NEW YORK (TheStreet) -- Shares of Gold Reserve (GRZ), Randgold Resources (GOLD) and New Gold (NGD) logged significant gains, whereas coal and steel stocks such as James River Coal (JRCC), United States Steel (X) and Haynes International (HAYN) suffered steep losses.
Gold Reserve was at the helm of the advancers for the second straight week, adding 11.9%. Last week, safe-haven buying sent gold prices to more than $1,800 an ounce. Gold's record-breaking rally caused gold prices to close the week at $1,852.10 per ounce.
Citigroup raised its 2011 gold price forecast last week by 10%, saying prices would average around $1,590 per ounce, vs. its earlier forecast of $1,440 per ounce.
Also, Goldcorp's (GG) chief executive said last week that although gold prices likely will see a small correction before the end of 2011, the long-term outlook for precious metals remains strong.As gold prices struck a new high last week, Randgold Resources surged 9.2% after receiving a strong buy rating at Zacks Investment ideas. New Gold also rose, adding 9%. Kinross Gold (KGC) rose 7.6%. The company announced last week that it has priced a $1 billion offering of debt securities. KGC also said its Tasiast gold mine in Mauritania is showing promising results and that the company is confident it will be able to expand the size and scope of the project significantly. Fitch assigned a triple-B-plus rating to the company's prospective $1.5 billion in senior unsecured notes with a stable rating outlook last week. Among others, Agnico-Eagle Mines (AEM) and AngloGold Ashanti (AU) rose 4.9% and 4.6%, respectively. Yamana Gold (AUY) gained 4.6%, Goldcorp (GG) added 3.4% and Gold Fields (GFI) rose 2.7%. Pan American Silver (PAAS) increased 3.6%. Silver prices spiked last week, up 7.6% to $42.9 per ounce. Silver producers Silver Wheaton (SLW) and MAG Silver (MVG) gained 3.1% and 0.7%, respectively. James River Coal topped the losers' league, taking a sizable hit of 19.6% to strike 52-week lows of $11.18 at close last week. Steel maker United States Steel shed 15.2%. A Bedford report examined the sector's outlook and indicated that steel companies are struggling to find business. The report says North American steel companies are experiencing a slight demand downturn as China boosted its production during the first half of 2011.
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