It was a woeful week for the U.S. markets. The housing slump continued to weigh heavily on the economy, and mortgage defaults further tightened the credit market over the Dec. 11-17 trading session. Soaring food and fuel prices also cast a pall, and more economists confided fears about a possible recession.
News at the start of the week that the U.S. Federal Reserve had cut interest rates by only a quarter of a percentage point disappointed many investors who had hoped for a bigger reduction. The Dow Jones Industrial Average fell 265.57 points to close at 13,167.2 over the period, and the Standard & Poor’s 500 Index dropped 31.75 points to close at 1,445.9.
Gold finished the trading period at US$790.75 per oz. on Dec. 17, down from the $802.40 per oz. recorded on Dec. 11. The Amex Gold Bugs Index was down 29.42 points to 374.91 and the Philadelphia Gold and Silver Index dropped 10.76 points to 159.16. StreetTracks Gold, an exchange-traded fund, dipped US$1.50 to US$78.50.
Toronto-based Barrick Gold fell US$3.28 to US$37.39; Coeur d’Alene Mines slid US31 to US$4.08; Newmont Mining declined US$4.23 to US$46.60 and Goldcorp skidded US$2.74 to US$31.21. Luxury jewelry retailer Harry Winston Diamond was whacked too, falling US$6.31 to US$33.57.
Of course, it wasn’t just the gold companies that suffered. It was a tough week for miners in many different sectors of the industry. Despite higher prices for potash, Saskatoon, Sask.-based Potash Corp. of Saskatchewan, an integrated fertilizer, industrial and animal feed producer, tumbled US$5.90 to close at US$126.40.
Copper producers took a hit, too. Southern Copper plunged US$15.73 to close at US$100.70, while Freeport-McMoRan Copper & Gold dived US$13.27 to close at US$94.91.
Vale was the most active base metal stock, but not for any positive reason. It saw 121 million of its shares change hands during the trading session and slid US$5.12 apiece to US$31.06. Alcoa ranked as the second most actively traded stock with about 55 million shares traded, falling US$3.95 to US$33.90. BHP Billiton, meanwhile, fell US$10.26 to US$67.79 and Rio Tinto plummeted US$76.26 to close at US$401.45.
In the energy sector, where forward-looking prices remain robust, Yanzhou Coal Mining fell US$9.53 to close at US$89.56.
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Vale* | RIO | 121796 | 36.77 | 30.56 | 31.06 | -5.12 |
Alcoa* | AA | 55719 | 37.98 | 33.53 | 33.90 | -3.95 |
Freeport McMo* | FCX | 51647 | 109.79 | 93.99 | 94.91 | -13.27 |
Hecla Mining* | HL | 35610 | 12.04 | 8.74 | 8.77 | -3.08 |
Barrick Gold* | ABX | 34613 | 41.30 | 37.09 | 37.39 | -3.28 |
Coeur d Alene* | CDE | 31743 | 4.56 | 4.07 | 4.08 | -0.31 |
Newmont Mng* | NEM | 31621 | 51.07 | 46.28 | 46.60 | -4.23 |
StreetTr Gold* | GLD | 28828 | 80.92 | 78.30 | 78.50 | -1.50 |
Goldcorp* | GG | 27474 | 34.60 | 31.14 | 31.21 | -2.74 |
Gold Fields* | GFI | 26173 | 16.19 | 14.25 | 14.30 | -1.69 |
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Sparrowtech R* | SPMC | 113 | 0.035 | 0.02 | 0.031 | +55.0 |
HE-5 Res* | HRRN | 223 | 0.08 | 0.04 | 0.05 | +42.8 |
Commerce Grp* | CGCO | 316 | 0.16 | 0.09 | 0.15 | +36.3 |
World Vent* | WVNTF | 13 | 0.08 | 0.06 | 0.08 | +33.3 |
Global Gold* | GBGD | 152 | 0.60 | 0.34 | 0.55 | +29.4 |
Shoshone Silv* | SHSH | 43 | 0.30 | 0.26 | 0.30 | +13.2 |
Pac Gold* | PCFG | 1419 | 0.065 | 0.051 | 0.055 | +7.8 |
NWT Uranium* | NWURF | 216 | 0.67 | 0.52 | 0.61 | +7.0 |
Santa Fe Gold* | SFEG | 226 | 0.59 | 0.53 | 0.58 | +5.4 |
FinMetal Mng* | FNMM | 1585 | 0.24 | 0.18 | 0.20 | +5.2 |
Beeston Ent* | BESE | 171 | 0.30 | 0.14 | 0.15 | -70.0 |
McKenzie Bay* | MKBY | 4641 | 0.02 | 0.004 | 0.007 | -56.2 |
Trend Mng* | TRDM | 846 | 0.031 | 0.013 | 0.02 | -50.0 |
Samex Mng* | SMXMF | 3962 | 0.97 | 0.50 | 0.57 | -40.0 |
Uranium Star* | URST | 514 | 0.29 | 0.20 | 0.20 | -28.5 |
Wealth Minls* | WMLLF | 128 | 2.267 | 1.50 | 1.691 | -26.8 |
Hecla Mining* | HL | 35610 | 12.04 | 8.74 | 8.77 | -25.9 |
NT Holding* | NTHH | 36 | 0.04 | 0.03 | 0.03 | -25.0 |
Tara Gold* | TRGD | 3150 | 0.47 | 0.30 | 0.35 | -24.7 |
Crosshair E&M* | CXZ | 116 | 1.87 | 1.40 | 1.40 | -23.9 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | ||
CONSOL Energy* | CNX | 15717013 | 65.75 | +0.44 |
Global Gold* | GBGD | 152000 | 0.55 | +0.125 |
Arizona Star* | AZS | 102600 | 17.82 | +0.09 |
Mosaic* | MOS | 19724981 | 84.49 | +0.09 |
Dejour Enterp* | DEJ | 193900 | 1.59 | +0.07 |
Nevsun Res* | NSU | 1904500 | 2.08 | +0.04 |
Augusta Res* | AZC | 214700 | 3.82 | +0.04 |
Commerce Grp* | CGCO | 315773 | 0.15 | +0.04 |
Platinum Gp M* | PLG | 71900 | 3.52 | +0.04 |
NWT Uranium* | NWURF | 215630 | 0.61 | +0.04 |
Rio Tinto* | RTP | 2148354 | 401.45 | -76.26 |
Soc Quim&M Ch* | SQM | 232322 | 161.50 | -23.85 |
Southern Copp* | PCU | 9802116 | 100.70 | -15.73 |
Freeport McMo* | FCX | 51647173 | 94.91 | -13.27 |
BHP Billi-BHP* | BHP | 18631654 | 67.79 | -10.26 |
Yanzhou Coal* | YZC | 489078 | 89.56 | -9.53 |
BHP Billi-BBL* | BBL | 1876233 | 59.42 | -9.46 |
Lihir Gold* | LIHR | 916472 | 27.20 | -6.69 |
Harry Winston* | HWD | 220900 | 33.57 | -6.31 |
Potash C Sask* | POT | 17337293 | 126.40 | -5.90 |
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