Uncertainty dominated equity markets in the U.S. during the period Oct. 9-15, with several items of good earnings news countered by rising crude oil prices. The Dow Jones Industrial Average did touch a record high of 14,198.10 on Oct. 11, but fell back to 13,984.80 by the close on Oct. 15 for a loss of 58.93 points, or 0.4%, over the five trading days. The Standard & Poor’s 500 Index was off 0.2%, at 1,548.71.
Not so the resource stocks, which all gained in harmony with rising commodity prices. Both the Amex Gold Bugs Index and the Philadelphia Gold and Silver Index made large gains, the Amex rising 30.54 points to 418.77, a gain of nearly 8%, and the XAU 11.26 points to 179.82, a gain of 6.7%. The StreetTracks Gold exchange-traded fund was up to a 52-week high of US$75.20, closing at US$75.14, up US$2.61, and the Amex Gold Miners fund touched a 52-week high of US$49.74 on the way to a US$48.02 close, up US$3.40.
Canadian interlisted golds caught two waves, both the rising gold price and the strong Canadian dollar, which showed up in year-long high trades on both Toronto and New York. Agnico-Eagle Mines was up US$4.30 to US$55.41, with a top trade at US$57.34; Barrick Gold touched US$43.24 and closed at US$42.92, up US$2.37; and Kinross Gold rose US$2.12 to a 52-week high of US$17.16.
The big producers were subdued by comparison. Newmont Mining was US$2.80 better at US$47.63, having arranged a $1.4-billion takeover of Toronto-listed Miramar Mining. AngloGold Ashanti tacked on US29 to finish at US$44.40, and Gold Fields, which sold its Venezuelan operations to Canadian-listed Rusoro Mining, was US97 better at US$18.84.
The base metal producers were, if anything, stronger than the golds, with most of the large producers touching or approaching their best prices of the last year. Rio Tinto was up US$24.44 at US$364.50, with a high of US$375.79; BHP Billiton rose US$4.76 to US$83.20, with a new high at US$86.95; and Freeport-McMoRan Copper & Gold traded up to US$120.20, finishing US$6.08 higher at US$113.90.
Among the other big miners, Teck Cominco was up US$2.28 to US$51.65, Companhia Vale do Rio Doce US$1.93 to US$35.20, and Southern Copper US$10.64 to US$135.14.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Brookmount Ex* | BMXI | 230 | 0.13 | 0.05 | 0.13 | + | 116.6 |
Sparrowtech R* | SPMC | 79 | 0.058 | 0.02 | 0.045 | + | 50.0 |
NT Holding* | NTHH | 14 | 0.05 | 0.035 | 0.05 | + | 42.8 |
Halo Res* | HLOSF | 45 | 0.615 | 0.559 | 0.57 | + | 42.5 |
Uranium Star* | URST | 987 | 0.47 | 0.38 | 0.43 | + | 40.9 |
Rubicon Mnls* | RBY | 2599 | 2.26 | 1.66 | 2.23 | + | 34.3 |
Seabridge Gld* | SA | 2741 | 38.73 | 29.75 | 38.72 | + | 28.6 |
Platinum Gp M* | PLG | 30 | 4.55 | 3.50 | 4.50 | + | 28.5 |
Glencairn Gld* | GLE | 3800 | 0.28 | 0.18 | 0.23 | + | 27.7 |
Almaden Mnls* | AAU | 988 | 3.20 | 2.56 | 3.19 | + | 27.0 |
HE-5 Res* | HRRN | 70 | 0.18 | 0.11 | 0.12 | – | 33.3 |
McKenzie Bay* | MKBY | 4942 | 0.06 | 0.035 | 0.05 | – | 28.5 |
Silver Dragon* | SDRG | 882 | 0.70 | 0.525 | 0.53 | – | 20.9 |
GoldMountain* | GMEX | 4000 | 0.29 | 0.20 | 0.21 | – | 19.2 |
Strata O&G* | SOIGF | 3762 | 3.35 | 1.521 | 1.60 | – | 18.3 |
US Gold* | UXG | 909 | 5.70 | 4.57 | 4.68 | – | 16.7 |
Gemini Expl* | GXPI | 7177 | 0.153 | 0.09 | 0.12 | – | 16.6 |
Madison Minls* | MMRSF | 389 | 0.38 | 0.317 | 0.35 | – | 12.5 |
US Antimony* | UAMY | 13 | 0.65 | 0.55 | 0.55 | – | 11.2 |
Alberta Star * | ASXSF | 1098 | 0.92 | 0.801 | 0.85 | – | 9.5 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | |||
Rio Tinto* | RTP | 3058800 | 364.50 | + | 24.44 |
Southern Copp* | PCU | 12430437 | 135.14 | + | 10.64 |
Mosaic* | MOS | 27139249 | 60.50 | + | 9.12 |
Seabridge Gld* | SA | 2740900 | 38.72 | + | 8.62 |
Cleveland-Cli* | CLF | 8233900 | 100.71 | + | 7.86 |
Soc Quim&M Ch* | SQM | 392000 | 197.94 | + | 7.70 |
Yanzhou Coal* | YZC | 1249600 | 106.78 | + | 6.49 |
Freeport McMo* | FCX | 56908980 | 113.90 | + | 6.08 |
Buenaventura* | BVN | 2813300 | 54.69 | + | 5.80 |
Potash C Sask* | POT | 20042825 | 109.42 | + | 5.76 |
Alumina Inc* | AWC | 414200 | 23.55 | – | 1.56 |
OM Group* | OMG | 2230450 | 54.45 | – | 1.07 |
US Gold* | UXG | 909400 | 4.68 | – | 0.94 |
Harmony Gold* | HMY | 17819220 | 9.91 | – | 0.48 |
Strata O&G* | SOIGF | 3761830 | 1.60 | – | 0.36 |
Wealth Minls* | WMLLF | 35500 | 3.045 | – | 0.275 |
Gammon Gold* | GRS | 2920500 | 10.764 | – | 0.206 |
PolyMet Mng* | PLM | 2091100 | 3.83 | – | 0.17 |
Intl Royalty* | ROY | 732700 | 6.76 | – | 0.17 |
Corriente Rs* | ETQ | 281000 | 4.82 | – | 0.15 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
CVRD* | RIO | 117388 | 36.05 | 33.20 | 35.20 | + | 1.93 |
Alcoa* | AA | 75004 | 40.04 | 37.25 | 38.21 | – | 0.09 |
Freeport McMo* | FCX | 56909 | 120.20 | 108.18 | 113.90 | + | 6.08 |
Barrick Gold* | ABX | 44074 | 43.24 | 40.42 | 42.92 | + | 2.37 |
Miramar Mng* | MNG | 43472 | 6.59 | 6.19 | 6.50 | + | 1.35 |
Gold Fields* | GFI | 37422 | 19.25 | 17.81 | 18.84 | + | 0.97 |
Newmont Mng* | NEM | 37090 | 48.25 | 44.80 | 47.63 | + | 2.80 |
Coeur d Alene* | CDE | 36984 | 4.05 | 3.74 | 3.90 | + | 0.15 |
Goldcorp* | GG | 36341 | 33.48 | 30.06 | 33.10 | + | 2.67 |
Golden Star* | GSS | 34263 | 3.95 | 4.24 | + | 0.26 |
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