Denver — The Dow Jones industrial average fell 472.36 points, or 4.4%, to 10,175.64 in the U.S. holiday-shortened report period ended July 10, amid warnings of poor second-quarter earnings. The Nasdaq slipped below 2000 points.
Spot gold held firm on the Comex division of the New York Mercantile Exchange at US$266.20 per oz., after surviving the second of six planned British auctions of 20 tonnes of gold.
South Africa’s AngloGold picked up 45 to close at US$16.25, while Newmont Mining climbed 14 to US$18.80. Nasdaq-listed Gold Fields slipped 40 to US$4.16, while Ashanti Goldfields dipped 35 to US$3.25. Harmony Gold Mining edged down 13 to US$5.40, and New York Stock Exchange-listed Meridian Gold dropped 42 to US$7.13.
Comex copper slipped to US71 per lb., sending Phelps Dodge down $1.18 to US$38.90. Class A and B shares of Freeport-McMoRan Copper & Gold jumped 83 and 82, respectively, to US$10.40 and US$11.54 on news of record second-quarter gold sales. Anglo American dropped $1.08 to US$14.09, Rio Tinto fell $3.90 to US$70.81, Australia’s WMC slipped $1.45 to US$18.60, and BHP Billiton lost 96 to US$22.12.
Peru’s Compania Minas de Buenaventura gained 51 to close at US$18.51, while Royal Gold hit a new high of US$4.60, up 25, after a strong gain in the previous week. Hecla Mining climbed 12 to US$1.17. New York-listed Stillwater Mining dropped $1 to close at US$27.20, while Nasdaq-listed junior Chief Consolidated Mining lost 55 to close at US$2.05.
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