Filed under: Major Movement , Competitive Strategy , Barrick Gold (ABX) , Commodities , Federal Reserve Back in the late 1970s, the Hunt brothers from Texas tried to corner the silver market . That drove prices to $48 an ounce. Now, 31 years later, silver is shooting higher again. The March silver futures contract closed at $32.296 per ounce , up 72 cents. Since gold is expensive, investors are turning to silver to hedge against inflation. Many fear that the Federal Reserve will not be able to control the spike in commodity prices. The Fed is buying $600 billion of treasuries and keeping interest rates near zero. Continue reading Silver Near a 31-Year High Silver Near a 31-Year High originally appeared on BloggingStocks on Sat, 19 Feb 2011 12:50:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
Newmont Mining Corp
Newmont (NYSE:NEM), Gammon (NYSE:GRS), Randgold (Nasdaq:GOLD) Move Up on Rising Gold Prices
Newmont Mining Corporation (NYSE:NEM), Gammon Gold Inc. (NYSE:GRS), and Randgold Resources (Nasdaq:GOLD) are all trading up today as they move higher in unison with the broader gold market.Almost every gold miner is moving up today, although some like Ivanhoe Mines (NYSE:IVN) haven’t participated as greatly as others. Newmont has risen to $60.68, gaining $1.57, or 2.66 percent at 1:45PM EDT.
Is Newmont Mining (NYSE:NEM) Considered Weaker Than it Really is?
It seems Newmont Mining (NYSE:NEM) executives did more harm than good for the company in their quarterly report and comments afterwards. If they had kept to the data and how it would play out they would have been okay.But as many have pointed out, especially with their CEO commenting on CNBC that gold was “an asset bubble,” didn’t help the company at all.A couple of things were revealed on the
Newmont (NYSE:NEM) Generates Record Revenue, Punished for Weak Guidance
Newmont Mining Corp. (NYSE:NEM) generated record revenue for the quarter and an increase in profits of 38 percent, yet were punished by the market for their guidance, which revealed production costs will rise and their annual gold production will drop.On the gold production side, Newmont dropped their estimated production range from 5.3 million to 5.5 million ounces to 5.3 million to 5.4 million
Freeport (NYSE:FCX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) Soar on Rising Gold Prices
Freeport-McMoRan Copper & Gold (NYSE:FCX), Newmont Mining (NYSE:NEM) and Goldcrop (NYSE:GG) made nice upward moves today as the price of gold soared to another record high, with December delivery gold prices reached as high as $1,375.70.Spot gold was at $1,370 a 1:25 PM EDT.Freeport was among the leaders in the sectors, pushing up to $99.45, gaining $4.32, or 4.45 percent at 1:25 PM EDTGoldcrop