The Dow Jones industrial average edged up 28.77 points, or 0.2%, to 10,936.11 during the report period ended March 28, while the spot price of gold eroded to US$279.20 on the Comex division of the New York Mercantile Exchange amid fears that the French government wants to sell some of its gold.
Mining issues suffered as a result, including Newmont Mining, which lost $1.57 to close at US$22.62; Anglogold, which slipped 87 to US$24.75; Homestake Mining, which tumbled 44 to a new low of US$6.12 per share; Battle Mountain Gold, which fell 25 to US$1.94; Meridian Gold, which shed 44 to US$5.50; Glamis Gold, which dipped 25 to US$1.81; and South Africa’s Gold Fields, which gave up 41 to close at US$4.06 on Nasdaq trading.
Silver miners fared poorly as well, with the metal hovering above US$5 per oz. at presstime. Coeur d’Alene Mines surrendered 26 to close at US$3.12; Sunshine Mining & Refining fell to a new low of US75, down 6; and Peru’s Buenaventura lost 62 to close at US$18.
Despite falling copper stockpiles, New York Stock Exchange-listed Phelps Dodge plunged $4.75 to finish at US$46.06. Rio Tinto was off 88 to US$65. The red metal held steady at US80 per lb.
Platinum miner Stillwater Mining dropped $2.94 to US$41.62, while diamond miner De Beers Consolidated Mines dipped 37 to US$23.38.
Among the juniors, shares of Canyon Resources climbed 74 to US$1.12 as the result of a 4-to-1 share rollback. Nasdaq-listed Chief Consolidated Mining gained 25 to US$3.
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