Randgold (GOLD) (HMY) (GRS) (ANV) (AUY) (GSS) Close Up on Higher Gold Prices

Harmony Gold Mining (NYSE:HMY), Randgold (NASDAQ:GOLD), Gammon Gold (NYSE:GRS), Allied Nevada Gold (AMEX:ANV), Yamana Gold (NYSE:AUY) and Golden Star Resources (AMEX:GSS) end higher as gold futures settled up.

Gold futures for August delivery roe $4 to $1,547.70 an ounce. Silver prices were also up, settling at $37.32 an ounce, gaining 2 percent.

The job market in the U.S. was also weak, as the number of people applying for unemployment benefits for the first time climbed to 427,000 last week. Economists had expected the number to fall to 419,000. The number applying for jobless benefits jumped from the prior week too, being upwardly revised from 422,000 to 426,000.

Gold was also stronger on the decision by the European Central Bank to keep its interest rate at the same level. It did give a nod toward raising interest rates in July.

The European Central Bank kept its key interest rate at 1.25 percent. The Bank of England left its main interest rate unchanged at 0.50 percent, a record low.

Golden Star Resources closed Thursday at $2.51, gaining $0.13, or 5.46 percent. Yamana Gold ended the day at $11.90, up $0.14, or 1.19 percent. Allied Nevada Gold closed at $31.62, jumping $0.09, or 0.29 percent. Gammon Gold ended the session at $9.51, climbing $0.54, or 6.02 percent. Randgold closed at $80.08, rising $3.04, or 3.95 percent. Harmony Gold Mining closed at $13.21, increasing $13.21, up $0.24, or 1.85 percent.

Gold Fields (GFI) (GSS) (HMY) (GRS) (IAG) Jump As Gold Prices Break $1,500

Investors looking to gold and silver for safety as equities drop, pushing up the price of the precious metals, and miners like Gold Fields (NYSE:GFI), Golden Star Resources (AMEX:GSS), Harmony Gold Mining (NYSE:HMY), Gammon Gold (NYSE:GRS) and IAMGOLD Corporation (NYSE:IAG).

The most actively traded gold contract, for June delivery, was recently up $19.70, or $1.3 percent, at $1,512.10 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices are up with the most actively traded contract, for July delivery, recently up 22.3 cents, or 0.6 percent, at $35.155 a troy ounce.

IAMGOLD Corporation (IAG) was trading at $21.13, gaining $0.47, or $2.27 percent, as of 1:23 PM EDT. Gammon Gold (GRS) was trading at $9.98, gaining $0.33, or 3.42 percent. Harmony Gold Mining (HMY) was at $13.63, rising $0.13, or 0.96 percent. Golden Star Resources (GSS) was trading at $2.71, climbing $0.08, or 3.04 percent. Gold Fields (GFI) was at $15.79, jumping $0.22, or 1.41 percent.

Gammon Gold (GRS) Trades Down as Gold Prices Fall

Gammon Gold (NYSE:GRS) traded down as gold prices fell slightly on Thursday.

Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

Gammon Gold Inc. participates in the acquisition, exploration, development, and mining of gold and silver deposits in North America. The major mines it operates are the Ocampo mine in Chihuahua State, the El Chanate project in Sonora State, and the El Cubo mine in Guanajuato State, all in Mexico.

Gammon Gold (GRS) closed Thursday at $9.65, falling $0.05, or 0.52 percent.

Miners (JAG) (NEM) (GRS) (RIC) (AU) Trade Up

Shares of Jaguar Mining (NYSE:JAG), Newmont Mining (NYSE:NEM), Gammon Gold (NYSE:GRS), Richmont Mines, Inc. (AMEX:RIC) and AngloGold Ashanti (NYSE:AU) all traded up on Wednesday as gold and silver prices climbed on the day.

Jaguar Mining soared on an earnings beat, closing up over 23 percent on the day.

June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.

The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.

A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.

Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.

Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.

The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.

Jaguar Mining (JAG) closed at $5.31, gaining $1.00, or 23.20 percent.

Miners (HMY) (GRS) (GOLD) (RGLD) (IAG) (AEM) All Close Up Tuesday

Shares of Harmony Gold Mining (NYSE:HMY), Gammon Gold (NYSE:GRS), Randgold (NASDAQ:GOLD), Royal Gold (Nasdaq:RGLD), IAMGOLD Corporation (NYSE:IAG) and Agnico-Eagle (NYSE:AEM) went against the grain of gold prices, all closing up on Tuesday, even though gold prices dropped again.

Gold futures for June delivery closed down $10.60, or 0.7 percent, at $1,480.00 per ounce in New York. Trade ranged from a low $1,471.10 to a high of $1,497.50.

The yellow metal has dropped $100 or 6 percent from its record highs of over $1,575 an ounce set earlier in May.

Silver gained 0.7 percent to settle at $33.80 an ounce. Since the latter part of April it has fallen almost 33 percent from a record high of $49.51.

Agnico-Eagle (AEM) closed Tuesday at $62.44, gaining $0.83, or 1.35 percent.

Gammon Gold (GRS) Down Along with Gold Prices

Gammon Gold (NYSE:GRS), along with most other gold miners, fell again in Wednesday trading, as gold price came under pressure in the ongoing volatile market conditions.

Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.

Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.

Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.

The Bank of England said that inflation could hit 5 percent in 2011.

Silver prices dropped almost $3 to close at $35.51 an ounce.

Gammon Gold Inc. participates in the acquisition, exploration, development, and mining of gold and silver deposits in North America.

Gammon Gold (GRS) closed Wednesday at $9.43, falling $0.33, or 3.38 percent.

Gammon Gold (GRS) Down Along with Gold Prices

Gammon Gold (NYSE:GRS), along with most other gold miners, fell again in Wednesday trading, as gold price came under pressure in the ongoing volatile market conditions.

Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.

Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.

Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.

The Bank of England said that inflation could hit 5 percent in 2011.

Silver prices dropped almost $3 to close at $35.51 an ounce.

Gammon Gold Inc. participates in the acquisition, exploration, development, and mining of gold and silver deposits in North America.

Gammon Gold (GRS) closed Wednesday at $9.43, falling $0.33, or 3.38 percent.

Gammon Gold (NYSE:GRS) Jumps on Guidance

Shares of Gammon Gold (NYSE:GRS) are getting a boost today after the gold miner reported earnings of $19.3 million in the first quarter, or 14 cents a share.

Last year in the same quarter the company generated a net income of $1.8 million, or 1 cent a share. They did miss as measured by analysts' expectations, which were looking for 16 cents a share on average.

Gammon Gold Inc., which participates in the acquisition, exploration, development, and mining of gold and silver deposits in North America and Mexico, estimates gold production for 2011 to come in at a range of 255,000 to 290,000 gold equivalent ounces.

In 2010 the company produced just over 200,000 ounces.

Much of that is from the acquisition of Capital Gold and the ending of a strike at its El Cubo mine.

Gammon was trading in New York at $9.61, gaining $0.17, or 1.91 percent, as of 2:25PM EDT.

Barrick (ABX) (AZK) (GSS) (RGLD) (GRS) Trade Mixed As Gold Drops

Gold and silver prices went through a reversal Friday as gold closed down and silver rebounded to close higher, putting pressure on gold miners such as Barrick Gold (NYSE:ABX), Aurizon Mines (AMEX:AZK), Golden Star Resources (AMEX:GSS), Royal Gold (Nasdaq:RGLD) and Gammon Gold (NYSE:GRS) - which closed mixed - and gold ETFS.

Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.

The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.

Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.

Barrick closed Friday at $45.01, down $0.14, or 0.31 percent.

Miners (AUY) (GRS) (MGH) (BVN) (KGC) Trade Up as Gold, Silver Rebound

Gold miners Yamana Gold (NYSE:AUY), Gammon Gold (NYSE:GRS), Minco Gold Corporation (AMEX:MGH), Compania Mina Buenaventura, S.A (NYSE:BVN) and Kinross Gold Corp (NYSE:KGC) closed up Monday as gold prices turned around on Monday.

Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.

Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.

According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).

The U.S. dollar fell to $1.434 against the euro and dropped against the Japanese yen to 80.24 yen.

Yamana Gold (NYSE:AUY) closed Monday at $11.94, gaining $0.14, or 1.19 percent.

Miners (NG) (SA) (TRE) (GRS) (KGC) Mixed as Gold Closes Up

Gold was able to shake itself of silver Friday, as it has been weighed down by the plummeting price of silver in recent trade, which also has been dragging down gold miners NovaGold Resources Inc. (AMEX:NG), Seabridge Gold (Amex:SA), Tanzanian Royalty Exploration (AMEX:TRE), Gammon Gold (NYSE:GRS) and Kinross Gold Corp (NYSE:KGC).

Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.

Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.

The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.

Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.

Kinross Gold Corp. (KGC) closed Friday at $15.01, gaining $0.23, or 1.56 percent.

Miners (GRS) (NG) (SA) (AZK) (ABX) Pressured as Gold Prices Fall

Gammon Gold (NYSE:GRS), NovaGold Resources Inc. (AMEX:NG), Seabridge Gold (Amex:SA), Aurizon Mines (AMEX:AZK) and Barrick Gold (NYSE:ABX) got hammered Thursday as gold and silver prices continue to plunge.

Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.

Since the Friday settlement price silver has plummeted 25 percent.

The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.

Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.

As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.

Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.

NovaGold Resources Inc. (NG) closed Thursday at $10.84, falling $1.05, or 8.83 percent.

Miners (GRS) (FCX) (NG) (RGLD) (TCK) Trade Mixed as Gold Falls

While several events should have helped support gold prices on Wednesday, that wasn't the case, as Gammon Gold (NYSE:GRS), Freeport-McMoRan (NYSE:FCX), NovaGold Resources Inc. (AMEX:NG), Royal Gold (Nasdaq:RGLD) and Teck Resources Ltd (NYSE:TCK) closed mixed, with gold for June delivery, the most actively traded contract, falling $25.10 to $1,515.30 an ounce.

Silver prices are the story for commodities and gold at this time, as the plunge in prices is dragging down the overall commodity sector, as traders sell off holdings to take some profits.

Silver fell $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver closed in on $50 an ounce mark last week.

Silver for July delivery dropped $2.820, at $39.765 per troy ounce.

The U.S. dollar index lost 0.15 percent to $73.01, dropping from Tuesday's 73.127 close. The dollar index is down 7.5 percent so far in 2011.

Against the euro, the dollar plunged to its lowest level Wednesday since December 2009.

Other than the fall of the dollar, other factors that would have normally supported gold was the underreported decision by the European Union to bail out Portugal for close to 78 billion euros.

Also largely ignored was the ADP Employment Change report for April, which showed the private sector missed the anticipated addition of 200,000 jobs, being able to only generate 179,000 for the month.

Also of note Wednesday was the Institute for Supply Management’s services-sector index, which was weakened more than expected in April, confirming that American growth is slowing.

Gammon Gold (GRS) closed Wednesday at $10.05, rising $0.12, or 1.21 percent.

Correction for (AEM) (KGN) (GRS) (ANV) (NCMGY) as Gold Prices Fall

Shares of gold miners like Keegan Resources Inc (AMEX:KGN), Agnico-Eagle (NYSE:AEM), Allied Nevada Gold (AMEX:ANV), Gammon Gold (NYSE:GRS) and Newcrest Mining (OTC:NCMGY) were suffering Tuesday as the price of gold dropped on the session, as the U.S. dollar gained a little.

Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.

A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.

Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.

Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.

Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

Gold looks like it's just taking a needed breather before resuming its upward run.

Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.

A growing number of gold miners are increasing dividends to attract investors.

Allied Nevada Gold (ANV) closed at $37.74, falling $2.56, or 6.35 percent.

Goldcorp (GG) (GRS) (EGO) (KGN) (TRE) Trade Down as Gold Levels

Shares of Gammon Gold (NYSE:GRS), Goldcorp (NYSE:GG), Eldorado Gold Corporation (NYSE:EGO), Keegan Resources Inc (AMEX:KGN) and Tanzanian Royalty Exploration (AMEX:TRE) closed down as gold prices closed 70 cents above last close.

Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.

Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.

The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.

It is surprising to see gold and silver be pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.

One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.

Ivanhoe Mines closed at $26.16, falling $0.12, or 0.46 percent.

Agnico (AEM) (AZK) (GSS) (RGLD) (GRS) Close Up as Gold Price Breaks Records Again

Agnico-Eagle (NYSE:AEM), Aurizon Mines (AMEX:AZK), Golden Star Resources (AMEX:GSS), Royal Gold (Nasdaq:RGLD) and Gammon Gold (NYSE:GRS) closed up as gold price records continue be broken.

Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.

The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.

Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.

The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.

Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.

Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.

Northgate (NXG) (AZK) (TRE) (GRS) Close Mixed as Gold, Silver Break Records

Northgate Minerals (AMEX:NXG), Aurizon Mines (AMEX:AZK), Tanzanian Royalty Exploration (AMEX:TRE) and Gammon Gold (NYSE:GRS) closed mixed Thursday even as gold and silver prices broke all-time records. It appears investors are taking some profits off the top.

Gold prices soared while silver prices climbed 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.

Harmony (HMY) (IVN) (GRS) (GG) Close Up as Gold Prices Soar to New Records

Harmony Gold Mining (NYSE:HMY), Ivanhoe Mines Ltd. (NYSE:IVN), Gammon Gold (NYSE:GRS) and Goldcorp (NYSE:GG) close up as gold prices post new records again.

Gold prices Wednesday soared to another record, reaching as high as $1,529.20 on the Comex division of the New York Mercantile Exchange, before ending the session at $1,517.10 an ounce for June at the Comex.

At the close of regular trading on Comex, silver for May delivery jumped 91 cents, or 2 percent, to end at $45.96 an ounce. Gold and silver were pushing higher in after-hours trading.

Some of this was the result of Federal Reserve chairman Ben Bernanke saying he won't be doing anything soon to combat the soaring inflation.

Bernanke likes to use the so-called core inflation numbers, which exclude food and fuel, which are part of the surging increase in inflation, but aren't officially counted. Which is why Bernanke can say core inflation will rise 1.3%-1.6%, below its 2% inflation mandate.

As to economic growth, Bernanke admitted it was slowing down in the U.S. in 2011, somewhere in the range of 3.1%-3.3%.

The non-action by the Fed concerning interest rates is a very bullish factor for gold and silver, and will continue to offer support and impetus to the precious metals.

The euro climbed to $1.4782 from Tuesday's $1.464. The U.S. dollar rose against the yen, up to 82.11 yen from Tuesday's 81.53 yen.

Goldcorp closed at $55.08, gaining $0.63, or 1.16 percent. Gammon Gold ended the day at $10.88, rising $0.39, or 3.72 percent. AngloGold Ivanhoe Mines closed at $26.40, up $0.03, or 0.11 percent. Harmony Gold closed the session at $15.13, climbing $0.29, or 1.95 percent.

Royal Gold (RGLD) (GRS) (GFI) (KGC) Close Down as Gold, Silver Routed

Gold prices closed down Tuesday from records set the previous trading session, temporarily falling below the important $1,500 level, but the losses in the yellow metal were subdued, as gold miners Royal Gold (Nasdaq:RGLD), Gammon Gold (NYSE:GRS), Gold Fields (NYSE:GFI) and Kinross Gold Corp (NYSE:KGC) closed down.

On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up could have an adverse effect on the metals' unprecedented rally.

There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.

Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.

The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4%, to finish at $45.058.

Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.

Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.

NovaGold (NG) (JAG) (GRS) (GFI) Close Down as Gold Breaks Another All-Time Record

Gold and silver prices are continuing their upward move, even as gold miners Jaguar Mining (NYSE:JAG), NovaGold Resources Inc. (AMEX:NG), Gammon Gold (NYSE:GRS) and Gold Fields (NYSE:GFI) all closed down, as investors took some profits as the yellow metal continued its upward run.

Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.

Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.

Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.

The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.

An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.

The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.

The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.