Friday, April 29, 2011

Newmont (NEM) (AUY) (HMY) (NYSE:KGC) Close Mixed as Gold, Silver Break Records

Newmont Mining (NYSE:NEM), Yamana Gold (NYSE:AUY), Harmony Gold Mining (NYSE:HMY) and Kinross Gold Corp (NYSE:KGC) closed mixed Thursday as gold and silver prices broke all-time records.

Gold prices shot up while silver prices popped Thursday as investors bought the metals against a weak dollar and higher inflation expectations.

Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.

Silver prices for July moved up $1.55 to settle at $47.54 an ounce.

Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.

The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.

No comments: