U.S. markets, Dec. 27-Jan. 3

U.S. equities slipped during the holiday-shortened trading week, but ended 2013 on a positive note.

The Dow Jones Industrial Average dropped 8.42 points to 16,469.99, after gaining 26% in 2013. The S&P 500 Index fell 10.03 points to 1,831.37, but soared nearly 30% in the past year. The Nasdaq Composite Index tumbled 24.68 points to 4,131.91. The tech-heavy index rose 37% in 2013.

Gold also added some lustre, advancing US$25 per oz. to end the week at US$1,238. The spot gold price lost nearly 28% in 2013, causing many gold explorers and miners to announce major writedowns, project delays and staff reductions.

Analysts predict another tough year for gold in 2014. “We are cautious over the near to intermediate term on gold as the current economic climate is one of low inflation and likely tapering by the U.S. government — both of which are negative for gold,” said Rob Chang, an analyst at Cantor Fitzgerald.

On Jan. 3, departing U,S. Federal Reserve chairman Ben Bernanke said he expects stronger growth in the U.S. economy this year. The Fed is set to trim its monthly bond buying program from US$85 billion to US$75 billion starting in January

Banro was one of the week’s percentage winners, up 21.5% to US62¢. The boost came after the company said it started production at its Namoya gold mine in the Democratic Republic of the Congo on Dec. 30, 2013. Namoya — Banro’s second gold mine — is slated to reach commercial production before the end of June. The mine should help boost Banro’s annual gold production from less than 100,000 oz. a year to 225,000 oz.

Turquoise Hill Resources fell nearly 6% to US$3.06. The company reported its rights offering will expire on Jan. 7. Roughly 1 billion shares should be issued under the rights offering. Recently a class action lawsuit alleging Turquoise Hill misled its investors over a three and half year period ending Nov. 8, 2013, has been filed in a U.S. district court in New York City. The lawsuit claims the firm overstated its revenue, among other things. Turquoise Hill argues the complaint lacks merit and intends to defend itself.

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