U.S. Markets September 11-17

Stock markets in the United States were buoyant during the reporting period Sept. 11-17, in anticipation of a rate cut from the Federal Reserve Bank. The Dow Jones Industrial Average rose 275.57 points, 2.1% of value, to 13,403.42 over the period and the Fed rewarded the bulls with a half-point rate cut, to 4.75%.

Gold prices were also on a tear, with the London bullion fix rising US$15.50 during the week to US$719 per oz. That increase was more or less matched by the Amex Gold Bugs Index, which was up 2.5% at 365.41, but the Philadelphia Gold and Silver Index shot up 4.7%, to 158.35. .

AngloGold Ashanti had the heftiest gain among the big golds, vaulting US$3.18 to US$44.63. Newmont Mining was more restrained, but still rose US$1.38 to US$45.21. Rounding out the big three, interlisted Barrick Gold touched year-long highs in both Toronto and New York, with a trade of US$38.31 on Wall Street and a close of US$37.47, up US47.

In the middle tier, Randgold Resources was down US63 at US$27.93, but not before touching a 52-week high of US$29.39. DRDGold, consolidated one-for-ten at the end of July, was up US55 at US$7.50. It concluded a support agreement with Toronto-based Intrepid Mines to tender its 79% interest in Australian-listed Emperor Mines to a bid in which Intrepid is offering one share for every 4.25 shares of Emperor. Emperor had already sold its 20% interest in the Porgera gold mine in Papua New Guinea to Barrick Gold for US$250 million. DRD is looking for an “orderly” disposal of its Emperor shares.

Base metal miners were mostly on pace with, or ahead of, the broader market, as metal prices increased and jitters over the direction of the U.S. economy calmed. Southern Copper jumped US$4.46 to US$109.16, Companhia Vale do Rio Doce was US$3.04 better at US$26.92, and Freeport-McMoRan Copper & Gold added US$8 to finish at US$89.75.

Rio Tinto, which was US$3.26 higher at US$292.51, extended its takeover offer for Alcan by about a month, to Oct. 23. Rio extended the bid — US$101 cash per share, or US$38.1 billion — in order to meet conditions on the offer, including some regulatory approvals. So far only half a million Alcan shares have been tendered to the offer.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Brookmount Ex*	BMXI	70	0.044	0.028	0.044	+	46.6
Alberta Star *	ASXSF	940	1.06	0.77	1.04	+	28.4
Miranda Gold*	MRDDF	771	1.356	1.01	1.27	+	24.5
Fronteer Dev*	FRG	2110	9.85	7.95	9.44	+	21.6
Gammon Gold*	GRS	4213	9.90	7.85	9.50	+	19.5
Halo Res*	HLOSF	13	0.501	0.423	0.501	+	19.2
Denison Mines*	DNN	325	10.20	8.36	9.96	+	19.1
Corriente Rs*	ETQ	283	4.84	3.96	4.75	+	19.0
Uranerz Energ*	URZ	1539	3.56	2.82	3.23	+	15.3
Crosshair E&M*	CXZ	157	1.50	1.24	1.42	+	12.7
NT Holding*	NTHH	106	0.07	0.035	0.045	–	35.7
Tara Gold*	TRGD	1520	0.65	0.455	0.50	–	23.0
HuntMountain*	HNTM	34	0.45	0.35	0.35	–	22.2
Pac Gold*	PCFG	1565	0.154	0.118	0.12	–	18.9
Diamond Discv*	DMDD	369	0.013	0.008	0.009	–	18.1
El Capitan Pr*	ECPN	284	0.60	0.49	0.50	–	16.6
Evolving Gold*	EVOGF	30	0.30	0.30	0.30	–	14.2
Samex Mng*	SMXMF	481	0.82	0.696	0.696	–	13.0
Glencairn Gld*	GLE	2063	0.19	0.14	0.15	–	11.7
Apollo Gold*	AGT	1353	0.51	0.425	0.445	–	11.0

U.S. greatest value change

		VOLUME	CLOSE		CHANGE
Freeport McMo*	FCX	47351413	97.07	+	8.00
Cleveland-Cli*	CLF	5352700	78.73	+	6.76
Southern Copp*	PCU	7638450	109.16	+	4.46
CONSOL Energy*	CNX	9727600	44.87	+	4.05
Cameco Corp*	CCJ	14191350	43.00	+	3.60
Rio Tinto*	RTP	2335300	292.51	+	3.26
AngloGold Ash*	AU	8989600	44.63	+	3.18
CVRD*	RIO	75727104	26.92	+	3.04
Foundatn Coal*	FCL	3025400	38.86	+	2.92
Peabody Enrgy*	BTU	23267868	47.23	+	2.91
Westmoreland*	WLB	99800	18.23	–	1.28
North Am En P*	NOA	176300	16.56	–	1.02
Seabridge Gld*	SA	2532400	29.83	–	0.86
Agnico-Eagle*	AEM	10001049	47.87	–	0.86
Randgold Res*	GOLD	2980502	27.93	–	0.63
Mesabi Trust*	MSB	118500	20.06	–	0.59
APEX Silver*	SIL	1504200	18.36	–	0.37
Gold Reserve*	GRZ	1094600	4.32	–	0.36
Miramar Mng*	MNG	2274500	4.56	–	0.21
MDU Res*	MDU	2103300	26.12	–	0.21

U.S. most active issues

21696

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
CVRD*	RIO	75727	53.50	26.66	26.92	+	3.04
Alcoa*	AA	58965	36.12	33.50	35.23	+	1.18
Freeport McMo*	FCX	47351	99.60	89.75	97.07	+	8.00
StreetTr Gold*	GLD	39003	71.24	69.52	70.97	+	1.35
Goldcorp*	GG	38489	28.00	26.02	27.82	+	1.90
Newmont Mng*	NEM	38240	46.09	43.92	45.21	+	1.38
Coeur d Alene*	CDE	33525	3.58	3.31	3.38	–	0.03
Barrick Gold*	ABX	31686	38.31	36.63	37.47	+	0.47
Peabody Enrgy*	BTU	23268	48.43	44.32	47.23	+	2.91
Golden Star*	GSS	3.67	3.39	3.43	–	0.02