Gold slides further still

Gold continued its slump as the Dow Jones industrial average climbed 53.52 points, or 0.5%, to 11,160.17 during the report period ended Dec. 14.

The spot price slumped to US$280 per oz. on the Comex division of the New York Mercantile Exchange, sending most producers into negative territory. Anglogold led the losers, falling $1.25 to close at US$23.75. Newmont Mining dropped $1.06 to US$22.44.

Ashanti Goldfields shed 57 to a new low of US$2.62, whereas Battle Mountain Gold lost 38 to US$2.12 on the New York Stock Exchange; Homestake Mining dipped 44 to US$7.62; Meridian Gold dropped 37 to US$5.75; and Nasdaq-listed Lihir Gold was off 62 to US$14.50.

Hecla Mining plunged to another new low of US$1.62, down 19, while Coeur d’Alene Mines bottomed at a new nadir of US$3.50, down 50. Sunshine Mining & Refining dropped 13 to a low of US$1.31.

Bucking the downward trend, Nasdaq-listed Gold Fields picked up 13 to close at US$4.72.

Copper companies fared poorly, as Phelps Dodge shed $1.37 to US$55.44. Class A and B shares of Freeport-McMoRan Copper & Gold fell 75 and 81, respectively, to close at US$13.56 and US$15.81. Rio Tinto dropped 87 to US$79.25, while Southern Peru Copper was down 19 to US$14.25.

Palladium prices hit an all-time high, catapulting Stillwater Mining up $3.63 to US$27.38. De Beers Consolidated Mines continued its climb, closing up $1.25 to US$28.69.

Among the juniors, Nasdaq-listed Chief Consolidated Mining added 13 to close at US$2.38, while MK Gold shrunk 15 to US66.