Thursday, June 9, 2011

Yamana (AUY) (NG) (AEM) (AU) (GFI) Close Down as Gold Prices Pressured

Agnico-Eagle (NYSE:AEM), AngloGold Ashanti (NYSE:AU), Gold Fields (NYSE:GFI), Yamana Gold (NYSE:AUY) and NovaGold Resources Inc. (AMEX:NG) all closed down in trading Wednesday as a stronger dollar slightly pressured precious metals and base metals.

Palladium closed down and platinum settled flat.

Concerns over the sovereign debt crisis in Europe outweighed U.S. dollar concerns, putting downward pressure on gold and other metals, as the greenback gained against the euro.

The most actively traded gold contract, for August delivery, dropped $5.30, or 0.3 percent, to settle Wednesday at $1538.70 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for July delivery was down 1.2 percent to settle at $36.62 an ounce.

Overall, expectations are market conditions will continue to favor gold and silver prices, pushing them higher over the next several months.

NovaGold closed Wednesday at $10.34, falling $0.71, or 6.43 percent. Yamana ended the session at $11.76, dropping $0.26, or 2.16 percent. Gold Fields closed at $14.62, down $0.36, or 2.40 percent. AngloGold Ashanti ended the day at $43.08, declining $0.79, or 1.80 percent. Agnico-Eagle closed at $61.49, losing $2.28, or 3.58 percent.

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