U.S. Markets Nov. 14-20

U.S. equity markets went on a steady but unspectacular rise over the reporting period Nov. 14-20, helped by a decline in oil prices and by low inflation figures. The Dow Jones Industrial Average, which has been making historic highs for more than a month, closed Nov. 20 at 12,316.54 after touching a record 12,355.23 points; it gained 1.5% over the five trading days, while the Standard & Poor’s 500 index rose 1.2%.

The good news didn’t make its way to the resource sector, with gold and base metal equities generally declining. Even with a gold price up US$2 over the same period (at US$625.50 per oz.) the Amex Gold Bugs index was down 13.55 points (or 4% of value) to 317.85 and the Philadelphia Gold & Silver index down 6.04 (4.4%) to 132.67.

The large gold producers all fell; Gold Fields took the heaviest hit in percentage terms, falling US92 to US$16.88. Among mid-tiers, NASDAQ-listed Randgold Resources fell US$1.65 to US$21.30, Coeur d’Alene Mines slid US21 to US$4.99, and Hecla Mining got away with a US2 loss to finish at US$6.25.

White goods prices were mixed, as platinum added US$77 to end the period at US$1,262 per oz., while palladium fell US$3 to US$321. Palladium-sensitive Stillwater Mining was down US29 to US$12.28, but so was platinum-dominated Anglo American Platinum, whose U.S. deposit receipts were down US$5.50 to US$110.25.

Even acquisitions news in the base metal business didn’t prop up prices in that group, apart from a US$23.65 rise in Phelps Dodge to US$120.47, US$6 off Freeport McMoRan Copper & Gold’s offer price. Crdit Suisse forecast a radical jump in copper prices — about the only thing that could credibly justify a one-third premium for PD — but the market went its own way, taking Freeport’s shares down US$2.30 to US$55.63.

The Big Four offshore miners all declined: Rio Tinto was off US$7.50 at US$205.50, Companhia Vale do Rio Doce declined US14 to US$26.04, BHP Billiton backed up US77 to US$40.11, and Anglo American was off US40 to US$22.93.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Konigsberg*	KGBC	5217	0.40	0.27	0.39	+68.1
Michigan Gold*	MGGV	814	0.009	0.005	0.009	+50.0
Halo Res*	HLOSF	19	0.515	0.264	0.44	+49.6
El Capitan Pr*	ECPN	2452	1.16	0.73	1.07	+28.9
Phelps Dodge*	PD	26801	123.24	93.01	120.47	+24.4
Uranerz Energ*	URZ	736	3.66	2.49	3.50	+24.1
Anooraq Res*	ANO	639	0.95	0.74	0.93	+22.3
Clifton Mng*	CFTN	939	0.75	0.54	0.68	+19.3
Fronteer Dev*	FRG	2678	9.63	7.33	9.19	+13.6
Tara Gold*	TRGD	3461	0.73	0.58	0.73	+12.3
Goldspring*	GSPG	81073	0.009	0.004	0.004	-55.5
Puda Coal*	PUDC	3525	3.55	1.45	1.69	-48.0
Birch Mountn*	BMD	5350	4.21	2.29	2.34	-46.2
Sao Luis Mng*	SAOL	597	0.65	0.41	0.43	-33.8
Magnus Intl R*	MGNU	400	1.20	0.77	0.80	-33.3
World Vent*	WVNTF	93	0.14	0.10	0.10	-32.4
Shoshone Silv*	SHSH	90	0.23	0.17	0.17	-26.0
McKenzie Bay*	MKBY	1836	0.17	0.12	0.122	-23.7
Madison Minls*	MMRSF	356	0.99	0.775	0.80	-20.7
Queenstake Rs*	QEE	2567	0.27	0.22	0.23	-17.8

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
Phelps Dodge*	PD	26801400	120.47	+23.65
Potash C Sask*	POT	3307100	137.69	+3.64
Cleveland-Cli*	CLF	2609900	44.86	+2.51
Westmoreland*	WLB	59100	23.14	+2.32
Fording C C T*	FDG	4047600	20.64	+1.41
Fronteer Dev*	FRG	2678100	9.19	+1.10
Cabot Corp*	CBT	1317200	43.49	+1.06
Yanzhou Coal*	YZC	78000	35.64	+0.88
Mesabi Trust*	MSB	104500	24.00	+0.78
Uranerz Energ*	URZ	735500	3.50	+0.68
Rio Tinto*	RTP	2243000	205.50	-7.50
OM Group*	OMG	4121900	46.40	-2.93
Teck Comin B*	TCK	801900	69.26	-2.72
Freeport McMo*	FCX	24412100	55.63	-2.30
Birch Mountn*	BMD	5350200	2.34	-2.01
Goldcorp*	GG	21734800	26.10	-1.98
ASA (Bermuda)*	ASA	338800	58.80	-1.71
Randgold Res*	GOLD	1328728	21.30	-1.65
Gold Mnrs ETF*	GDX	1148300	37.32	-1.60
Soc Quim&M Ch*	SQM	94200	124.51	-1.58

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
AuGrid*	AUGC	526787	0.145	1.0E8	0.00	0.00
Goldspring*	GSPG	81073	0.009	0.004	0.004	-0.005
Peabody Enrgy*	BTU	35500	42.95	40.00	41.70	+0.20
Equitable Mng*	EQBM	33041	0.013	0.006	0.009	0.00
Phelps Dodge*	PD	26801	123.24	93.01	120.47	+23.65
Freeport McMo*	FCX	24412	59.50	54.95	55.63	-2.30
Goldcorp*	GG	21735	28.72	25.76	26.10	-1.98
Newmont Mng*	NEM	20095	46.04	43.80	44.03	-1.49
CVRD*	RIO	18925	27.23	25.45	26.04	-0.14
Alcoa*	AA	17962	29.04	27.69	28.47	-0.02