U.S. Markets Oct. 30-Nov. 5

The United States stock markets continue to suffer worries over the bad-debt shakeout, and declined during the reporting period Oct. 30-Nov. 5. The Dow Jones Industrial Average fell 326.86 points, 2.4%, to close at 13,543.40, and the Standard & Poor’s 500 Index was off 2.5%, even though speculation ran high that the Federal Reserve Bank would have to cut interest rates once more; but currency markets listened, and the U.S. dollar fell to record lows against other major currencies.

The period also saw the definitive breach of US$800-per-oz. gold, with spot bullion prices finishing at US$804.75 on Guy Fawkes Day. That was good for the gold equities — the Philadelphia Gold and Silver Index rose 0.6% to 186.61 — and better for the unhedged gold stocks — the Amex Gold Bugs Index was up 1.9% to 436.81.

Newmont Mining, which has shaken off market doldrums in recent weeks, touched a 52-week high of US$52.79 en route to a close of US$52.34, up US$4.67. Takeover target Miramar Mining followed, rising US41 to US$7 on the Amex. Barrick Gold also traded at year-long highs, with New York trading finishing at US$46.04, up US$1.98. AngloGold Ashanti fell US$2.83 to US$42.86 and Gold Fields US62 to US$17.41, possibly with the market sensing rising costs in South Africa.

Mid-tier golds were showing some shine: Hecla Mining rose US46 to US$9.80 and Minas Buenaventura was up US$2.87 to US$58.14.

The base metal equities, which had powered up the week before, fell to some profit-taking: Companhia Vale do Rio Doce, despite trading to a 52-week high of US$38.29, fell US$1.63 to US$35.54, and was the most actively traded of the mining stocks, with 118 million shares moving. Freeport-McMoRan Copper & Gold slid US$7.69 to US$110.17, BHP Billiton gave up US$7.75 to finish at US$79.58, and Southern Copper shed US$16.20 to close out the week at US$123.15.

Coal miners almost uniformly closed lower during the period. Market darling Yanzhou Coal was off US$16.82 at US$96.66, Fording Canadian Coal Trust slid US$5.71 to US$36.54, Peabody Energy backed up US$2.81 to US$51.25, and Alpha Natural Resources was down US$2.48 to US$25.89.

U.S. greatest percentage change

VOLUME(000s) HIGH LOW CLOSE CHANGE
AmMex Gold* AMXG 502 0.24 0.17 0.23 + 35.2
Capital Gold* CGLD 7028 0.83 0.59 0.81 + 30.6
Apolo Gold* APLL 1556 0.055 0.04 0.052 + 30.0
NWT Uranium* NWURF 630 0.66 0.525 0.66 + 26.9
Brookmount Ex* BMXI 267 0.25 0.18 0.24 + 26.3
Uranium Star* URST 892 0.40 0.31 0.40 + 25.0
Crosshair E&M* CXZ 349 3.07 2.39 2.95 + 21.9
Bullion Rvr G* BLRV 1637 0.287 0.22 0.28 + 21.7
Homeland Pr M* HPMEF 46 0.25 0.16 0.23 + 21.0
Mines Managem* MGN 983 4.69 3.60 4.66 + 18.2
HE-5 Res* HRRN 368 0.175 0.07 0.10 41.1
Diamond Discv* DMDD 1015 0.009 0.006 0.006 40.0
Global Gold* GBGD 24 0.75 0.55 0.55 27.6
McKenzie Bay* MKBY 1843 0.04 0.028 0.03 25.0
Trend Mng* TRDM 985 0.044 0.03 0.03 21.0
Raven Gold* RVNG 464 0.78 0.60 0.63 20.7
FinMetal Mng* FNMM 1035 0.28 0.20 0.21 20.7
NT Holding* NTHH 38 0.05 0.04 0.04 20.0
Birch Mountn* BMD 2407 1.52 1.23 1.23 19.0
Douglas Lk Ml* DLKM 490 0.41 0.31 0.34 19.0

U.S. greatest value change

VOLUME CLOSE CHANGE
Newmont Mng* NEM 65455353 52.34 + 4.67
Buenaventura* BVN 3039193 58.14 + 2.87
Barrick Gold* ABX 44061561 46.04 + 1.98
StreetTr Gold* GLD 36973800 79.75 + 1.63
Pan Am Silver* PAAS 4523947 33.71 + 1.48
Goldcorp* GG 37784226 35.76 + 1.28
North Am En P* NOA 169700 19.20 + 1.18
Kinross Gold* KGC 30389073 20.30 + 1.11
Ivanhoe Mines* IVN 6151800 15.01 + 1.07
Aber Diamond* ABER 120894 43.33 + 1.02
Rio Tinto* RTP 2730836 351.46 21.18
Soc Quim&M Ch* SQM 339150 182.75 17.50
Yanzhou Coal* YZC 803400 96.66 16.82
Cleveland-Cli* CLF 8392692 84.71 16.45
Southern Copp* PCU 11312365 123.15 16.20
BHP Billi-BHP* BHP 29839920 79.58 7.75
Freeport McMo* FCX 50068258 110.17 7.69
BHP Billi-BBL* BBL 2038890 71.04 7.22
Fording C C T* FDG 11025053 36.54 5.71
Royal Gold* RGLD 4310606 29.41 5.02

U.S. most active issues

VOLUME(000s) HIGH LOW CLOSE CHANGE
CVRD* RIO 117621 38.29 34.79 35.54 1.63
Newmont Mng* NEM 65455 52.79 46.02 52.34 + 4.67
Alcoa* AA 55161 40.03 37.52 37.90 2.36
Freeport McMo* FCX 50068 118.00 108.00 110.17 7.69
Coeur d Alene* CDE 44761 3.97 3.65 3.84 0.12
Barrick Gold* ABX 44062 46.49 42.22 46.04 + 1.98
Goldcorp* GG 37784 35.88 33.48 35.76 + 1.28
StreetTr Gold* GLD 36974 80.24 76.89 79.75 + 1.63
Kinross Gold* KGC 30389 20.68 18.60 20.30 + 1.11
BHP Billi-BHP* BHP 29840 87.37 78.26

79.58 7.75
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