Maintaining its safe haven status, gold prices rose to new highs over the June 14-18 trading period due to ongoing concerns over sovereign debt levels in Europe and the potential for further instability in the markets.
And although the dollar was weak, the markets showed some improvement. The Dow Jones industrial average gained 2.3%, or 239.57 points, to close at 10,450.64. The S&P 500 index rose 2.4%, or 25.91 points, to 1,117.15, and the Nasdaq increased 2.3%, or 66.2 points, to 2,309.80.
Gold miners saw the most significant value changes in their share prices over the period thanks to record high gold prices. Gold closed US$1,256 per oz. in London on June 18, but had risen beyond that at press time.
Randgold Resources shares were up US$6.26 to US$94.98 apiece and Newmont Mining shares were up US$5 to US$61.25. Both companies reached new 52-week highs. Barrick Gold, BHP Billiton and Anglo-Gold Ashanti were also top gainers by value.
On the losing end were the fertilizer companies Mosaic and Potash Corp. of Saskatchewan as 2011 forecasts were cut. Mosaic shares fell US$1.78 apiece to US$43.46, while Potash Corp. saw its shares drop US$1.26 to US$99.36 apiece.
Base metals producers held steady over the period. BHP Billiton, the world’s biggest mining company, saw shares rise US$2.51 to US$57.45 while Alcoa shares slipped US25¢ to US$11.11 and Freeport-McMoRan Copper & Gold shares were up US97¢ to US$65.90. At press time, BHP and Rio Tinto had struck a deal with the state government in Western Australia over royalties on sales revenue for their iron ore joint venture. They agreed to pay higher mining royalties of 5.6% up from 3.75% on fine ore and a one-time payment of US$309 million. Rio Tinto and Xstrata are battling Australia’s federal government over the planned 40% Resource Super Profits Tax -the companies are arguing that they already pay their fair share in taxes and royalties.
Banro Resources shares rose 21% to US$2.10 apiece following news the company had shipped a used gold processing plant from Australia to its Twangiza gold project in the Democratic Republic of the Congo.
U.S. most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 101218 | 11.68 | 11.02 | 11.11 | -0.25 |
Barrick Gold* ABX | 52981 | 46.46 | 41.75 | 46.38 | + 3.27 |
Freeport McMo* FCX | 51926 | 67.76 | 64.62 | 65.90 | + 0.97 |
Newmont Mng* NEM | 47751 | 61.78 | 54.77 | 61.25 | + 5.00 |
Vale* VALE | 42115 | 28.04 | 26.55 | 26.88 | -0.15 |
Hecla Mining* HL | 39074 | 5.96 | 5.23 | 5.89 | + 0.58 |
Silverado* SLGLF | 30984 | 0.00 | 1.0E8 | 0.00 | 0.00 |
Goldcorp* GG | 29806 | 46.07 | 42.25 | 45.86 | + 2.17 |
Peabody Enrgy* BTU | 27467 | 42.05 | 39.96 | 41.26 | + 1.48 |
Silver Wheatn* SLW | 26965 | 21.38 | 19.26 | 21.00 | + 1.60 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Cream Mnrls* | CRMXF | 10 | 0.09 | 0.09 | 0.09 | + 28.5 |
Commerce Grp* | CGCO | 35 | 0.05 | 0.04 | 0.05 | + 25.0 |
Banro Res* | BAA | 441 | 2.13 | 1.75 | 2.10 | + 21.3 |
Uranium Res* | URRE | 3847 | 0.74 | 0.48 | 0.61 | + 19.6 |
Rubicon Mnls* | RBY | 3920 | 3.94 | 3.17 | 3.89 | + 19.3 |
Silver Dragon* | SDRG | 507 | 0.25 | 0.19 | 0.25 | + 19.0 |
Li3 Energy* | LIEG | 1420 | 0.47 | 0.38 | 0.45 | + 18.4 |
US Gold* | UXG | 1406 | 4.90 | 4.18 | 4.82 | + 14.4 |
CoeurdAlene* | CDE | 13241 | 16.95 | 14.39 | 16.80 | + 14.3 |
Starfield Res* | SRFDF | 171 | 0.08 | 0.06 | 0.08 | + 14.2 |
Apolo Gold* | APLL | 371 | 0.03 | 0.02 | 0.02 | -33.3 |
Habanero Res* | HBNRF | 81 | 0.12 | 0.10 | 0.10 | -16.6 |
Elray Res* | ELRA | 147 | 0.14 | 0.06 | 0.10 | -16.6 |
Patriot Gold* | PGOL | 73 | 0.24 | 0.17 | 0.18 | -14.2 |
Caledonia Mng* | CALVF | 872 | 0.07 | 0.05 | 0.06 | -14.2 |
El Capitan Pr* | ECPN | 692 | 0.38 | 0.32 | 0.32 | -11.1 |
Petaquilla Mn* | PTQMF | 1044 | 0.36 | 0.31 | 0.34 | -10.5 |
Canarc Res* | CRCUF | 52 | 0.10 | 0.08 | 0.09 | -10.0 |
Tara Gold* | TRGD | 160 | 0.40 | 0.35 | 0.38 | -9.5 |
NWT Uranium* | NWURF | 44 | 0.36 | 0.19 | 0.19 | -9.5 |
U.S. greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Randgold Res* | GOLD | 5300243 | 94.98 | + 6.26 |
Newmont Mng* | NEM | 47751104 | 61.25 | + 5.00 |
Agnico-Eagle* | AEM | 11036755 | 64.78 | + 4.51 |
Barrick Gold* | ABX | 52980854 | 46.38 | + 3.27 |
BHP Billi-BHP* | BHP | 18502452 | 67.83 | + 2.55 |
BHP Billi-BBL* | BBL | 13230114 | 57.45 | + 2.51 |
AngloGold Ash* | AU | 8196237 | 44.79 | + 2.51 |
Alpha Nat Res* | ANR | 19443691 | 38.49 | + 2.44 |
Pan Am Silver* | PAAS | 5859580 | 27.71 | + 2.40 |
Allied Nevada* | ANV | 949900 | 21.83 | + 2.40 |
Mosaic* | MOS | 18403980 | 43.46 | -1.78 |
Potash C Sask* | POT | 19188820 | 99.36 | -1.26 td> |
Patriot Coal* | PCX | 5988800 | 15.90 | -1.08 |
Fronteer Gold* | FRG | 5315246 | 6.23 | -0.52 |
Cabot Corp* | CBT | 2507328 | 28.15 | -0.46 |
Minefinders* | MFN | 3826981 | 8.74 | -0.44 |
Mesabi Trust* | MSB | 303746 | 18.83 | -0.37 |
Agrium* | AGU | 1777800 | 52.25 | -0.29 |
Alcoa* | AA | 101218418 | 11.11 | -0.25 |
Vale* | VALE | 42115400 | 26.88 | -0.15 |
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