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The TSX Composite Index tumbled 215 points during the trading period to close at 11,361.20 amidst a gloomy economic backdrop. With persistent eurozone worries, weaker-than-expected jobs data from the U.S. and slowing growth in China, investors sought out safe havens, such as gold. 

As a result, the price of the yellow metal climbed US$52.60 per oz. to US$1,626.30 per oz., pushing the S&P/TSX Global Gold Index up 16 points to 327.26.

But diversified miners weren’t as lucky, and the S&P/TSX Capped Diversified Metals & Mining Index lost 27 points to end at 843.80.

During the week the U.S. reported that 69,000 jobs were created in May, the fewest since May 2001. In the eurozone, the jobless rate was 11% in April, unchanged from March, but the highest since the eurozone was created in 1999, with more than 17.4 million people out of a job. Adding to fears, China reported that manufacturing activity in its biggest factories slumped to a yearly low, owing to weak domestic demand.

The week’s biggest percentage gainer was Mawson Resources, gaining 25% to close at $1.55 per share. The jump came after the company released the first 14 assays from its 39-hole program at the Rompas gold project in northern Finland. The best assay was 6 metres of 617 grams gold per tonne from 7 metres depth, which included 1 metre of 3,540 grams gold starting from 11 metres depth — the best result ever sampled or drilled at the property to date.

Strong drill results lifted Kimber Resources’ shares 23% to 80¢. The junior released two holes from the Carmen East area on the Monterde property in northern Mexico’s Sierra Madre gold-silver belt. One of the holes cut several mineralized structures, including 2 metres grading 4.3 grams gold and 166.6 grams silver, and 2 metres of 3.2 grams gold and 222 grams silver.

The week’s biggest loser was Nautilus Minerals, losing 42% to close at $1.23 after being hit by a double whammy. On June 1 it reported vessel funding for the deep sea Solwara 1 project in Papua New Guinea could be delayed and push back building. Harren & Partner told the junior it could no longer provide the full amount of equity because of stricter banking rules with the European crisis and a deflated shipping market.

In a separate press release that day, Nautilus said it’s in a row with the government of Papua New Guinea regarding a joint-venture agreement the parties entered last March. Under the agreement, the state is exercising its option to earn 30% of Solwara 1, but says the company has not met its obligations to complete its earn-in. Nautilus is denying the claims, and has started a dispute-resolution process. Depending on how long the conflict lasts, it could affect the costs and start-up of the futuristic  copper-gold project.

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