Dallas, Texas 01/10/2014 (FINANCIALSTRENDS) – Allied Nevada Gold Corp. (NYSEMKT:ANV), $418 million market capped firm which has extensive gold mining operations spread across Nevada saw its stock post a massive 5.22 percent increase in value during trading on January 9. The shares were trading at $4.03 per share, 33 percent higher than its prior 52 week low price points.
This surge would have been even higher at 13 percent if investors had not started to book profits in the second half of the trading day and exited from the stock, thus executing a correction in the stock. The jump in the stock price yesterday occurred on the back of preliminary production figures being released by the firm for its fourth quarter. Its fourth quarter production gold went up by a huge 45 percent compared to FY12. It also saw its silver production, go up by an even more impressive 64 percent in the same time period. On the back of such strong build up in production momentum, the gold miner has increased its forecast for full year operations of 2014. As per the latest updates to its guidance, its full year gold production will come in at 250,000 ounces of gold and 2 million ounces of silver.
These production estimates for the New Year indicates a possible 50 percent growth in its annual production. If the price of the gold and silver go up in the intervening 12 months, the firm would be looking at huge income flow there by fulfilling the huge expectations investors have for the firm.
Readers should note that the stock of Allied Nevada Gold Corp. (NYSEMKT:ANV) has been a better performer when compared to most other gold mining firms operating in U.S. In the past one month, the stock has posted a 25.5 percent increase in its market value.