Golds up in weaker US market

Generally gloomy economic news and weakness in the “new-economy” stocks brought the U.S. stock markets down over the report period May 15-21. The broadly based Standard & Poor’s 500 index fell 17.4 points over the period, finishing at 1,079.88 points, while the Dow Jones Industrial Average closed at 10,105.71 points, off 192.43.

Like their cousins north of the border, U.S. gold listings did well as the market about them fell away. Newmont Mining was the most active of the mining stocks on the New York board, trading just over 20 million shares and rising US$2.76 to close at US$30.81.

The big South African houses came on strongly, with AngloGold up US$3.66 at US$32.44 and Nasdaq-listed Gold Fields popping up US$2.03 to US$16.36. Another South African gold miner that saw active trading was Harmony Gold, which added US$2.10 to finish at US$17.42 on the Nasdaq.

The U.S. base metal producers, unlike the golds, followed the market downwards, though hybrid Freeport McMoRan Copper & Gold was up US$1.63 at US$19.58. Phelps Dodge was off US$2.05, closing at US$36.35, while Southern Peru Copper fell back US34 to US$14.66. Offshore miners didn’t suffer, with Rio Tinto US75 higher at US$79.75, Anglo American up US35 to US$18.15, and BHP Billiton unchanged at US$12.40.

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