U.S. Markets March 13-19

Stock markets in the United States were mainly treading water during the period March 13-19, in advance of a new policy statement from the Federal Reserve Bank. The Standard & Poor’s 500 Index was down 4.54 points, or 0.3% of value, closing at 1,402.06, while the Dow Jones backed off 0.8%.

But some of the metal producers made gains, led by Freeport-McMoRan Copper & Gold, which rose US$4.14 to US$62.44. Freeport and Phelps Dodge shareholders approved the merger of the two companies, which gives PD shareholders 0.67 of a share of Freeport plus US$88 for each PD share. In its last day of trading, Phelps Dodge closed at US$129.47, up US$2.35.

The big offshore miners were all gainers except Companhia Vale do Rio Doce, which was down a dime at US$36.45 in spite of a US$3,745-per-tonne increase in the nickel price, to US$50,345 per tonne (US$22.84 per lb.). Rio Tinto was US$4.82 better at US$215.49, BHP Billiton rose US$1.61 to US$45.49, and Anglo American closed at US$24.65, up US69.

Rising copper prices didn’t help Southern Copper during the period. The high-flier lost a little altitude, finishing US71 lower at US$70.03.

Gold prices went as low as US$640.75 per oz. during the period, but it was mainly a week of modest recovery, with the London bullion price finishing at US$655. So it was unusual, perhaps, to see the unhedged Amex Gold Bugs Index down fractionally at 331.62, while the Philadelphia XAU rose 1.22 points to 134.99. The Street started giving some credence to a Business Week story that Barrick Gold was preparing a bid for Newmont Mining, but some common sense hosed that rumour down with Newmont rising only US37 to US$43.24. Barrick was down US18 at US$28.46. AngloGold Ashanti was US70 higher at US$44.26, but otherwise there was no sector-wide pattern; de-hedger Minas Buenaventura packed on one of the larger gains, US$1.36, to close at US$29.77.

Hitting a 52-week low of US$3.90, Coeur d’Alene Mines closed at US$3.95, down US27, after a U.S. federal court ruled that Coeur could not build a tailings dam at the Kensington gold mine in Alaska.

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Freeport McMo*	FCX	57094	63.15	56.01	62.44	+4.14
CVRD*	RIO	46283	36.51	34.02	36.45	-0.10
Alcoa*	AA	43518	34.56	32.66	33.96	-0.03
Goldcorp*	GG	39837	24.92	23.28	24.20	-1.19
Newmont Mng*	NEM	36570	43.58	41.32	43.24	+0.37
Coeur d Alene*	CDE	32916	4.24	3.90	3.95	-0.27
Barrick Gold*	ABX	25986	28.69	27.35	28.46	-0.18
Phelps Dodge*	PD	21212	130.25	125.11	129.47	+2.35
StreetTr Gold*	GLD	19398	64.99	63.57	64.74	+0.15
Kinross Gold*	KGC	19110	13.44	12.55	13.24	+0.01

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Diamond Discv*	DMDD	346	0.007	0.005	0.007	+75.0
Geocom Res*	GOCM	118	0.32	0.25	0.28	+46.6
Michigan Gold*	MGGV	614	0.005	0.003	0.005	+25.0
Colombia Gldf*	CGDF	717	1.31	1.10	1.30	+21.5
Capital Gold*	CGLD	1305	0.45	0.375	0.445	+20.2
Paramount Gld*	PGDP	814	3.10	2.80	3.10	+16.9
Starfield Res*	SRFDF	689	0.258	0.20	0.242	+15.2
Little Squaw*	LITS	12	1.25	1.15	1.20	+14.2
NT Holding*	NTHH	20	0.17	0.15	0.17	+13.3
HuntMountain*	HNTM	12	0.60	0.55	0.60	+13.2
Shoshone Silv*	SHSH	41	0.28	0.25	0.25	-26.4
Pine Valley M*	PVMCF	85	0.055	0.045	0.045	-25.0
Golden Eagle*	MYNG	10086	0.031	0.023	0.027	-22.8
Liberty Star*	LBTS	1671	0.82	0.61	0.65	-18.6
Douglas Lk Ml*	DLKM	160	0.70	0.55	0.58	-14.7
Apolo Gold*	APLL	446	0.07	0.059	0.06	-13.0
Northw Min Vt*	NWTMF	230	0.55	0.51	0.51	-11.3
Konigsberg*	KGBC	79	0.18	0.17	0.18	-10.0
Coral Gold*	CGREF	11	3.011	2.365	2.56	-9.7
Solitario Res*	XPL	83	4.05	3.55	3.64	-8.3

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
Rio Tinto*	RTP	1198300	215.49	+4.82
Freeport McMo*	FCX	57094148	62.44	+4.14
Phelps Dodge*	PD	21211895	129.47	+2.35
Soc Quim&M Ch*	SQM	170200	138.26	+2.30
BHP Billi-BHP*	BHP	11104000	45.49	+1.61
BHP Billi-BBL*	BBL	300200	41.89	+1.45
Buenaventura*	BVN	2954900	29.77	+1.36
CONSOL Energy*	CNX	11386154	37.18	+1.27
ASA (Bermuda)*	ASA	265500	61.71	+1.09
Foundatn Coal*	FCL	2874900	34.56	+1.04
Potash C Sask*	POT	3758600	154.95	-7.71
Teck Comin B*	TCK	878300	65.75	-1.90
Alcan*	AL	5702000	52.64	-1.65
Goldcorp*	GG	39837300	24.20	-1.19
Cleveland-Cli*	CLF	2663900	59.32	-0.95
Meridian Gold*	MDG	3577900	24.52	-0.93
Royal Gold*	RGLD	1169643	30.79	-0.92
Westmoreland*	WLB	151100	19.34	-0.79
Southern Peru*	PCU	11253785	70.03	-0.71
Minefinders*	MFN	585800	10.49	-0.62