U.S. Markets Nov. 21-27

A combination of concern over the weakness in the U.S. dollar and forecasts of softening retail sales helped to push the Dow Jones Industrial Average down 195.8 points to 12,121.71 during the Nov. 20-27 trading session. The broad market S&P 500 also edged lower over the week, closing at 1,381.9, down 18.6 points.

But as the U.S. dollar tumbled towards a 20-month low against the Euro, analysts were predicting that gold prices could rise to between US$675 and US$700 per oz. by Christmas, from last weeks US$640 level.

A weakening dollar boosts the appeal of the yellow metal as an alternative investment.

Not surprisingly Freeport-McMoRan Copper & Gold was active following news of a proposed takeover of U.S. rival Phelps Dodge, that will create the world’s largest publicly-traded copper company and the largest North American-based miner.

Freeport closed up $5.82 to $61.45 on volume of over 24.5 million shares.

Phelps Doge was also among the volume leaders, after rising $1.48 to $121.95.

The cash and stock deal is widely viewed as a long-term bet on copper prices staying high and a move by Freeport to diversify.

Still, speculation that Freeport-McMoRan or Phelps Dodge could themselves be the target of a third-party bidder mounted immediately after the deal was announced. However, the spread between the terms of the $26-billion deal and the level of Freeport-McMoRan and Phelps shares has narrowed, indicating investors’ confidence had improved and analysts said in research reports that most potential buyers would be uninterested.

Newmont Mining, which had been tipped as one of the potential bidders rose $1.61 to $45.64 on the higher gold price, which gained 4% during the session

Riding on stronger precious metal prices, Silver Standard Resources gained $3.51 to finish the session at $29.12. A week ago, the company released the latest drill results from its Snowfield gold project in northeastern British Columbia. Highlights included drill hole SF-24, which intersected 239.5 metres of 1.63 grams of gold per tonne. Drill hole SF-23 intersected 187.6 metres of 1.64 grams of gold per tonne. A resource estimate for the property could be done by the end of the fourth quarter.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
World Vent*	WVNTF	21	0.23	0.15	0.17	+70.0
Sao Luis Mng*	SAOL	2272	0.74	0.43	0.72	+67.4
HE-5 Res*	HRRN	10	1.22	0.55	1.00	+53.8
Campbell Res*	CBLRF	4043	0.137	0.065	0.129	+53.5
Equitable Mng*	EQBM	74321	0.021	0.009	0.013	+44.4
Trend Mng*	TRDM	3684	0.185	0.12	0.16	+39.1
Shoshone Silv*	SHSH	53	0.23	0.18	0.23	+35.2
Idaho Gen Mn*	GMO	1134	3.38	2.50	3.10	+26.0
Goldspring*	GSPG	63774	0.006	0.004	0.005	+25.0
Wealth Minls*	WMLLF	222	2.15	1.535	1.95	+22.1
Halo Res*	HLOSF	19	0.40	0.327	0.327	-25.6
Patriot Gold*	PGOL	74	0.17	0.12	0.13	-23.5
Michigan Gold*	MGGV	1160	0.01	0.007	0.007	-22.2
Puda Coal*	PUDC	3296	1.72	1.34	1.39	-17.7
Pine Valley M*	PVMCF	725	0.089	0.045	0.052	-13.3
Diamond Discv*	DMDD	2821	0.008	0.006	0.007	-12.5
El Capitan Pr*	ECPN	706	1.15	0.90	0.94	-12.1
Great China M*	GCHA	73	0.16	0.14	0.14	-6.6
Magnus Intl R*	MGNU	191	0.82	0.75	0.76	-5.0
Konigsberg*	KGBC	1115	0.435	0.33	0.371	-4.8

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
Soc Quim&M Ch*	SQM	172300	132.00	+7.49
Freeport McMo*	FCX	24561800	61.45	+5.82
Teck Comin B*	TCK	428700	74.81	+5.55
Agnico-Eagle*	AEM	5387800	42.37	+4.98
ASA (Bermuda)*	ASA	267400	62.59	+4.49
Silver Std Re*	SSRI	2111921	29.12	+3.51
AngloGold Ash*	AU	2650900	46.56	+3.29
Potash C Sask*	POT	2437200	140.70	+3.01
Meridian Gold*	MDG	2645000	29.53	+2.83
Cameco Corp*	CCJ	7610200	35.33	+2.77
Cabot Corp*	CBT	661700	41.58	-1.73
OM Group*	OMG	2172100	45.08	-1.32
Westmoreland*	WLB	31100	22.19	-0.95
Foundatn Coal*	FCL	1646400	34.40	-0.68
Mosaic*	MOS	2318900	20.80	-0.65
Ivanhoe Mines*	IVN	1833800	9.11	-0.31
Puda Coal*	PUDC	3295629	1.39	-0.30
Yanzhou Coal*	YZC	46600	35.34	-0.30
Alpha Nat Res*	ANR	1393700	14.69	-0.28
Fronteer Dev*	FRG	1841800	8.98	-0.21

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Equitable Mng*	EQBM	74321	0.021	0.009	0.013	+0.004
AuGrid*	AUGC	64842	0.00	1.0E8	0.00	0.00
Goldspring*	GSPG	63774	0.006	0.004	0.005	+0.001
Freeport McMo*	FCX	24562	63.00	55.00	61.45	+5.82
Phelps Dodge*	PD	24122	123.25	116.08	121.95	+1.48
Alcoa*	AA	21551	30.75	28.51	30.16	+1.69
Goldcorp*	GG	14042	29.12	26.52	28.87	+2.77
Newmont Mng*	NEM	13039	46.46	44.56	45.64	+1.61
CVRD*	RIO	12610	27.25	26.29	26.70	+0.66
Barrick Gold*	ABX	11325	29.99	28.76	29.75	+1.41