Denver — Fallout from the Bank of England’s gold auction, combined with a decision by the Dutch government to sell 300 tonnes of gold, sent the market on a roller-coaster ride for the report period ended Dec. 7, as the Dow Jones industrial average rose 228.84 points, or 2%, to close at 11,106.65.
Mining issues were down but made up most of their losses on a sharp upswing in the price of gold on the Comex division of the New York Mercantile Exchange. Nevertheless, spot gold ended the week off US$6.40 at US$283.70 per oz.
Newmont Mining posted a modest loss of 19 on the New York Stock Exchange, closing at US$23.50, while Homestake Mining matched the loss, closing at US$8.06. Anglogold slipped 69 to US$25, while Nasdaq-listed Durban Roodepoort Deeps shed 22 to US$1.62.
Meanwhile, Hecla Mining hit a new low of US$1.81, down 25; Royal Gold fell 72 to US$3.62; and Crown Resources lost 22 to close at US$1.78.
Phelps Dodge posted the strongest gain in copper, adding $4.81 to close at US$56.81, and Rio Tinto continued its advance, up $2.37 to US$80.12, nearing a new high.
Class A and B shares of Freeport-McMoRan Copper & Gold rose 75 and 81 to US$14.31 and US$16.62, respectively. Broken Hill Proprietary picked up 50 to close at US$22.38, though Southern Peru Copper edged off 44 to US$14.44.
In silver, Sunshine Mining & Refining slumped 12 to a new low of US$1.44, while Apex Silver Mines added 12 to US$12.
American Stock Exchange-listed Stillwater Mining dipped 50 to US$23.75, while De Beers Consolidated Mines gained 56 to US$27.44.
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