U.S. Markets May 23-26

It was a modest bounce-back, but stock markets in the United States rose slightly in the holiday-shortened trading period May 23-26. The Standard & Poor’s 500 index rose 18.09 points to 1,280.16, a gain of 1.4% in the four trading days.

Gold prices were still falling, but more gently, and the gold equities had been thrashed so soundly that they had little downside left. Bargain-hunters were in the market to bid prices up: Minas Buenaventura was US$1.69 higher at US$26.42, Harmony Gold Mining US95 higher at US$14.24, and Gold Fields US73 higher at US$21.28. Newmont Mining, the most actively traded of the big golds with almost 26 million shares moving, improved US$1.46 to close at US$52.30, and AngloGold Ashanti picked up US4 to finish at US$47.14.

The big gainer among the golds was Lihir Gold, sometimes seen as a takeover candidate, which gained US$5.78 to finish at US$45.35. Coeur d’Alene Mines traded 22 million shares on the way to a close of US$4.75, up US4.

The only one of the U.S. miners to hit a new 52-week high was Canyon Resources, which touched US$1.43. Its price is on a modest upswing after the company announced positive exploration results from its Briggs mine in inland California mid-month, though its other issue — the long-running soap opera over Montana’s prohibition of cyanide leaching, which fell heavily on Canyon’s projects — is no closer to a solution.

Base metal equities were also looking better during the period, following strength in the base metal markets after recent corrections. Copper prices were back to near-record levels, bringing the copper-sensitive producers along with them. Phelps Dodge, with 23 million shares changing hands, was up US$8.77 at US$88.26, Freeport-McMoRan Copper & Gold rose US$2.42 to US$56.69 on a volume of 18 million shares, and Southern Peru Copper added US$6.69 to finish at US$88.59.

Rio Tinto put on the best performance of the Big Three, soaring US$22.90 to US$227.90. Companhia Vale do Rio Doce was actively traded, rising US$2.87 to US$48.63 on 23 million shares.

U.S. greatest percentage change

		VOLUME(000S)	HIGH	LOW	CLOSE	CHANGE
Aurizon Mines*	AZK	1778	2.93	2.60	2.91	+38.5
Tara Gold*	TRGD	2010	0.55	0.32	0.45	+36.7
Uranerz Engy*	URNZ	109	2.60	2.00	2.58	+31.6
World Vent*	WVNTF	77	0.30	0.25	0.30	+25.0
Polymet Mng*	POMGF	1247	3.90	3.18	3.83	+23.9
Coral Gold*	CGREF	39	3.89	3.07	3.89	+21.5
Canyon Res*	CAU	1260	1.43	1.11	1.34	+18.5
Northern Dyn*	NAK	467	8.28	7.29	8.28	+17.9
Metallica Res*	MRB	432	3.34	2.64	3.27	+17.6
Newgold*	NGLD	309	0.28	0.25	0.27	+17.3
UNICO Inc*	UNCN	805636	0.003	0.002	0.002	-33.3
Campbell Res*	CBLRF	430	0.199	0.165	0.17	-17.0
Commerce Grp*	CGCO	48	0.14	0.125	0.125	-16.6
Little Squaw*	LITS	437	1.23	0.93	1.03	-14.1
Entree Gold*	EGI	208	1.55	1.25	1.28	-14.0
Silverado*	SLGLF	15726	0.122	0.101	0.103	-13.4
Puda Coal*	PUDC	52	4.50	3.90	3.95	-12.0
Shoshone Silv*	SHSH	132	0.26	0.20	0.22	-12.0
Canarc Res*	CRCUF	505	0.61	0.53	0.54	-10.0
Contintl Mnls*	KMKCF	526	1.90	1.55	1.72	-9.4

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
Rio Tinto*	RTP	1797800	227.90	+22.90
Phelps Dodge*	PD	23246100	88.26	+8.77
Peabody Enrgy*	BTU	19184400	60.95	+6.85
Southern Peru*	PCU	5285100	88.59	+6.69
CONSOL Energy*	CNX	5601500	87.80	+6.29
Lihir Gold*	LIHRY	260897	45.35	+5.78
Inco Ltd*	N	8314200	65.29	+5.29
Alcan*	AL	8586700	50.96	+4.11
Cameco Corp*	CCJ	6982700	41.91	+4.03
Glamis Gold*	GLG	7676000	37.70	+3.94
Puda Coal*	PUDC	51804	3.95	-0.54
Mosaic*	MOS	2117300	15.82	-0.46
US Energy*	USEG	811385	4.62	-0.38
Gammon Lk Res*	GRS	538200	12.82	-0.26
Entree Gold*	EGI	208000	1.28	-0.21
Intl Coal Gp*	ICO	2433700	9.04	-0.21
Global Gold*	GBGD	139770	2.00	-0.20
Corriente Rs*	ETQ	342900	4.65	-0.20
StreetTr Gold*	GLD	7654900	65.10	-0.20
Contintl Mnls*	KMKCF	526380	1.72	-0.18

U.S. most active issues

		VOLUME(000S)	HIGH	LOW	CLOSE	CHANGE
UNICO Inc*	UNCN	805636	0.003	0.002	0.002	-0.001
AuGrid*	AUGC	39631	0.00	1.0E8	0.00	0.00
Newmont Mng*	NEM	25818	52.94	48.39	52.30	+1.46
Phelps Dodge*	PD	23246	88.75	79.20	88.26	+8.77
CVRD*	RIO	22723	49.25	42.12	48.63	+2.87
Coeur d Alene*	CDE	22386	5.02	4.41	4.75	+0.04
Goldspring*	GSPG	22046	0.013	0.011	0.013	0.00
Alcoa*	AA	20585	32.55	30.11	32.30	+1.15
Peabody Enrgy*	BTU	19184	61.85	52.61	60.95	+6.85
Goldcorp*	GG	18217	31.97	28.56	30.84	+0.64