MINING MARKETS & INVESTMENT NEWS – US MARKETS — Soaring Dow takes plunge

The Dow Jones industrial average soared early in the report period ended Jan. 12, only to fall off sharply on the last day of trading, starting a larger downward trend. Nevertheless, the average finished the week up 163.49 points, or 1.8%, to close at 9,474.68.

Rising commodity prices, triggered by a weakening U.S. dollar, added some much-needed zest to the junior mining stocks, and the gains would have been high were it not for the sudden strengthening of the dollar on Jan. 12.

Among gold producers, American Stock Exchange-listed Getchell Gold edged up $2.13 to close at US$29.44, nearer the US$34-per-share price valued in the takeover with Placer Dome. Getchell has been slow to approach that price since the initial announcement in late December. New York Stock Exchange-listed Newmont Mining climbed $1.37 to close at US$18.50, while Homestake Mining was up $1 to finish the week at US$9.32. South Africa’s Anglogold rose $1.63 to close at US$21.75.

Apex Silver Mines jumped $1.62 to close at US$9.62 on a surge in the white metal. New York-listed Coeur d’Alene Mines gained 50 cents to close at US$5.31.

Copper miners also benefited in a small jump in the price of copper. Shares of Phelps Dodge rose $2.44 to US$54.38 for the week, while Australia’s Broken Hill Proprietary gained $1.19 to close at US$16. Asarco closed up $1 at US$16.50.

Crown Resources gained 63 cents, to close at US$2.14 on news that a federal court has denied motions by plaintiffs blocking development of the Crown Jewel gold project.