U.S. MARKETS -May 18-24

Investors bailed out of the markets as worries escalated about Europe’s evolving debt crisis and tensions rose between North and South Korea. The Bank of Spain’s move over the weekend to seize regional savings bank Caja-Sur only heightened anxiety that sovereign-debt woes could spread.

During the May 18-24 reporting period, the Dow Jones industrial average, a price-weighted average of 30 blue-chip stocks, fell from 10,510.95 points to 10,066.57, its lowest close since Feb. 10, and a plunge of 444.38 points or 4.23%. The broader S&P 500 index lost 41.09 points or 3.67% to finish at 1,079.71, while the technology-dominated Nasdaq composite index dropped 89.57 points or 3.87% to finish at 2,227.69.

Even gold, often a safe haven, took a beating, falling from its New York close on May 18 of US$1,223 per oz. to US$1,192.30 per oz. on May 24, a loss of US$30.70 per oz. or 2.5%.

Randgold Resources was down US$6.47 to US$81.80 per share, while Agnico-Eagle Mines dropped US$6.27 to US$56.63. All 10 of the most actively traded stocks were in negative territory, with Newmont Mining tumbling US$4.70 to US$52.34, Barrick Gold down US$3.31 to US$41.12, and Goldcorp losing US$3.71 to US$41.04.

The carnage spread across base metals too, with Vale sliding US$1.82 to US$25.17, Teck Resources off US$1.11 to US$30.99 per share, and Alcoa sliding US$1.01 to US$11.09. Cliffs Natural Resources dropped US$2.66 to US$50.26 per share, on news that it intends to make takeover bids for Canadian juniors KWG Resources and Spider Resources. Neither of the proposed bids, which will be funded with existing cash, is conditional on the completion of the other. Cliffs currently owns a 47% stake in the Big Daddy chromite project in the McFaulds Lake area of northern Ontario. KWG and Spider, which are now proposing to merge, each own 26.5% of Big Daddy and have the option to earn-in up to 30% each. Cliffs wants majority ownership.

Potash Corp. of Saskatchewan, meanwhile, fell US$4.78 to US$96.68. On May 24, UBS Investment Research reported that it is lowering its 2011 potash estimates to US$405 per tonne from US$430 per tonne as “price increases have been slow to materialize.”

U.S. most active issues
	VOLUME		WEEK
	(000s)	HIGH	LOW	CLOSE	CHANGE
Alcoa* AA	210087	12.41	10.80	11.09	-1.01
Freeport McMo* FCX	110785	70.96	62.69	65.56	-2.41
Hecla Mining* HL	69320	6.02	4.86	5.16	-0.79
Barrick Gold* ABX	62273	44.99	39.95	41.12	-3.31
Newmont Mng* NEM	60171	57.14	50.86	52.34	-4.70
Silver Wheatn* SLW	57941	20.60	17.00	18.12	-2.40
Vale* VALE	55001	27.72	23.58	25.17	-1.82
Cliffs Nat Rs* CLF	53007	55.00	46.40	50.26	-2.66
Goldcorp* GG	52498	45.22	39.90	41.04	-3.71
Teck B* TCK	45750	34.41	29.10	30.99	-1.11

U.S. greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Tombstone Exp*	TMBXF	307	0.12	0.09	0.11	+ 22.2
Commerce Grp*	CGCO	24	0.08	0.05	0.08	+ 14.2
Crystallex In*	KRY	4350	0.55	0.45	0.52	+ 13.0
Amazon Goldsd*	AZNG	72	0.35	0.31	0.35	+ 12.9
Canarc Res*	CRCUF	69	0.15	0.10	0.11	+ 10.0
US Antimony*	UAMY	46	0.45	0.40	0.45	+ 9.7
Petaquilla Mn*	PTQMF	742	0.52	0.35	0.48	+ 9.0
Richmont Mine*	RIC	597	4.82	4.04	4.72	+ 8.7
New Jersey Mg*	NJMC	147	0.28	0.22	0.26	+ 8.3
Li3 Energy*	LIEG	1041	0.46	0.32	0.42	+ 5.0
Aurelio Res*	AULO	183	0.02	0.01	0.01	-50.0
Global Gold*	GBGD	26	0.12	0.06	0.09	-35.7
Patriot Gold*	PGOL	236	0.28	0.21	0.22	-24.1
Habanero Res*	HBNRF	50	0.12	0.09	0.10	-23.0
Elray Res*	ELRA	99	0.09	0.07	0.07	-22.2
PlatinumGpM*	PLG	483	2.49	1.85	1.88	-21.9
Silver Dragon*	SDRG	1144	0.29	0.16	0.22	-21.4
Gold Reserve*	GRZ	439	0.99	0.75	0.75	-21.0
Tara Gold*	TRGD	192	0.45	0.05	0.40	-20.0
Solitario Res*	XPL	103	2.64	1.96	2.15	-16.9

U.S. greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Richmont Mine*	RIC	596705	4.72	+ 0.38
Mesabi Trust*	MSB	686702	17.77	+ 0.29
Crystallex In*	KRY	4350105	0.52	+ 0.06
Contintl Mnls*	KMKCF	1027656	2.10	+ 0.05
Amazon Goldsd*	AZNG	72234	0.35	+ 0.04
Petaquilla Mn*	PTQMF	742296	0.48	+ 0.04
US Antimony*	UAMY	46388	0.45	+ 0.04
Oromin Expl*	OLEPF	58122	0.76	+ 0.02
Li3 Energy*	LIEG	1041148	0.42	+ 0.02
New Jersey Mg*	NJMC	146695	0.26	+ 0.02
Randgold Res*	GOLD	6523068	81.80	-6.47
Agnico-Eagle*	AEM	19134482	56.63	-6.27
Potash C Sask*	POT	27790369	96.68	-4.78
Consol Energy*	CNX	40161762	33.97	-4.78
Newmont Mng*	NEM	60170892	52.34	-4.70
Compass Mnls*	CMP	779300	74.38	-4.38
BHP Billi-BHP*	BHP	37995910	61.50	-4.07
OM Group*	OMG	1659397	28.98	-3.91
Goldcorp*	GG	52498276	41.04	-3.71
Rio Tinto*	RTP	32080989	42.08	-3.55