Wednesday, May 19, 2010

Eldorado Gold (NYSE:EGO), Iamgold (NYSE:IAG), Yamana Gold (NYSE:AUY), Plummet with Gold Price

Recently the gold mining stocks have moved closely in unison with the price of gold, and as the gold prices go, so go the mining stock (at least most of them), and that happened today with Eldorado Gold (NYSE:EGO), Iamgold (NYSE:IAG) (TSE:IMG) and Yamana Gold (NYSE:AUY) (TSE:YRI).

Measured by percentages, dropping the most of these three gold mining companies was Iamgold, which plunged by 5.42 percent, or 42 cents. In New York they ended the session as $17.83 a share, and in Toronto they finished at $17.10 a share.

Volume was up on both exchanges for Iamgold as well, led by New York, where the company had a volume of 7,267,069, well above the 3-month average of 4,223,170. Toronto trading volume was also up above the 3-month average, but pretty much in line with normal activity, increasing to 3,481,476, while the regular average is 2,630,170.

Eldorado Gold was down 3.67 percent, or 63 cents a share. It finished the day at $16.52.

Volume surged for the miner, like it did with most gold mining companies, increasing from their 3-month average of 5,150,160, to 9,533,986.

Yamana Gold performed close to Eldorado for the day, falling by 3.65 percent, or 42 cents a share in Toronto, and 4.57 percent, or 51 cents a share in New York.

Volume in New York increased from 12,925,200 for a 3-month average, to 19,927,147. In Toronto, volume for the last three months on average was 4,469,540, compared with today's volume of 7,316,653.

The stock closed in New York at $10.66, and in Toronto at $11.10.

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