A 265-point jump in the Dow Jones Industrial Average on the first trading day of 2003 put investors in the mood for gains, and the U.S. markets in general had a stellar week. The Dow was up 407.74 points, or 4.9% of value, in the five trading days Dec. 31-Jan. 7, closing at 8,740.59, while the Standard & Poor’s 500 rose 43.54 points to 922.93 in the same period, a gain of 5%.
The golds, rather than moving purely against the broader market, as they had in recent weeks, put in a mixed performance, with hedgers generally better than non-hedgers. Newmont was down US$1.19 at $27.84, and Gold Fields slid US46 to US$13.50, but AngloGold was US33 higher at US$34.59.
Hecla Mining was alone among the smaller U.S. producers to make a gain, adding US45 to close at US$5.51. Nevada explorer Vista Gold, which announced a US$3.4 million financing, was up US91 at US$4.96, and Apex Silver was US16 higher at US$14.96.
The upbeat market was generally good news for base metal producers. Phelps Dodge added US$1.68 to close at US$33.33, and Southern Peru Copper was US$1.18 better at US$15.58, as copper prices edged upward. That also meant the best of both worlds for Freeport-McMoRan Copper & Gold, which was US29 higher at US$17.07.
Meanwhile, BHP Billiton fell US2 to US$11.48. Chief executive Brian Gilbertson, whose aggressive philosophy brought him into conflict with the company’s more conservative board, cleaned out his desk and took down his picture of Brigitte Bardot. He is being replaced by chief development officer Chip Goodyear.
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