Gold regains lost ground

Denver — The Dow Jones industrial average sunk 227.46 points, or 2%, to close at 10,948.38 for the report period ended June 12, while spot gold on the Comex division of the New York Mercantile Exchange kicked up slightly to US$271.50 per oz.

Gold issues were up, including Newmont Mining, which picked up 33 to close at US$21.62. New York Stock Exchange-listed Ashanti Goldfields rose 33 to US$2.84 on an analyst’s positive report. AngloGold gained 20 to close at US$18.90. South Africa’s Gold Fields advanced 21 to US$4.44, while Harmony Gold Mining added 18 to close at US$5.74. Homestake Mining recovered 14 to reach US$6.99, while Peru’s Compania de Minas Buenaventura slipped 79 to US$17.19.

Comex copper slumped to US73 per lb., deflating Phelps Dodge $3.30 to US$42.62; Class A and B shares of Freeport-McMoRan Copper & Gold plunged $1.07 and $1.22, respectively, to US$13.42 and US$15.17; Rio Tinto slipped $4.99 to US$73.60 in anticipation of a long strike at South Africa’s Palabora mine; Australia’s BHP dipped 56 to US$22.54; and WMC improved 85 to US$19.75. Anglo American dipped 99 to US$15.35.

Apex Silver Mines gained 41 to close at US$10.91, despite sinking silver prices. Hecla Mining also rose, 11 to US$1.35, while Nasdaq-listed junior Metallica Resources jumped 17 to US77 on successful drilling at the El Morro target in Chile. Stillwater Mining slipped $1.25 to US$32.65 on the American Stock Exchange, though the company is soon to move to the New York Stock Exchange.