U.S. Markets October 2-8

After the steady gains realized during the previous session, the United States markets retreated slightly over the Oct. 2-8 trading period on concerns that a slowing economy will reduce demand for energy and metals.

The Dow Jones Industrial Average fell 43.82 points to 14,043.73, though it managed to end the period above the record-setting 14,000-mark.

Bucking the trend, the Standard & Poor’s 500 Index rose 5.54 points to 1,552.58, while the Amex Gold Bugs Index dropped 12.77 points to 388.23 as gold fell US$8.75 to US$733.75 per oz.

A downward inclination was common among senior gold companies, as well.

Newmont Mining shares closed US$1.19 lower at US$44.83 apiece, while AngloGold Ashanti stock fell US75 to US$44.11. Meanwhile, Gold Fields saw 48 shaved off its share price, closing the week at US$17.87.

The mid-tier gold companies didn’t do much better. Buenaventura shares were off US98 at US$48.89 and Randgold Resources fell US$1.82 to US$31.80 per share. Smaller gold producers also saw losses, with Coeur d’Alene Mines down US12 at US$3.73, Hecla Mining drifting US61 lower to US$8.55 per share and Lihir Gold off US$2.18 at US$35.10. Lihir shrugged off rumours of rising militancy at its Papua New Guinea operations after a strike last month forced the company to downgrade its forecast by 30,000 oz. gold to 800,000 oz. for the year.

Explorers and small producers didn’t fare much better: Apex Silver Mines saw its stock slide US21 to US$19.60 apiece; Canyon Resources was a penny higher at US38 per share; and Mines Management stock retreated US28 to close at US$3.37.

The base metal producers saw much of the same as copper fell US10 to US$3.62 per lb.

Anglo American’s share price saw a US$1.20-drop, settling at US$33.11; BHP Billiton fell US$3.44 to US$78.44; Companhia Vale do Rio Doce slid US$2.87 to US$33.27; and Freeport-McMoRan Copper & Gold slumped US$3.05 to US$108.13.

As it awaited more regulatory clearances to take over Alcan, Rio Tinto shares plunged US$17.90 to become the biggest loser in the markets, ending the period at US$340.06 apiece.

Potash Corp. of Saskatchewan was next on the loss list, falling US$6.30 to US$103.66 per share, along with fellow fertilizer maker Mosaic Company, based in Minnesota, which fell US$2.72 to US$$51.38. Meanwhile, hedge fund managers in New York claimed that as developing countries grow richer and ethanol consumption increases, the demand for fertilizer will continue to grow, placing these two companies at the top of their industry.

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