U. S. MARKETS – DECEMBER 2-8

U. S. markets were up sharply during the Dec. 2-8 trading session. The Dow Jones Industrial Average gained 785 points, or 9.6%, to 8,934; the S&P 500 index rose 93 points, or 11.4%, to 910; and the Nasdaq climbed 174 points, or 12.4%, to 1,572. Precious metal indices were also up, with the Amex Gold Bugs index adding 17 points, or 8%, to 229, and the Philadelphia Gold and Silver index moving up 6 points, or 7.1%, to 95.

The trading session delivered generally bad economic news — in particular, a nonfarm payroll report showing a loss of 533,000 U. S. jobs in November. Despite the grim news, investors bid up stocks for a number of reasons. Firstly, a bailout package for the big three U. S. automakers looked more likely, propping up a pivotal part of U. S. industry. Another positive was plans by president-elect Barack Obama to stimulate the economy by boosting spending on public works.

Investors also bid up precious metal stocks because extensive, and expensive, public works programs could only mean wider government deficits, a weaker greenback and higher inflation, all positives for gold. For example, National Bank economist Stfane Marion forecasts that the 2009 U. S. budget deficit could reach 7% of GDP.

Freeport-McMoRan Copper & Gold lost US90¢ to US$20.01 after axing its dividend and cutting production and capital spending. According to TD Economics, copper prices fell 7% on the week because of a manufacturing slowdown in major economies and a pullback in construction in China.

Aluminum major Alcoa managed to rise US27¢ to US$9.58 even as aluminum prices plummeted to a five-year low after analysts reported that demand for the metal in China — the world’s largest consumer of the metal — will fall by more than half in 2009.

As with the rest of the market, the coal sector was generally up, led by heavyweights Peabody Energy, US$2.46 higher at US$22.01, and Arch Coal, which climbed US$2.10 to US$15.08.

The potash and fertilizer sectors also rebounded, but Agrium bucked the trend, dropping US88¢ to US$26.65.

Rio Tinto continued its descent from last week, falling US$8.61 to US$72.44.

U. S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Freeport McMo*FCX 174660 22.54 15.70 20.01 -0.90
Vale* RIO 172265 10.94 8.81 10.67 + 0.21
Alcoa* AA 170543 10.01 7.46 9.58 + 0.27
Goldcorp* GG 68224 24.99 19.67 24.09 + 0.88
PotashCSask* POT 67989 61.84 47.54 61.33 + 4.86
Barrick Gold* ABX 62280 28.09 22.66 27.25 + 0.94
Kinross Gold* KGC 55558 15.14 12.13 14.95 + 1.34
Peabody Enrgy* BTU 51972 22.67 16.65 22.01 + 2.46
Silver Wheatn* SLW 48816 3.79 2.97 3.54 + 0.58
Newmont Mng* NEM 47759 32.46 26.80 31.38 + 1.29
U. S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Raven Gold* RVNG 21 0.04 0.01 0.02 +100.0
Golden Phoen* GPXM 3170 0.03 0.02 0.02 +100.0
Allied Nevada* ANV 172 3.39 2.12 3.30 + 58.6
Westmoreland* WLB 223 10.07 7.15 9.93 + 37.9
Stillwater Mg* SWC 3183 3.23 2.31 2.97 + 35.0
Harmony Gold* HMY 14914 9.88 7.56 9.72 + 34.0
Aurelio Res* AULO 301 0.04 0.02 0.04 + 33.3
Cornerstone C* CTNXF 104 0.04 0.01 0.04 + 33.3
Aurizon Mines* AZK 1881 2.75 1.87 2.71 + 32.8
Yanzhou Coal* YZC 3892 6.46 5.13 6.46 + 31.3
HuntMountain* HNTM 25 0.51 0.26 0.26 -49.0
Global Gold* GBGD 162 0.15 0.08 0.11 -45.0
Shoshone Silv* SHSH 36 0.07 0.05 0.05 -44.4
Zoro Mng* ZORO 246 0.09 0.03 0.05 -44.4
Linux Gold* LNXGF 253 0.07 0.03 0.05 -37.5
Alberta Star * ASXSF 363 0.12 0.08 0.08 -33.3
Yellowcake Mg* YCKM 205 0.06 0.05 0.05 -28.5
Dejour Enterp* DEJ 15 0.38 0.25 0.25 -28.5
Anooraq Res* ANO 419 0.31 0.14 0.22 -26.6
Alexco Res* AXU 269 0.63 0.43 0.44 -25.4
U. S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Cliffs Nat Rs* CLF 20631154 23.90 + 5.12
Potash C Sask* POT 67988621 61.33 + 4.86
Mosaic* MOS 46848098 30.05 + 4.65
AngloGold Ash* AU 17925308 24.02 + 4.45
Randgold Res* GOLD 5525093 36.14 + 3.92
Soc Quim&M Ch*SQM 5935050 23.70 + 3.48
CONSOL Energy* CNX 26293297 27.34 + 3.32
MDU Res* MDU 7700913 21.00 + 3.04
Westmoreland* WLB 223384 9.93 + 2.73
Foundatn Coal* FCL 9885064 14.39 + 2.64
Rio Tinto* RTP 14460431 72.44 -8.61
Freeport McMo* FCX 174660308 20.01 -0.90
Agrium* AGU 4441100 26.65 -0.88
Minefinders* MFN 2268815 2.77 -0.83
Harry Winston* HWD 390500 3.44 -0.80
Seabridge Gld* SA 925299 9.23 -0.73
Agnico-Eagle* AEM 23030723 31.38 -0.68
Teck B* TCK 21526947 3.40 -0.53
Pan Am Silver* PAAS 5712847 11.61 -0.39
Intl Coal Gp* ICO 20773871 1.95 -0.34
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