Gold, commodities and equities surged after the U.S. Federal Reserve announced on Nov. 3 that it will buy US$600 billion in government bonds to help buoy the economy. The U.S. central bank will buy about US$75 billion in longer-term Treasury bonds per month through the end of June 2011. Concerns about the greenback and inflation pushed gold prices to within a few dollars of US$1,400 per oz. before closing in New York on Nov. 5 at US$1,394.10 per oz. Gold gained 2.52% or US$34.30 per oz. over the Nov. 1-5 trading week. The Dow Jones industrial average advanced 2.93% or 325.59 points to close at 11,444.08, while the S&P 500 index jumped 3.60% or 42.59 points to 1,225.85.
Twenty-six companies on the New York Stock Exchange reached new 52-week highs.
Freeport-McMoRan Copper & Gold led the way in value gains, climbing US$10.05 to US$104.84. Freeport was the third most-actively traded stock, on no news. In late October, the Democratic Republic of the Congo government completed a review of its Tenke Fungurume copper-cobalt project and confirmed its contracts are in good standing.
With silver prices tracking gold prices and reaching a 30-year high of US$26.89 per oz., Silver Wheaton shares jumped US$4.20 to US$32.95, hitting a new high.
Potash Corp. of Saskatchewan, the second most-actively traded stock, slipped US$4.03 per share to US$141.06 following the Canadian government’s rejection of BHP Billiton’s US$39-billion hostile takeover of the company. Industry Minister Tony Clement said the deal did not represent a net benefit to Canada but left open the possibility of an improved bid from BHP, saying a final decision would not be made for another 30 days.
By contrast, BHP Billiton shares climbed US$9.56 to US$92.14, the second-largest value gain of the week.
Taseko Mines shares lost US$1.64 to close at US$4.67 apiece. The Canadian government blocked the company from developing an open-pit mine at its Prosperity copper-gold project in central British Columbia. The federal ruling, citing “concerns about significant adverse environmental effects,” overruled the provincial government’s support for the $815-million project.
| U.S. most active issues | ||||
| VOLUME | WEEK | |||
| (000s) HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 117812 14.08 | 12.95 | 14.00 | + 0.89 |
| Potash C Sask* POT | 72250 148.78 | 139.37 | 141.06 | -4.03 |
| Freeport McMo* FCX | 61913 107.07 | 95.01 | 104.84 | + 10.05 |
| Hecla Mining* HL | 59203 8.20 | 6.68 | 7.93 | + 1.04 |
| Taseko Mines* TGB | 56591 6.62 | 4.31 | 4.67 | -1.64 |
| Silverado* SLGLF | 55464 0.00 | 1.0E8 | 0.00 | 0.00 |
| Barrick Gold* ABX | 48653 50.07 | 47.63 | 49.21 | + 1.12 |
| Silver Wheatn* SLW | 48584 33.63 | 28.70 | 32.95 | + 4.20 |
| Newmont Mng* NEM | 39663 61.95 | 57.90 | 61.62 | + 0.76 |
| NovaGold Res* NG | 37345 13.48 | 11.20 | 13.36 | + 2.14 |
| U.S. greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Starfield Res* | SRFDF | 2005 | 0.08 | 0.05 | 0.06 | + 50.0 |
| Uranerz Energ* | URZ | 9521 | 3.36 | 2.26 | 3.21 | + 43.3 |
| Puda Coal* | PUDA | 207 | 11.99 | 8.60 | 11.99 | + 36.1 |
| Uranium Res* | URRE | 21712 | 1.90 | 1.25 | 1.75 | + 34.6 |
| Petaquilla Mn* | PTQMF | 3173 | 1.22 | 0.82 | 1.07 | + 28.9 |
| Samex Mng* | SMXMF | 1346 | 0.65 | 0.45 | 0.63 | + 28.5 |
| Silvercorp Mt* | SVM | 2617 | 12.34 | 9.46 | 11.89 | + 27.1 |
| China Shen Zh* | SHZ | 665 | 2.92 | 2.13 | 2.82 | + 25.3 |
| Minco Gold* | MGH | 2860 | 1.56 | 1.17 | 1.46 | + 23.7 |
| Endeavr Silvr* | EXK | 870 | 6.00 | 4.63 | 5.87 | + 20.0 |
| Elray Res* | ELRA | 3079 | 0.03 | 0.01 | 0.01 | -50.0 |
| Commerce Grp* | CGCO | 40 | 0.03 | 0.02 | 0.02 | -33.3 |
| Taseko Mines* | TGB | 56591 | 6.62 | 4.31 | 4.67 | -25.9 |
| Habanero Res* | HBNRF | 84 | 0.10 | 0.08 | 0.08 | -20.0 |
| Tri-Valley* | TIV | 530 | 0.78 | 0.62 | 0.66 | -10.8 |
| Lake Vict Mng* | LVCA | 506 | 0.46 | 0.36 | 0.40 | -9.0 |
| Global Gold* | GBGD | 1674 | 0.32 | 0.20 | 0.21 | -8.7 |
| El Capitan Pr* | ECPN | 660 | 0.50 | 0.42 | 0.44 | -8.3 |
| Constittn Mng* | CMIN | 1510 | 0.30 | 0.26 | 0.27 | -6.9 |
| Rare Elemt Re* | REE | 20232 | 11.43 | 9.67 | 10.69 | -5.9 |
| U.S. greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Freeport McMo* | FCX | 61913352 | 104.84 | + 10.05 |
| BHP Billi-BHP* | BHP | 18087129 | 92.14 | + 9.56 |
| BHP Billi-BBL* | BBL | 9396379 | 79.94 | + 9.14 |
| Cliffs Nat Rs* | CLF | 18045792 | 71.10 | + 5.90 |
| OM Group* | OMG | 1313732 | 38.40 | + 5.13 |
| Teck B* | TCK | 16347911 | 49.72 | + 4.98 |
| Peabody Enrgy* | BTU | 23671612 | 57.75 | + 4.93 |
| Massey Energy* | MEE | 36544361 | 46.94 | + 4.87 |
| Silver Wheatn* | SLW | 48583838 | 32.95 | + 4.20 |
| Arch Coal* | ACI | 25650126 | 28.30 | + 3.71 |
| Potash C Sask* | POT | 72250352 | 141.06 | -4.03 |
| Agrium* | AGU | 2475704 | 85.15 | -3.36 |
| Mosaic* | MOS | 19356861 | 70.78 | -2.33 |
| Intrepid Pots* | IPI | 1922501 | 32.38 | -1.95 |
| Taseko Mines* | TGB | 56590699 | 4.67 | -1.64 |
| Alpha Nat Res* | ANR | 21261574 | 44.45 | -0.72 |
| Rare Elemt Re* | REE | 20232197 | 10.69 | -0.67 |
| Tri-Valley* | TIV | 530353 | 0.66 | -0.08 |
| El Capitan Pr* | ECPN | 659983 | 0.44 | -0.04 |
| Lake Vict Mng* | LVCA | 505781 | 0.40 | -0.04 |
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