Stock markets in the United States saw heavy selling between May 10 and May 12 in response to a tightening Federal Reserve Bank, making the reporting period May 9-15 a losing one. The Standard & Poor’s 500 Index was down 2.2%, or 30.16 points, to 1,294.50 and the Dow Jones Industrial Average closed at 11,428.77, down 1.3%.
Gold prices did a swan dive in the first hour or so of trading on London bullion markets May 15, erasing what had been a US$34 gain in the first four days of the period. That might have been bad for the gold equities, except that the first four days hadn’t been all that good anyway.
AngloGold Ashanti slid US$3.83 to US$50.30, leading the big gold producers lower. Newmont Mining was down US$1.42 at US$54.31, Harmony Gold Mining fell US$1.80 to US$14.05, and Gold Fields slipped US22 to US$23.20.
Some mid-tier gold producers took it harder, reflecting a market perception of leverage, if not the reality. Minas Buenaventura was US$1.50 lower at US$27.30, Hecla Mining fell US$1.36 to US$5.08, and Randgold Resources was hit US$4.75 for a close of US$21.07.
One gold producer — little Canyon Resources — hit a new trading high, US$1.42, during the period, although it finished at US$1.04, up US8. Canyon had announced on May 8 that its first-quarter loss had been cut to US$400,000, and after the market close on May 15, announced some encouraging results from its Briggs gold mine in California.
Meanwhile, as a measure of the appreciation of the Canadian dollar, a number of Canadian interlisted stocks — Eldorado Gold, Glamis Gold, and Cameco — posted 52-week highs in U.S.-dollar terms.
Over on the base metal side, Southern Peru Copper touched a 52-week high of US$109.93 on May 11, following a late-week buy recommendation from Citigroup, but faded back to US$95.30, for a loss of US$4.24 over the five trading days. Other copper-sensitive stocks took hits even as copper ran up US$585 per tonne on the London Metal Exchange: Phelps Dodge was down US$1.91 to US$89.25 and Freeport-McMoRan Copper & Gold was US$5.11 lower at US$61.50.
U.S. greatest percentage change
| VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
| Global Gold* | GBGD | 151 | 3.80 | 1.75 | 2.65 | +47.2 |
| Goldspring* | GSPG | 368411 | 0.02 | 0.011 | 0.015 | +36.3 |
| Grand Cen Sil* | GSLM | 36 | 1.05 | 0.80 | 1.00 | +33.3 |
| HuntMountain* | HNTM | 142 | 0.70 | 0.48 | 0.60 | +25.0 |
| Capital Gold* | CGLD | 2045 | 0.50 | 0.343 | 0.408 | +21.7 |
| Newgold* | NGLD | 1897 | 0.295 | 0.20 | 0.25 | +16.2 |
| Samex Mng* | SMXMF | 3751 | 1.175 | 0.763 | 0.91 | +13.6 |
| CanAlaska Ven* | CVVLF | 2729 | 0.71 | 0.52 | 0.584 | +13.4 |
| Apolo Gold* | APLL | 1585 | 0.165 | 0.125 | 0.139 | +11.2 |
| Polymet Mng* | POMGF | 3725 | 4.85 | 3.90 | 4.30 | +10.2 |
| Centrl Minera* | CENMF | 32 | 0.04 | 0.025 | 0.03 | -40.0 |
| Entree Gold* | EGI | 565 | 2.40 | 1.40 | 1.52 | -33.9 |
| Taseko Mines* | TGB | 8099 | 4.24 | 2.45 | 2.78 | -31.3 |
| World Vent* | WVNTF | 198 | 0.335 | 0.20 | 0.22 | -29.0 |
| Lafayette Mng* | LYMGF | 134 | 0.12 | 0.07 | 0.09 | -25.0 |
| Ivanhoe Mines* | IVN | 5550 | 9.72 | 6.26 | 7.22 | -23.5 |
| Northw Min Vt* | NWTMF | 2264 | 0.89 | 0.62 | 0.655 | -22.9 |
| Great Basin G* | GBN | 1448 | 2.40 | 1.73 | 1.73 | -22.4 |
| Colombia Gldf* | CGDF | 1456 | 2.61 | 1.96 | 2.03 | -22.2 |
| Cardero Res* | CDY | 443 | 3.39 | 2.56 | 2.66 | -21.7 |
U.S. greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Kerr McGee* | KMG | 11315400 | 108.46 | +2.74 |
| OM Group* | OMG | 3021700 | 31.68 | +2.08 |
| Falconbridge* | FAL | 1504500 | 47.04 | +1.81 |
| Global Gold* | GBGD | 151344 | 2.65 | +0.85 |
| US Energy* | USEG | 891139 | 7.16 | +0.40 |
| Polymet Mng* | POMGF | 3724712 | 4.30 | +0.399 |
| Peru Copper* | CUP | 9119800 | 3.80 | +0.30 |
| Grand Cen Sil* | GSLM | 36282 | 1.00 | +0.25 |
| DRDGOLD* | DROOY | 56470024 | 1.64 | +0.13 |
| HuntMountain* | HNTM | 142063 | 0.60 | +0.12 |
| Rio Tinto* | RTP | 2304200 | 225.67 | -14.67 |
| Arch Coal* | ACI | 9393400 | 100.00 | -7.72 |
| Potash C Sask* | POT | 3458400 | 96.72 | -7.09 |
| Cleveland-Cli* | CLF | 3288100 | 90.64 | -5.69 |
| Glamis Gold* | GLG | 9206900 | 35.27 | -5.56 |
| Soc Quim&M Ch* | SQM | 178900 | 108.68 | -5.36 |
| Peabody Enrgy* | BTU | 17993300 | 65.25 | -5.15 |
| Freeport McMo* | FCX | 19378600 | 61.50 | -5.11 |
| Foundatn Coal* | FCL | 3840700 | 50.15 | -5.00 |
| CVRD* | RIO | 18638300 | 51.50 | -4.98 |
U.S. most active issues
| VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | |||
| AuGrid* | AUGC | 507936 | 0.001 | 1.0E8 | 0.001 | 0.00 | |
| Goldspring* | GSPG | 368411 | 0.02 | 0.011 | 0.015 | 0.00 | |
| DRDGOLD* | DROOY | 56470 | 1.98 | 1.51 | 1.64 | +0.13 | |
| Newmont Mng* | NEM | 35870 | 59.70 | 53.56 | 54.31 | -1.42 | |
| Alcoa* | AA | 33579 | 36.96 | 32.90 | 33.47 | -2.65 | |
| Coeur d Alene* | CDE | 32716 | 6.42 | 5.11 | 5.17 | -0.87 | |
| Silverado* | SLGLF | 28556 | 0.164 | 0.125 | 0.135 | 0.00 | |
| Goldcorp* | GG | 28085 | 41.66 | 33.60 | 33.92 | -4.40 | |
| Phelps Dodge* | PD | 27615 | 102.70 | 86.99 | 89.25 | -1.91 | |
| Golden Eagle* | MYNG | 27220 | 0.023 | 0.009 | 0.018 | 0.00 |
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