The Dow Jones industrial average rose to a new high above 11,700 points during the report period ended Jan. 18, only to fall back to 11,560.72, a gain of only 49.64 points, or 0.4%.
Spot gold on the Comex division of the New York Mercantile Exchange shot up $5.20 to US$288.60 per oz., responding to Britain’s next 25-tonne gold auction later in the month. However, shares of mining companies were mixed. South Africa’s Anglogold jumped $2.63 to US$28.69, whereas Newmont Mining fell 38 to US$22.12. Ashanti Goldfields lost 75 to close at US$3 on the New York Stock Exchange, while Peru’s Minas Buenaventura picked up $1.37 to US$17.75.
Mid-sized Meridian Gold climbed 37 to US$6.75 in anticipation of the opening of the El Penon mine in Chile.
In copper, Phelps Dodge plunged $3.44 to close at US$63.44, whereas Rio Tinto dropped $5.84 to US$87.44. Australia’s Broken Hill Proprietary dipped 25 to US$26.75. Class A and B shares of Freeport-McMoRan Copper & Gold lost 12 and 38 to close at US$17.63 and US$19.50, respectively.
Silver miners were off, including Hecla Mining, which hit a new low of US$1.25, down 31. American Stock Exchange-listed Apex Silver Mines dropped 25 at US$10.75, and Coeur d’Alene Mines was off 6 to US$3.75.
Diamond major De Beers Consolidated Mines, listed on Nasdaq, fell $2.25 to close at US$28.88, while American-listed platinum miner Stillwater Mining advanced 38 to US$30.88. Australia’s Western Mining dropped $1.31 to close at US$21.75.
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