Market catches gold fever

Denver — The Dow Jones industrial average surged again after a brief respite, climbing 384.27 points, or 3.5%, to 11,257.24, its highest point in 15 months. The Nasdaq hit 2313.85.

Spot gold on the New York Mercantile Exchange jumped to US$285.10, its highest point in nine months, sending mining issues soaring. Newmont Mining raced up $1.69 to close at US$22.50, while AngloGold charged ahead 62 to US$20.02. Homestake Mining posted a new high for the year, up 96 to US$7.60. Gold Fields rose 70 to a new high of US$5.09, while Nasdaq-listed Harmony Gold Mining followed suit, up 70 to US$6.18. Meridian Gold advanced 79 to US$8.40, and Glamis Gold gained 40 to US$2.80. Ashanti Goldfields picked up 45 to US$2.80, and Durban Roodepoort Deeps tacked on 13 to close at US$1.31.

Comex copper climbed to US78 per lb., pushing Phelps Dodge up $2.55 to US$48.61. Class A and B shares of Freeport-McMoRan Copper & Gold benefited from increases in both metals, jumping to new highs of US$14.70 and US$16.46, respectively, up $1.67 and $1.96. Rio Tinto gained $5.10 to close at US$84.10, while Anglo American advanced $1.34 to US$17.69. Now that shareholders appear ready to accept Anglo’s takeover offer, De Beers Consolidated Mines rose $2.62 to US$46.89. Meanwhile, Australia’s BHP gained $1.65 to close at US$24.50.

Platinum producer Stillwater Mining jumped $3.70 to US$35.90, while silver producer Hecla Mining surged 35 to US$1.31 on strength in the silver sector. However, Apex Silver Mines missed the bus, falling 25 to US$10.21.