Denver — The Dow Jones industrial average lost 172.44 points, or 1.6%, to finish the Feb. 14-20 report period at 10,730.88, as gold slid to its lowest level in 16 months, reaching US$256.10 per oz. on the Comex division of the New York Mercantile Exchange. The metal has lost US$10 per oz. in recent weeks, nearing its low-water mark of US$253 per oz., set in September 1999.
Much of the negative sentiment has already been factored into the prices of most mining issues. As a result, not all companies suffered. Newmont Mining, for example, picked up 35 to close at US$14.81; Nasdaq-listed Durban Roodepoort Deeps added 3 to US84; and royalty junior Royal Gold advanced 19 to US$2.75. Ghana’s Ashanti Goldfields, on the other hand, lost 15 to close at US$2.70.
De Beers Consolidated Mines gained $2.25 to close at US$42.75 as Anglo American and friends posted their offer to buy out the diamond producer at US$43.16 per share. Anglo finished the week up $3.74 to US$67.12.
Comex copper slumped a bit to US82 per lb., sending shares of Phelps Dodge down 28 to US$43.91. Class A and B shares of Freeport-McMoRan Copper & Gold were off 71 and 56, respectively, to close at US$11.31 and US$12.01. Southern Peru Copper dipped 20 to US$14.80.
Silver prices edged lower to US$4.50 per oz., sending Apex Silver Mines down 60 to US$8.25, though Hecla Mining picked up 6 to close at US76. Stillwater Mining dropped 60 to US$33.20 as platinum and palladium prices pulled back from recent highs. Australia’s WMC lost 30 to US$15.70.
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