U. S. Markets September 2-8

U. S. stock indices were down during the Sept. 2-8 trading session on indications of a slowdown in the nation. The Dow Jones Industrial Average lost 33 points, or 0.2%, to 11,511; the S&P 500 Index fell 15 points, or 1.1%, to 1,268; and the Nasdaq dropped 98 points, or 4.1%, to 2,270. The losses could have been worse, but were mitigated by an announcement from the U. S. Treasury of measures to stabilize mortgage lenders Fannie Mae and Freddie Mac. The announcement calmed investors’ nerves, because it meant that mortgages would be available to homebuyers, helping to stabilize the residential real estate market stateside.

Gold equities fallen harder than the broad market, crashing on the back of a continued drop in the price of the yellow metal as the U. S. dollar gathered strength. The Amex Gold Bugs Index fell 57.5 points, or 16.7%, to 286.5, while the Philadelphia Gold and Silver Index lost 25 points, or 16.7%, to 124.

Looking at investor sentiment, National Bank economist Stfane Marion says that U. S. retail investors continue to move large sums into money markets. In e-mailed comments, Marion pointed to figures that show inflows into money market mutual funds surged US$79 billion in July, bringing the cumulative inflow to US$775 billion over the last year. Money market funds now hold US$3.6 trillion, or 31% of the US$11.6 trillion held in mutual funds, the highest proportion since the U. S. fell into recession in 2001. Marion says uncertainty still dominates the marketplace, and that more funds could flow into money market instruments. That being said, “… the fire power that could potentially be redeployed in the coming quarters is considerable.”

The coal sector fell on weakening U. S. economic fundamentals and fears that the growth rate in China will drop next year. Coal major Peabody Energy lost US$13.03 to US$49.92, while fellow heavyweight Arch Coal fell US$16.49 to US$37.75.

The base metal sector also dropped, with copper major Freeport-McMoRan Copper & Gold losing US$17.26 to US$72.06, and aluminum miner Alcoa falling US$4.59 to US$27.54.

The potash/fertilizer sector lost ground, led by heavyweight Potash Corp. of Saskatchewan, which moved down US$20.27 to US$153.33. Mosaic Co. and Intrepid Potash also fell.

The uranium sector pulled back, led by Cameco, which lost US$4.28 to US$25.80. Mid-tier producer Denison Mines dropped US$1.20 to US$4.50.

U. S. most active issues

	VOLUME	WEEK
	(000s) HIGH	LOW	CLOSE	CHANGE
Vale* RIO	192167 26.28	22.23	22.73	-3.82
Freeport McMo*FCX	98377 84.83	69.25	72.06	-17.26
PotashCSask* POT	84456167.65	145.76	153.33	-20.27
Alcoa* AA	83459 32.00	27.12	27.54	-4.59
Quest M&M* QMNM75671	0.01	0.01	0.01	0.00
Peabody Enrgy* BTU	71687 60.43	48.55	49.92	-13.03
Arch Coal* ACI	66534 51.69	37.42	37.75	-16.49
CoeurdAlene*CDE	64762 1.80	1.55	1.56	-0.23
Barrick Gold* ABX	62438 33.30	29.38	29.41	-5.32
Goldcorp* GG	59297 32.27	27.50	27.59	-6.34

U. S. greatest percentage change

		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Gold Coast Mg*	GCMG	18	0.05	0.02	0.05	+400.0
Global Gold*	GBGD	288	0.12	0.10	0.12	+ 71.4
Apolo Gold*	APLL	119	0.03	0.02	0.03	+ 50.0
Zoro Mng*	ZORO	10	0.33	0.30	0.33	+ 50.0
Evolving Gold*	EVOGF	76	0.48	0.38	0.44	+ 15.7
Tornado Gold*	TOGI	250	0.08	0.06	0.08	+ 14.2
NWT Uranium*	NWURF	117	0.11	0.08	0.09	+ 12.5
Cabot Corp*	CBT	3979	31.45	27.68	31.02	+ 12.1
Uranium Res*	URRE	15441	3.69	2.16	2.52	+ 9.5
Sterling Mini*	SRLM	2597	0.52	0.12	0.19	-65.4
Aurelio Res*	AULO	357	0.10	0.05	0.05	-50.0
Banro Res*	BAA	196	3.48	1.88	1.89	-46.3
Campbell Res*	CBLRF	1435	0.06	0.05	0.05	-37.5
Bullion Rvr G*	BLRV	322	0.06	0.04	0.05	-37.5
Samex Mng*	SMXMF	289	0.26	0.17	0.17	-37.0
Commerce Grp*	CGCO	105	0.11	0.07	0.09	-35.7
Patriot Coal*	PCX	3160	55.95	39.03	40.28	-32.8
Tanz Roy Exp*	TRE	3126	3.94	2.62	2.75	-31.7
Kimber Res*	KBX	603	1.20	0.80	0.82	-31.0

U. S. greatest value change

WEEK
	VOLUME	CLOSE	CHANGE
Cabot Corp* CBT	3978905	31.02	+ 3.35
Uranium Res* URRE	15441492	2.52	+ 0.22
Zoro Mng* ZORO	10000	0.33	+ 0.11
Evolving Gold* EVOGF	75700	0.44	+ 0.06
Global Gold* GBGD	288255	0.12	+ 0.05
Gold Coast Mg* GCMG	18179	0.05	+ 0.04
Apolo Gold* APLL	119230	0.03	+ 0.01
NWT Uranium* NWURF	117300	0.09	+ 0.01
Tornado Gold* TOGI	249913	0.08	+ 0.01
Rio Tinto* RTP	2987290	313.87	-63.13
Alpha Nat Res* ANR	23033497	73.50	-25.60
Cleveland-Cli* CLF	24223447	76.85	-24.37
Potash C Sask* POT	84456232	153.33	-20.27
Patriot Coal* PCX	3159500	40.28	-19.68
Mosaic* MOS	49872242	87.39	-19.35
Massey Energy* MEE	35903447	48.25	-17.71
Freeport McMo* FCX	98376966	72.06	-17.26
Arch Coal* ACI	66533542	37.75	-16.49
CONSOL Energy* CNX	38570094	53.08	-14.63