended the session at $15.74, increasing $0.39, or 2.54 percent.

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