Newmont (NEM) (GG) (EGO) Trade Mixed as Economic Uncertainty Continues

Shares of Newmont Mining (NEM), Goldcorp (GG) and Eldorado Gold (EGO) were trading mixed today as the price of gold moved slightly positive and negative on the day, with fears continuing to affect the markets.

Many gold miners, including the above-mentioned three, started June off with a bang, as the gold miners started to catch up some with the price of gold, which they have been lagging for some time.

The miners took a hit the last couple of days on news there would be no quantitative easing in the near future, although so-called "Operation Twist" was extended.

So investors chose to place their money in U.S. dollars, as safety is the primary thing on their minds at this time, even though the U.S. dollar is a very flawed and weak currency itself.

Once the Federal Reserve announced little would be done to aid the economy, investors were forced to sell their gold to cover their losses.

The reason gold isn't plummeting in price is because the market still believes there will be another round of quantitative easing. It's only a matter of when, most believe, not if.

With the commitment by the Fed to wait until 2014 at minimum before boosting interest rates, any type of stimulus would send the price of gold, along with other commodities, soaring, as the dollar would drop in value and people would look for protection against inflation.

While it's highly probable the Fed could add stimulus to the economy, it has done virtually nothing in the recent past, and adding hundreds of billions to the national debt while doing nothing to help is something even Ben Bernanke appears slow to want to implement.

The other side of the argument is the extremely weak American economy, the sovereign debt crisis in Europe, the high unemployment in the U.S., and the ongoing weakness in the Chinese economy. All of that is what investors and economists look at when being almost certain more stimulus is in the near future.

Then you have to consider the presidential election in the U.S., as well as other national elections around the world to ascertain the liklihood of more quantitative easing.

In China its factory segment contracted for the eigth month in a row, as did the business sector in the euro zone for the fifth straight month, while the manufacturing sector in the United States dropped to its lowest level in almost a year.

Just as the price of gold has been flittering back and forth at a flat level, so has the share price of Newmont Mining (NEM), Goldcorp (GG) and Eldorado Gold (EGO), which were slightly down and up during the trading day.

Eldorado Gold was trading at $12.35, up $0.10, or 0.82 percent, as of 3:43 PM EDT. Goldcorp was at $37.04, down $0.13, or 0.35. Newmont was trading at $47.98, gaining $0.18, or 0.38 percent.

Gold Poised to Rise on Central Bank Stimulus Expectations, Safety

With weak economic data coming in from China and the United States, and the ongoing sovereign debt crisis in Europe, it appears the probability of even more stimulus will be inevitable.

The presidential election in the United States, which is increasingly competitive, and could result in Obama getting routed as the economy continues to fall apart and he panders to his radical base.

It's highly improbable that more austerity will be put in place before elections, although some in the euro zone remain adamant about it, with the most important player - Germany - continuing to resist eurobonds without more controls in place.

Even then it's uncertain the euro zone will be allowed to go forward with the idea that all the countries can spend and go into debt with impunity, while the rest of the countries share their risk.

That won't work over time, but it could be attempted and put in place because of the politically religious commitment to the euro and the European Union, which both are in danger of collapsing.

Consequently, with expectations of more stimulus growing, currencies are coming under pressure again, with the U.S. among them, providing a positive environment for the rise in the price of gold and silver.

With the U.S. dollar losing appeal, gold is again rising in importance for the place to safely place capital. There really is no other alternative when the dollar falls out of favor, as most other currencies are in even worse shape.

Gold miners are also getting a closer look from investors, as they have been hit hard by the recent fall in price of gold.

A couple of companies receiving recent analyst attention are Randgold Resources Ltd. (NASDAQ: GOLD) and Yamana Gold (NYSE: AUY).

Randgold was upgraded by Goldman Sachs (NYSE: GS) from a "Sell" rating to a "Neutral" rating.

Yamana Gold was downgraded by Dundee from a "Buy" rating to a "Neutral" rating.

Spain Gets $125 Billion Bailout from Euro Zone

The question about Spain's economic future has been answered in the short term, as finance ministers in the euro zone came to an agreement to lend the country up to $125 billion to shore up its weakened banks.

While it wasn't a total surprise Spain would get aid, the amount did raise some eyebrows, as it was a lot more than expected.

Even though there is up to $125 billion on the table, the exact amount to be lent is still being hashed out, and won't be decided for about a week.

This of course will be hailed as a great moment, but in fact it is a disaster, and will exasperate the financial health of the region over time.

Until there are significant austerity measures taken over time, there will be no solutions to Europe's economic woes, as Keynesianism has proven to be a failed economic theory and practice.

The amount announced to be on the table for Spain was for media consumption and dissemination, as it will help to calm extremely jittery markets, as fear of contagion was reaching a fever pitch, almost as bad as the very real contagion itself, that has only had the can kicked down the road once again, only delaying the inevitable day of reckoning.

The upcoming Greek elections on June 17 could rain a lot on the euro zone parade if the people of the country vote for the country to leave the zone.

Greece isn't too important, as its economy is rather small and insignificant in contrast to Spain's, but it could be the first domino to fall in what will eventually become a string of dominoes.

That's not really a bad thing, as Europe would be much stronger without the deadbeat nations attempting to extract more money from the productive European nations.

It'll be fun to see the pathetic dream of those wanting a one-world order blasted apart by the inevitable, upcoming events. Hang onto your seat, it's going to be a fascinating ride as it unfolds.

Forget India, China Gobbling Up Gold

Even though financial writers have been pointing to weak gold consumption in India recently, the fact is, historically, it really hasn't played much part in the movement of the price of gold, other than the seasonal impact it annually makes on the price of the metal.

China, in my opinion, is a much different story, as the Chinese government encourages its people to buy physical gold, and the government itself has been buying it up at an ever-quickening pace.

A recent note from HSBC (NYSE: HBC) said the Chinese have boosted their gold coin acquisitions from 5 kg in March to 1,857 kg in April; a huge increase by any measure.

I don't think India is weighing on anyone's minds in reference to the price of gold, as everyone that understands what's going on is looking to which governments will implement another round of quantitative easing.

That, more than anything, will cause the price of gold to skyrocket.

Much of that is centered in the sovereign debt crisis in Europe, which continues to deteriorate, with no real answers to the problem but continuing to implement austerity measures until spending comes in line with reality.

Growing pressure on Germany's Chancellor Angela Merkel to basically underwrite the outrageous spending and out-of-control benefits thrown at many people in the European Union, via eurobonds, points to the euro zone no longer really being valid. It's a joke, and gold could benefit from that exponentially if stimulus again rears it's ugly head, which many in the region are proposing, moving away from the austerity demanded by Germany from other deadbeat countries.

Merckle says it's the lack of competitiveness in the region that is the problem, not throwing more money at criminally irresponsible governments who have made promises they in no way are able to keep.

That's why they want the eurobonds, as it would require the harder working and more productive nations to underwrite the socialist and fascist nations of Europe without those nations having to pay for their horrid decisions.

Merkel chastised the leaders in the region for using the billions in stimulus already spent on consumption, instead of dealing with the lack of competitiveness and implementing real reforms.

She said, “The freedom created by this situation wasn’t exploited to improve long-term competitiveness. Instead, the time was used to spend too much money in consumption and too little time in tackling reforms.”

With all of Europe embracing Keynesianism, even the UK and France are calling for more stimulus and the acceptance of eurobonds. It's an incredible time with the fallout sure to be extraordinary.

More stimulus would obviously be a continuation of the failed economic policies of the region, yet most nations continue to call for more. They better be careful, they may just get what they ask for.

Merkel's right. If there are no changes in attitude and practice, throwing more money at it won't do anything to change the economics, it'll only give a short-term boost which will then have to be paid for as the enormous debt of the nations continue to rise.

This is all about politics, and it'll be interesting to see how it plays out as more and more politicians come up for re-election in their respective countries.

For gold prices, it could, and probably will, shoot through the roof if more stimulus is not only put on the table, but implemented.

Gold Could Jump on Inflation, Dollar, India Jewelry Demand

Gold prices may be poised to rebound as several elements are combining to give the yellow metal a probable boost.

Federal Reserve Chairman Ben Bernanke made a statement that rising oil prices could spark inflation, the U.S. dollar has been under pressure, and jewelers in India are ending a 5-day shutdown protesting proposed tax increases from the Indian government; all of which could push gold prices up quickly over the short term.

Another major factor is the ongoing sovereign debt crisis in Europe, which continues to weigh down the Zone. The media has neglected it recently, so it hasn't been part of the conversation, even though it's a significant factor in the movement of gold prices.

Bernanke was extremely bearish on European banks, which points to the fact there will be more quantitative easing coming, which is also very bullish for gold.

So far in 2012 gas prices in the U.S. have soared 18 percent, reaching a ten-month high of $3.864 a gallon Wednesday. Not only is inflation a trigger for gold prices to rise, but in the case of higher gas prices, it takes away from consumer spending, which weakens the economy, which also can push gold prices higher.

Gold for April delivery on New York Mercantile Exchange the Comex division of the New York Mercantile Exchange settled at $1,650.30 an ounce, up $3.30, or 0.2 percent.

Alcoa (AA) Expected to Beat Consensus Again

Alcoa (NYSE:AA) unofficially launches the earnings season after the market closes today, and is expected to beat consensus for the fifth quarter in a row, possibly doubling over the previous quarter.

Profit in the second quarter, according to a FactSet Research survey, should come in at 34 cents a share.

Aerospace and transportation are the primary movers of the metal, with China being the major source of demand for aluminum.

On the London Metal Exchange, aluminum prices have surged 24 percent in the quarter, with global demand projected to climb by 12 percent in 2011, says to Alcoa CEO Klaus Kleinfeld, and could double by the end of the decade.

Aluminum production by Alcoa in the first quarter reached 889,000 tons, and should surpass that in the current quarter.

Even with a good report the company could be challenged, along with many others, on concerns over the continuing sovereign debt disaster in Europe, China's growth rate, and the anemic American economy.

Alcoa was trading at $15.92, falling $0.46, or 2.81 percent, as of 10:07 AM EDT.

Miners (ABX) (GG) (NEM) Close Up While Gold Falls

Newmont Mining (NYSE:NEM), Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) closed up Thursday, even as gold prices fell.

Gold closed down on the last day of the quarter, as prices weakened after Greece voted for austerity measures in order to prevent a debt default by securing financial aid.

Even so, gold still finished the quarter in positive territory because of an ongoing extremely weak global economy.

As for the sovereign debt crisis in Europe, it continues to fluctuate back and forth as the EU battles to keep countries from becoming the first domino to drop in what could quickly become a contagion. The sovereign debt situation in Europe is far from being solved or safe.

Gold closed the quarter up by close to five percent, settling at $1,502.80, down $7.60 for August futures. Spot gold was trading at just over $1,500 an ounce.

The inability of gold to rally on a weak U.S. dollar has some concerned it could be a negative sign for the next quarter. Against a basket of currencies the greenback was down half a percent. Most of that on an expected increase in interest rates in Europe.

Silver also closed down Thursday, ending the quarter down 7.5 percent. If it doesn't find more support, many believe it could drop significantly more before it begins its upward climb again. Silver had nine straight positive quarters before this one.

Newmont Mining closed at $53.97, gaining $0.45, or 0.84 percent. Goldcorp closed at $48.27, up $0.02, or 0.04 percent. Barrick Gold closed at $45.29, rising $0.21, or 0.47 percent.

Pain for (SVM) (ISVLF) (MGN) (SSRI) (EXK) As Silver Plummets

Shares of silver miners Silvercorp Metals Inc. (NYSE:SVM), Impact Silver (OTC:ISVLF.PK), Mines Management (AMEX:MGN), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX: EXK) were suffering again as prices plunged again in Tuesday trading.

Silver plunged another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex. In after hours trading the price almost dropped below $40 an ounce.

Much of this has been the result of the decision by the CME Group to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

To buy a 5,000 ounce contract, silver traders will now have to put up $16,200.

Leverage traders got rid of their silver positions over the last couple of days, driving the price of silver down. Expectations are silver could bottom out as about $38 if there's more leverage leaving the market.

Other than some speculation, other reasons for the boost in silver prices include 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. India also raised its interest rates unexpectedly on Tuesday, putting some downward pressure on gold and silver as well.

Of the silver companies in the article, Endeavour was down the most, closing Tuesday at $9.92, falling $0.69, or 6.50 percent.

IAMGOLD (IAG) (AZK) (TRE) Close Down as Gold Breaks Another All-Time Record

Gold and silver prices are continuing their upward move, even as gold miners IAMGOLD Corporation (NYSE:IAG), Aurizon Mines (AMEX:AZK) and Tanzanian Royalty Exploration (AMEX:TRE) 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.

Goldcorp (GG) (SA) (UXG) (AEM) Close Down as Gold Breaks Another All-Time Record

Gold and silver prices are continuing their upward move, even as gold miners Goldcorp (NYSE:GG), Seabridge Gold (Amex:SA), US Gold (AMEX:UXG) and Agnico-Eagle (TSE:AEM)(NYSE:AEM) all closed down, as it appears investors took some profits as the yellow metal continues its upwards 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.

Randgold (GOLD) (NG) (IAG) Close Mixed as Gold Breaks Record Again

NovaGold Resources Inc. (AMEX:NG), IAMGOLD Corporation (NYSE:IAG) and Randgold (NASDAQ:GOLD) closed mixed Wednesday as gold continues to break records on a daily basis recently.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Randgold closed Wednesday at $86.90, gaining $1.58, or 1.85 percent. IAMGOLD Corporation closed at $20.08, falling $0.61, or 2.95 percent. NovaGold Resources Inc. ended the trading session at $13.59, rising $0.41, or 3.11 percent.

Newcrest (NCMGY) (AEM) (MGN) (GSS) Close Up as Gold Breaks Record Again

Agnico-Eagle (NYSE:AEM), Golden Star Resources (AMEX:GSS), Mines Management (AMEX:MGN) and Newcrest Mining (OTC:NCMGY.PK) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Newcrest Mining closed Wednesday at $44.64, gaining $1.29, or 2.98 percent. Mines Management closed at $2.73, up $0.18, or 7.06 percent. Golden Star Resources ended the trading session at $2.99, rising $0.04, or 1.36 percent. Agnico-Eagle closed at $67.44, jumping $0.46, or 0.69 percent.

Ivanhoe (IVN) (NEM) (SA) (MFN) Close Mixed as Gold Breaks Record Again

Ivanhoe Mines Ltd. (NYSE:IVN), Newmont Mining (NYSE:NEM), Seabridge Gold (AMEX:SA) and Minefinders (AMEX:MFN) closed mixed on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Ivanhoe Mines Ltd. closed Wednesday at $26.24, gaining $0.48, or 1.86 percent. Newmont Mining closed at $58.85, up $0.22, or 0.38 percent. Seabridge Gold ended the trading session at $33.79, falling $0.68, or 1.97 percent. Minefinders closed at $16.52, jumping $0.71, or 4.49 percent.

Gold Breaks $1,500 as Goldcorp (GG) (SA) (IVN) (ANV) Close Up

After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners Seabridge Gold (Amex:SA), Ivanhoe Mines Ltd. (NYSE:IVN), Goldcorp (NYSE:GG) and Allied Nevada Gold (AMEX:ANV) closed up on the day.

Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.

The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.

Silver prices for May delivery climbed almost a dollar to settle at $43.91.

Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.

Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.

Allied Nevada Gold closed Tuesday at $39.00, gaining $1.43, or 3.81 percent. Goldcorp ended the session at $54.67, up $0.95, or 1.77 percent. Ivanhoe Mines Ltd. closed at $25.76, rising $0.11, or 0.43 percent. Seabridge Gold closed the day at $34.47, gaining $0.47, or 1.38 percent.

Gold, Silver Up as ETFs (GLD) (GDX) (SLV) SIL) Close Up or Level

Silver prices moved up with gold, reaching another 31-year high as gold blew past the $1,500 an ounce mark on Tuesday for the first time. SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), iShares Silver Trust ETF (SLV) and Global X Silver Miners ETF (SIL) closed up or level on the day.

The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.

Silver prices for May delivery climbed almost a dollar to settle at $43.91, adding 96 cents, another 31-year high.

Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake. Silver is used by some investors as a gold alternative when gold price rise to high levels as they now are.

The warning from rating agency S&P that the U.S. may have its debt downgraded if it doesn't deal with the risky debt crisis and you have a weak macroeconomic outlook favoring silver, gold and other commodities.

Global X Silver Miners ETF closed Tuesday at $28.73, gaining $0.50, or 1.77 percent. iShares Silver Trust ETF ended the session at $43.00, gaining $0.58, or 1.37 percent. Market Vectors Gold Miners ETF closed at $61.64, up $0.81, or 1.33 percent. SPDR Gold Trust ETF closed the day level at $145.93.

US Gold (UXG) (AZK) (TRE) (AEM) Close Mixed Even as Gold Prices Soar to Record High Again

While gold prices reached new all-time highs on Monday, that wasn't the direction for most gold companies, such as Aurizon Mines (AMEX:AZK), US Gold (AMEX:UXG), Agnico-Eagle (NYSE:AEM) and Tanzanian Royalty Exploration (AMEX:TRE), which closed mixed on the day.

Spot gold jumped as high as $1,497.20 an ounce Monday after Standard & Poor’s downgraded its credit outlook for the United States, revealing the risks associated with its own sovereign debt crisis.

U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.

The sovereign debt crisis in Europe continues to boost gold as well, as the euro and U.S. dollar continue to face pressures on out-of-control government spending and refusal to make meaningful spending cuts.

Global inflation and unrest in the Middle East also continue to be major factors in the gold price equation.

As to why most gold miners have been pulling back, a lot of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in gold companies don't take into account.

Agnico-Eagle closed Monday at $63.60, dropping $1.64, or 2.51 percent. US Gold closed at $9.15, falling $0.26, or 2.76 percent. Tanzanian Royalty Exploration ended the day at $6.34, gaining $0.02, or 0.32 percent. Aurizon Mines closed at $6.70, losing $0.08, or 1.18 percent.

Ivanhoe (IVN) (NCMGY) (JAG) (EGO) Close Down Even as Gold Prices Soar to Record High Again

Even though gold prices reached new all-time highs on Monday, that wasn't the direction for most gold companies, such as Newcrest Mining (OTC:NCMGY.PK), Ivanhoe Mines Ltd. (NYSE:IVN), Eldorado Gold Corporation (NYSE:EGO) and Jaguar Mining (NYSE:JAG), which all closed down on the day.

Spot gold jumped as high as $1,497.20 an ounce Monday after Standard & Poor’s downgraded its credit outlook for the United States, revealing the risks associated with its own sovereign debt crisis.

U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.

The sovereign debt crisis in Europe continues to boost gold as well, as the euro and U.S. dollar continue to face pressures on out-of-control government spending and refusal to make meaningful spending cuts.

Global inflation and unrest in the Middle East also continue to be major factors in the gold price equation.

As to why most gold miners have been pulling back, a lot of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in gold companies don't take into account.

Ivanhoe Mines Ltd. closed Monday at $25.65, dropping $0.95, or 3.57 percent. Jaguar Mining closed at $4.98, falling $0.14, or 2.73 percent. Newcrest Mining ended the day at $43.15, down $0.73, or 1.66 percent. Eldorado Gold Corporation closed at $17.76, losing $0.30, or 1.66 percent.

Newmont (NEM) (NXG) (HMY) (RGLD) Close Mixed Even as Gold Prices Soar to Record High Again

While gold prices reached new all-time highs on Monday, that wasn't the direction for most gold companies such as Northgate Minerals (AMEX:NXG), Newmont Mining (NYSE:NEM), Royal Gold (Nasdaq:RGLD) and Harmony Gold Mining (NYSE:HMY), which closed mixed on the day.

Spot gold jumped as high as $1,497.20 an ounce Monday after Standard & Poor’s downgraded its credit outlook for the United States, revealing the risks associated with its own sovereign debt crisis.

U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.

The sovereign debt crisis in Europe continues to boost gold as well, as the euro and U.S. dollar continue to face pressures on out-of-control government spending and refusal to make meaningful spending cuts.

Global inflation and unrest in the Middle East also continue to be major factors in the gold price equation.

As to why most gold miners have been pulling back, a lot of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in gold companies don't take into account.

Northgate Minerals closed Monday at $2.91, dropping $0.03, or 1.04 percent. Harmony Gold Mining closed at $14.96, gaining $0.15, or 1.10 percent. Royal Gold ended the day at $56.18, rising $2.41, or 4.48 percent. Newmont Mining closed at $57.87, gaining $0.12, or 0.21 percent.

Barrick (ABX) (GSS) (IAG) (GRS) Close Mixed Even as Gold Prices Soar to Record High Again

While gold prices reached new all-time highs on Monday, that wasn't the direction for gold miners Golden Star Resources (AMEX:GSS), IAMGOLD Corporation (NYSE:IAG), Gammon Gold (NYSE:GRS) and Barrick Gold (NYSE:ABX), which all closed mixed on the day.

Spot gold jumped as high as $1,497.20 an ounce Monday after Standard & Poor’s downgraded its credit outlook for the United States, revealing the risks associated with its own sovereign debt crisis.

U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.

The sovereign debt crisis in Europe continues to boost gold as well, as the euro and U.S. dollar continue to face pressures on out-of-control government spending and refusal to make meaningful spending cuts.

Global inflation and unrest in the Middle East also continue to be major factors in the gold price equation.

As to why most gold miners have been pulling back, a lot of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in gold companies don't take into account.

Barrick Gold closed Monday at $53.47, gaining $0.14, or 0.26 percent. Gammon Gold closed at $10.34, dropping $0.03, or 0.29 percent. Allied IAMGOLD Corporation ended the day at $20.03, down $0.04, or 0.20 percent. Golden Star Resources closed at $3.00, losing $0.02, or 0.66 percent.

Gammon (GRS) (ANV) (SA) (AEM) Trade Mixed as Gold Rushes Toward $1,500

On Friday gold prices soared toward the $1,500 an ounce mark, trading as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce. Gammon Gold (NYSE:GRS), Allied Nevada Gold (AMEX:ANV), Seabridge Gold (Amex:SA) and Agnico-Eagle (NYSE:AEM) traded mixed as most gold miners pulled back after running up last week.

Inflation continues to be a major factor in gold price movement, as food and fuel prices in the U.S. continue to soar and consumer prices in China push up.

The continual weakness in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes gold an attractive safe haven alternative for capital.

Agnico-Eagle closed Friday at $65.24, falling $0.14, or 0.21 percent. Seabridge Gold closed at $33.62, gaining $0.61, or 1.85 percent. Allied Nevada Gold closed at $39.11, dropping $0.26, or 0.66 percent. Gammon Gold ended the session at $10.37, down $0.23, or 2.17 percent.