What a Week for Yamana, Goldcorp and Allied Nevada

Thanks to gold nearing $1,100 per ounce this week various gold stocks are enjoying the ride.  Yamana Gold (NYSE:AUY) shares are up 13% this week, along with Goldcorp (NYSE:GG) up 12% and Allied Nevada (AMEX:ANV) jumping 15%.  Got Gold?

Gold prices traded around $1,090/oz levels today after its rally to a record high this week on the back of anticipation of renewed central bank demand. Now that U.S. Unemployment has hit 10.2% gold is looking like a great investment.

Gold prices remained within striking distance of the $1100 level early this morning, as speculative interest was banking on Friday’s US jobs report to yield further fuel for what has now become a routine speculation play. As CoinNews.net points out -- The speculation that rushing to gold has been working when/if economic news is good, the dollar sinks and risk appetite reignites on the perception that such good news will drive the Fed to keep handing out essentially free money with which to go out and buy… stuff.

This week Allied Nevada reported its first positive quarterly earnings in the third quarter with net income of $5.1 million ($0.08 per share) for the third quarter of 2009 compared with a net loss of $9.7 million ($0.17 per share) for the same period in 2008. Year to date, the Company recorded a net loss of $9.3 million ($0.15 per share), compared with $26.5 million ($0.51 per share) for the same period in 2008.

Yamana pleased investors this week after they announced its fourth quarter dividend of US$0.01 per share. Shareholders of record at the close of business on Thursday, December 31, 2009 will be entitled to receive payment of this dividend on Thursday, January 14, 2010. The dividend is an "eligible dividend" for Canadian tax purposes.

Happy Safe Trading today.