Dow, gold continue climb

Denver — The Dow Jones industrial average climbed 113.99 points, or 1.1%, during the holiday-shortened report period April 11-17 to close at 10,216.73.

Comex spot gold on the New York Mercantile Exchange ended the roller-coaster week on a positive note, closing at US$261.10, though mining issues, on the whole, were mixed. South Africa’s AngloGold moved up 36 to close at US$16.49, while Newmont Mining pulled back 23 to US$16.75. New York Stock Exchange-listed Homestake Mining gained 41 to close at US$6.14, while Peru’s Compania de Minas Buenaventura lost $1.24 to close at US$14.20. American Stock Exchange-listed Golden Star Resources advanced 8 to US45, a move of 22%, and Canyon Resources picked up a dime to close at US$1.10.

Comex copper held at US76 per lb., helping Phelps Dodge to a 59 gain, to close at US$42.09. Class A and B shares of Freeport-McMoRan Copper & Gold rose 43 and 53 to close at US$12.73 and US$14.23, respectively. Among Australian stocks, BHP picked up 40 to close at US$21.10, and WMC tacked on $1.08 to close at US$18.23, while Rio Tinto dropped 70 to close at US$76.21. South Africa’s Anglo American dipped $2.25 to US$58.01, pulling takeover target De Beers Consolidated Mines down $1.70 to US$38.38.

Stillwater Mining rebounded $1.99 to US$29.14 as palladium prices shot back above US$700 per oz. and speculators bought back short positions. In silver, newly reorganized Sunshine Mining & Refining continued its freefall, dropping 45 to close US80. The stock has lost more than 60% of its value since its reissue at US$2.50, less than two months ago.