Precious metals miners shine

While gold prices ended the report period virtually unchanged at around US$317 per oz., gold bugs drew encouragement that most of the gold miners showed uncharacteristic strength and added to the previous week’s gains.

Among the U.S.-listed majors: Newmont Mining jumped $1.14 to US$25.94; AngloGold shot up $2.01 to US$27.36 on a suprisingly upbeat third-quarter report and news of a share split; Gold Fields rose 53 to US$11.99; Durban Deep was up 4 to US$3.24; Harmony Gold advanced 77 to US$14.17; and Ashanti Goldfields rose 6 to US$5.40.

Another good sign was that U.S. silver stocks moved in sympathy with the golds: Coeur d’Alene Mines was up 4 to US$1.51 as the company boosted by 24%, or 4 million oz., the silver reserves at its Martha mine in Argentina, and Hecla Mining tacked on 5 to reach US$3.55. After rising $2 over the past two weeks, Apex Silver Mines gave back 13 to end at US$14.62.

The good news didn’t stop there: Amid strengthening copper, zinc and nickel prices, the base metal miners, for the most part, regained the losses suffered in the previous week: Anglo American rebounded 28 to US$13.40; BHP Billiton rose 32 to US$10.85; Rio Tinto soared $5.24 to US$78.24; Phelps Dodge gained $1.31 to hit US$30.76; Alcoa was up 99 to US$23.36; and Freeport-McMoRan Copper & Gold shot up $1.12 to US$13.57.

The volume leader was cobalt refiner OM Group, which fell $2.57, to US$6.38. OM’s share price collapsed on Oct. 29, with the revelation that plummeting cobalt prices were forcing a major restructuring. A month ago, shares traded above US$40.

Print

Be the first to comment on "Precious metals miners shine"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close