Equity markets in the U.S. continued their rebound over the reporting period Oct. 23-29, nearly returning to the levels they were at before the US$2-billion quarterly loss posted by Merrill Lynch creamed stocks. The Dow Jones Industrial Average closed Oct. 29 at 13,870.26, up 303.29 points or 2.2% of value from a week before; the Standard & Poor’s 500 was up 2.3%.
But much of that buying support rested on the opinion that the Federal Reserve Bank would be looking to push more liquidity, possibly with another half-point interest rate cut, and that feeling sent the U.S. dollar lower. That was good for gold, in turn, and sent bullion prices up by US$37.25, to US$788.50 per oz.
There was joy in the gold indexes over that: the Philadelphia Gold and Silver Index racked up a gain of 15.77 points, or 9.3%, to finish at 185.46; and the Amex Gold Bugs Index vaulted 34.13 points, 8.7% of value, to 428.68. Among U.S.-listed mining stocks generally, advancers outnumbered decliners 150 to 38.
Newmont Mining rose US$2.70 to US$47.67, and announced it had filed a preliminary prospectus to float a revived Franco Nevada Mining, which, cashed up by the public offering, would take over the Newmont royalty portfolio. AngloGold Ashanti was US$2.73 higher at US$45.69. With the rising loonie doubling the whammy of the gold price, practically all the Canadian interlisted stocks touched new highs, including Barrick Gold, up US$3.73 to US$44.06, Kinross Gold, up US$2.51 at US$19.19, and Goldcorp, up US$3.57 at US$34.48.
Among the big offshore base metal producers, only Anglo American did not register a 52-week high trade, but it still gained US$3.49 to finish at US$34.80. Rio Tinto traded at US$376.40, closing US$38.34 higher at US$372.64; Companhia Vale do Rio Doce traded at US$37.66, and closed US$4.44 higher at US$37.17; and BHP Billiton traded at US$87.43, closing up US$6.39 at US$87.33, with its more thinly traded BLT shares up US$5.38 at US$78.26.
The big copper producers came close to earlier 52-week high trades: Freeport-McMoRan Copper & Gold jumped US$11.13 to US$117.86, while Southern Copper added US$11.55 to finish at US$141.35.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Samex Mng* | SMXMF | 2704 | 1.53 | 0.85 | 1.42 | + | 68.8 |
Campbell Res* | CBLRF | 1834 | 0.23 | 0.15 | 0.23 | + | 65.4 |
Brookmount Ex* | BMXI | 516 | 0.19 | 0.13 | 0.19 | + | 58.3 |
Tara Gold* | TRGD | 5140 | 0.815 | 0.46 | 0.795 | + | 57.4 |
HE-5 Res* | HRRN | 69 | 0.17 | 0.12 | 0.17 | + | 41.6 |
Capital Gold* | CGLD | 7445 | 0.65 | 0.447 | 0.62 | + | 37.1 |
Nevsun Res* | NSU | 1868 | 2.38 | 1.62 | 2.23 | + | 35.9 |
Vista Gold* | VGZ | 2798 | 6.84 | 5.10 | 6.75 | + | 33.6 |
Anooraq Res* | ANO | 6543 | 5.63 | 4.10 | 5.59 | + | 30.0 |
Idaho Gen Mn* | GMO | 3987 | 9.88 | 7.79 | 9.80 | + | 26.9 |
Sao Luis Mng* | SAOL | 559 | 0.32 | 0.20 | 0.24 | – | 27.2 |
Puda Coal* | PUDC | 4261 | 1.97 | 1.255 | 1.46 | – | 21.0 |
Diamond Discv* | DMDD | 1213 | 0.01 | 0.005 | 0.008 | – | 20.0 |
AmMex Gold* | AMXG | 635 | 0.20 | 0.16 | 0.17 | – | 19.0 |
Bullion Rvr G* | BLRV | 911 | 0.285 | 0.225 | 0.23 | – | 17.8 |
Golden Eagle* | MYNG | 5666 | 0.011 | 0.009 | 0.01 | – | 16.6 |
Uranium Star* | URST | 736 | 0.40 | 0.32 | 0.32 | – | 15.7 |
Patriot Gold* | PGOL | 52 | 0.14 | 0.11 | 0.12 | – | 14.2 |
GoldMountain* | GMEX | 2618 | 0.23 | 0.14 | 0.21 | – | 8.7 |
Shoshone Silv* | SHSH | 41 | 0.31 | 0.26 | 0.28 | – | 6.6 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | |||
Rio Tinto* | RTP | 2332400 | 372.64 | + | 38.34 |
Potash C Sask* | POT | 31658900 | 121.47 | + | 14.29 |
Soc Quim&M Ch* | SQM | 319300 | 200.25 | + | 14.25 |
Yanzhou Coal* | YZC | 601300 | 113.48 | + | 12.41 |
Southern Copp* | PCU | 9086900 | 141.35 | + | 11.55 |
Freeport McMo* | FCX | 49409995 | 117.86 | + | 11.13 |
Mosaic* | MOS | 24956903 | 69.66 | + | 9.57 |
Peabody Enrgy* | BTU | 23934089 | 57.67 | + | 7.68 |
CONSOL Energy* | CNX | 17115199 | 56.73 | + | 7.07 |
Agrium* | AGU | 3759900 | 61.48 | + | 7.06 |
Cabot Corp* | CBT | 1626500 | 35.86 | – | 0.56 |
Puda Coal* | PUDC | 4260953 | 1.46 | – | 0.39 |
North Am En P* | NOA | 293300 | 18.02 | – | 0.35 |
Aber Diamond* | ABER | 95765 | 42.31 | – | 0.27 |
Golden Star* | GSS | 34057468 | 3.64 | – | 0.14 |
Colombia Gldf* | CGDF | 136400 | 1.32 | – | 0.09 |
Sao Luis Mng* | SAOL | 558662 | 0.24 | – | 0.09 |
Strata O&G* | SOIGF | 1134825 | 1.35 | – | 0.08 |
Uranium Star* | URST | 736031 | 0.32 | – | 0.06 |
Birch Mountn* | BMD | 1293100 | 1.52 | – | 0.06 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
CVRD* | RIO | 122149 | 37.66 | 32.21 | 37.17 | + | 4.44 |
Alcoa* | AA | 51398 | 40.70 | 37.60 | 40.43 | + | 2.70 |
Freeport McMo* | FCX | 49410 | 119.25 | 107.80 | 117.86 | + | 11.13 |
Golden Star* | GSS | 34057 | 3.90 | 3.38 | 3.64 | – | 0.14 |
Barrick Gold* | ABX | 31875 | 44.80 | 40.61 | 44.06 | + | 3.73 |
Potash C Sask* | POT | 31659 | 123.14 | 97.36 | 121.47 | + | 14.29 |
Goldcorp* | GG | 31456 | 34.49 | 31.12 | 34.48 | + | 3.57 |
Newmont Mng* | NEM | 31408 | 48.25 | 44.80 | 47.67 | + | 2.70 |
StreetTr Gold* | GLD | 30660 | 78.32 | 74.63 | 78.12 | + | 3.52 |
Crystallex In* | KRY | 28904 | 3.50 | 2.52 | 3.35 | + | 0.55 |
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