It was another tough stretch for U.S. equity markets. The Dow Jones Industrial Average fell 215 points, to 12,743.44, over the reporting period Nov. 20-26, falling past the lows it touched in August. Its 1.7% slide was closely matched by the Standard & Poor’s 500 Index, which was down 1.8% in the same period.
Gold broke US$800 per oz. and stayed there, finishing the period at US$830, up US$51.15 on the five trading days in London. That pulled the gold stocks higher, with the Philadelphia Gold and Silver Index rising 5.23 points or 3.2% to 169.51 and the Amex Gold Bugs Index rising 17.75 points (4.5%) to 415.97.
Among the mining issues on U.S. exchanges, the declining stocks only just outnumbered advancing ones, 98 to 79. In general, the bluer the chip, the better it did during the period; most of the declining stocks were juniors on the NASDAQ or Amex.
The big gold producers mostly held to that pattern: Newmont Mining was up US$1.87 to US$50.44, while AngloGold Ashanti gained US$1.36 to close at US$44.04. Gold Fields was off US17 at US$16.92 and Harmony Gold Mining backed up US32 to US$9.74.
Hecla Mining was a strong performer in the mid-tiers, rising US77 to US$11.88 after trading as high as US$12.57, a 52-week high. Minas Buenaventura picked up US$2.07 to finish at US$54.46, and Coeur d’Alene Mines was US36 higher at US$4.29.
Base metal producers were more affected by the general economic picture, especially the copper-sensitive stocks. Freeport-McMoRan Copper & Gold slipped US$3.20 to US$89.30, while Southern Copper was down US$1.02 at US$101 and Companhia Vale do Rio Doce was cut US$2.64 to US$31.
Rio Tinto fired back a defensive shot at BHP Billiton’s proposal for merger talks, saying it could deliver better growth to its shareholders on its own. Rumours of a Chinese consortium moving on Rio pumped the stock briefly, but Rio finished only US$9.34 higher at US$425.39; BHP, which has seen about US$30 billion in market capitalization disappear since it called for merger talks, was up US13 at US$70.97.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
NT Holding* | NTHH | 25 | 0.07 | 0.06 | 0.07 | + | 75.0 |
Birch Mountn* | BMD | 2402 | 0.92 | 0.541 | 0.79 | + | 31.2 |
Idaho Gen Mn* | GMO | 5797 | 11.29 | 9.36 | 10.57 | + | 24.9 |
Capital Gold* | CGLD | 1673 | 0.79 | 0.635 | 0.78 | + | 20.0 |
Contintl Mnls* | KMKCF | 478 | 1.82 | 1.53 | 1.79 | + | 19.3 |
Homeland Pr M* | HPMEF | 18 | 0.23 | 0.15 | 0.15 | + | 15.3 |
Shoshone Silv* | SHSH | 121 | 0.33 | 0.27 | 0.30 | + | 11.1 |
Tanz Roy Exp* | TRE | 1765 | 6.49 | 5.69 | 6.27 | + | 10.1 |
Massey Energy* | MEE | 5340 | 32.39 | 28.46 | 31.43 | + | 9.8 |
Silver Dragon* | SDRG | 503 | 0.90 | 0.74 | 0.89 | + | 9.8 |
Commerce Grp* | CGCO | 546 | 0.16 | 0.05 | 0.075 | – | 53.4 |
NovaGold Res* | NG | 22594 | 20.27 | 9.11 | 9.48 | – | 48.1 |
World Vent* | WVNTF | 38 | 0.13 | 0.09 | 0.09 | – | 40.0 |
Sparrowtech R* | SPMC | 837 | 0.048 | 0.02 | 0.031 | – | 38.0 |
HE-5 Res* | HRRN | 761 | 0.035 | 0.025 | 0.025 | – | 37.5 |
Pac Gold* | PCFG | 4077 | 0.08 | 0.04 | 0.063 | – | 30.0 |
Strata O&G* | SOIGF | 677 | 1.20 | 0.84 | 0.89 | – | 23.9 |
Geocom Res* | GOCM | 25 | 0.203 | 0.165 | 0.165 | – | 17.9 |
Kimber Res* | KBX | 731 | 1.12 | 0.75 | 0.76 | – | 17.3 |
Uranium Star* | URST | 315 | 0.30 | 0.25 | 0.25 | – | 16.6 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | |||
Rio Tinto* | RTP | 2544336 | 425.39 | + | 9.34 |
Cleveland-Cli* | CLF | 6608300 | 80.44 | + | 5.91 |
Yanzhou Coal* | YZC | 461217 | 86.62 | + | 5.62 |
CONSOL Energy* | CNX | 9534265 | 55.00 | + | 4.82 |
StreetTr Gold* | GLD | 31919400 | 81.30 | + | 4.06 |
Foundatn Coal* | FCL | 3395870 | 42.97 | + | 3.53 |
Goldcorp* | GG | 27466327 | 33.48 | + | 2.85 |
Massey Energy* | MEE | 5340110 | 31.43 | + | 2.81 |
Barrick Gold* | ABX | 28531685 | 41.71 | + | 2.79 |
Mosaic* | MOS | 10462059 | 61.98 | + | 2.64 |
NovaGold Res* | NG | 22594286 | 9.48 | – | 8.81 |
Teck Comin B* | TCK | 7240532 | 36.00 | – | 3.92 |
Soc Quim&M Ch* | SQM | 272300 | 159.30 | – | 3.61 |
Freeport McMo* | FCX | 52599049 | 89.30 | – | 3.20 |
CVRD* | RIO | 105292399 | 31.00 | – | 2.64 |
Seabridge Gld* | SA | 1546028 | 27.17 | – | 1.86 |
Alumina Inc* | AWC | 383920 | 21.98 | – | 1.70 |
Southern Copp* | PCU | 8938923 | 101.00 | – | 1.02 |
North Am En P* | NOA | 163200 | 12.97 | – | 0.99 |
Westmoreland* | WLB | 128600 | 17.20 | – | 0.89 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
CVRD* | RIO | 105292 | 34.94 | 30.10 | 31.00 | – | 2.64 |
Freeport McMo* | FCX | 52599 | 94.98 | 87.26 | 89.30 | – | 3.20 |
Alcoa* | AA | 36917 | 36.10 | 34.56 | 34.88 | – | 0.19 |
Coeur d Alene* | CDE | 33243 | 4.43 | 3.91 | 4.29 | + | 0.36 |
StreetTr Gold* | GLD | 31919 | 82.25 | 77.30 | 81.30 | + | 4.06 |
Barrick Gold* | ABX | 28532 | 43.46 | 39.50 | 41.71 | + | 2.79 |
Goldcorp* | GG | 27466 | 34.75 | 31.35 | 33.48 | + | 2.85 |
Newmont Mng* | NEM | 26762 | 52.55 | 49.48 | 50.44 | + | 1.87 |
NovaGold Res* | NG | 22594 | 20.27 | 9.11 | 9.48 | – | 8.81 |
BHP Billi-BHP* | BHP | 21747 | 73.45 | 68.80 | 70.97 | + | 0.13 |
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