The June 29-July 5 trading period was quiet, owing to the July 4th celebrations, which closed the markets on Monday, July 5. The Dow Jones industrial average dropped 74.26 points to 10,282.38 while the S&P 500 index slipped 7.97 points to 1,125.38. Notably, the Federal Open Market Committee at long last ratcheted up its target for the federal funds rate by 25 basis points to 1.25% — the first rise in four years and a likely sign of things to come.
The most active mining stock and greatest percentage gainer over the period was an unlikely one: Bellingham, Wash.-based Golden Spirit Minerals, which soared 86% to US11 on 38 million shares traded. Last month, the junior entered into an agreement to buy a 95% stake in the Blue Doe and the June Ellen gold prospects in the Ravenswood batholith of Queensland, Australia. Past prospecting there has encountered low-grade gold mineralization in several areas.
The top percentage loser was Coeur d’Alene-based junior Fischer-Watt Gold, which slumped almost 18% to US12 on low volume. The company has received a positive review and resource assessment of its La Balsa copper project near Lazaro Cardenas, Mexico. Resources total 63.6 million tonnes of only 0.25% copper, but this includes a 5-million-tonne core grading 1.2% copper. Management is now looking for project financing with an eye to beginning operations late next year.
Golden Eagle International climbed 13% to US10 on 3.8 million shares traded. The company has just bought the Gold Bar mill and plant in Eureka, Nev., and intends to relocate it to its Buen Futuro property in Bolivia. It hopes the upgrade will allow it to mine there at a monthly rate of 3,000 oz. gold and 4 million lbs. copper.
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