Denver — Financial markets sank in response to the U.S. Federal Reserve’s latest quarter-point interest rate cut, sending the Dow Jones industrial average down 238.03 points, or 2.3%, for the report period ended Aug. 21. The Nasdaq dropped 6.8% to 1831.30.
Spot gold on the Comex division of the New York Mercantile Exchange held firm at US$275 per oz., though mining issues were mixed amid the fallout over poor second-quarter earnings. Newmont Mining picked up 20 to close at US$21.15, while South Africa’s AngloGold lost 21 to finish at US$18.18. Nasdaq-listed Gold Fields dipped 26 to US$4.39, while Harmony Gold Mining slipped 36 to US$5.05. Homestake Mining added 18 to US$8.68 as merger partner Barrick Gold gained 42 to US$16.70. New York-listed Meridian Gold shed 29 to close at US$9.60.
Comex copper edged up to US67 per lb., helping Phelps Dodge gain $1 to close at US$38.27. Class A and B shares of Freeport-McMoRan Copper & Gold bounced up 90 and $1, respectively, to US$10.99 and US$12.02. Southern Peru Copper edged up 10 to US$11.30.
New York-listed Stillwater Mining rose $1.50 to US$28.15, while, on the Nasdaq, Anglo American Platinum gained $2.70 to US$34.20. Peru’s Compania de Minas Buenaventura jumped $1.50 to US$18.91, while Nasdaq-junior Royal Gold continued its winning ways, climbing 46 to US$6.20. The company has seen its stock price double since July. Silver remained in the dumps, holding Apex Silver Mines to a loss of 26 to US$9.24.
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