Denver — Growing market pessimism pushed the Dow Jones industrial average below the 10,000 mark, down 224.54 points, or 2.2%, to 9997.49 points during the report period ended Sept. 4. The Nasdaq dropped below 1,800 points, its lowest point since April.
However, the strong U.S. dollar, relative to other currencies, weighed heavily on the gold price. Spot prices on the Comex division of the New York Mercantile dropped to US$271.60 per oz., spelling bad news for miners. AngloGold slipped 58 to US$17.19 for the week before announcing a friendly takeover of Australia’s Normandy Mining. Newmont Mining dipped 64 to US$20.29, while Homestake Mining shed 37 to US$8.13. South Africa’s Gold Fields lost 19 to US$4.11, while Nasdaq-listed Harmony Gold Mining fell 26 to US$4.52. Mid-sized Meridian Gold sunk 68 to US$9, while Peru’s Compania Minas de Buenaventura bucked the trend, climbing 18 to US$19.17.
Comex copper lost ground, too, falling to US67 per lb. Class A and B shares of Freeport-McMoRan Copper & Gold dropped 39 and 35, respectively, to US$10.90 and US$12.05. BHP Billiton sunk 83 to US$9.65, while Anglo American shed 63 to US$13.95. Anglo American Platinum dipped 50 to US$38, while New York Stock Exchange-listed Stillwater Mining fell $1.54 to US$25.80. Apex Silver Mines gave up 27 to close at US$8.98 for the week, before choosing a power contractor for the San Cristobal silver project in Bolivia. Nasdaq junior Metallica Resources also bucked the trend, climbing 7 to US60.
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