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 td> | 79.58 | – | 7.75 |
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