U.S. Markets July 24-30

The trading period July 24-30 saw United States equity markets take a battering. The sell-off was sparked by adverse economic news, although the market appears to have been primed for a fall. In fact, the economic news was mixed: while housing starts and capital spending both declined, gross domestic product was up and unemployment benefits claims were down. But the effect on the markets was entirely unmixed: the Standard & Poor’s 500 Index fell 63.66 points, or 4.4% of value, to close at 1,473.91, while the Dow Jones Industrial Average fell 585.11 points or 4.2% to close at 13,358.31.

Gold bullion prices fell away from recent highs in the US$680s, finishing the period at US$661.50 per oz., down US$20.50. Gold equity indexes followed the metal price downward; the Philadelphia Gold and Silver Index backed off 5.4%, to 149.75, and the Amex Gold Bugs index 5.8%, to 347.43.

On New York, the star of the show was Sociedad Quimica y Minera de Chile, which rose US$2.75 to US$163.00, the only U.S.-listed major producer whose stock price gained over the period. Other than SQM, all was misery.

Two of the golds actually made new year-long high trades before the fall; Minas Buenaventura touched US$44.48 but closed at US$39.63, down US$3.97, and interlisted Barrick Gold got up to US$34.90 before closing at US$33.28, down US$1.27.

Among the big gold producers, Newmont Mining was off US$1.57 at US$41.70, Gold Fields fell US$1.23 to US$16.74, and AngloGold Ashanti slid US$2.88 to US$42.49.

It was second-time-lucky for white-goods producer Stillwater Mining, which settled with its United Steelworkers local at the Stillwater mine in Montana. The workforce had previously rejected a contract presented by the company and union negotiators. Stillwater was down US$1.76 at US$9.15.

The base metal producers, high fliers of late, all fell back. Freeport-McMoRan Copper & Gold was down US$5.22 at US$93.77. Alcoa, the recent beneficiary of takeover talk, fell US$4.20 to US$38.25 and Companhia Vale do Rio Doce plunged US$4.55 to US$48.55.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
World Vent*	WVNTF	116	0.23	0.175	0.21	+	23.5
Northern Dyn*	NAK	2964	15.54	12.53	15.14	+	16.9
Patriot Gold*	PGOL	29	0.10	0.091	0.10	+	9.8
Paramount Gld*	PGDP	493	2.67	2.28	2.65	+	8.6
Coral Gold*	CGREF	19	3.01	2.72	2.99	+	8.3
Apolo Gold*	APLL	450	0.057	0.051	0.055	+	7.8
Colombia Gldf*	CGDF	1337	1.495	1.36	1.49	+	4.9
Evolving Gold*	EVOGF	98	0.463	0.43	0.44	+	4.7
Orezone Res*	OZN	702	1.88	1.597	1.88	+	4.4
El Capitan Pr*	ECPN	777	0.42	0.34	0.40	+	2.5
Glencairn Gld*	GLE	3166	0.569	0.35	0.38	–	29.6
Diamond Discv*	DMDD	758	0.006	0.005	0.005	–	28.5
Golden Eagle*	MYNG	4033	0.018	0.014	0.014	–	22.2
Crosshair E&M*	CXZ	485	2.58	1.98	2.02	–	20.7
Geocom Res*	GOCM	190	0.27	0.23	0.23	–	19.3
Uranerz Energ*	URZ	2138	4.45	3.31	3.60	–	17.8
Intl Coal Gp*	ICO	28338	5.02	3.84	4.12	–	17.2
Cabot Corp*	CBT	4925	48.05	38.14	40.16	–	16.2
Stillwater Mg*	SWC	7777	10.86	8.77	9.15	–	16.1
McKenzie Bay*	MKBY	673	0.095	0.08	0.08	–	15.7

U.S. greatest value change

		VOLUME	CLOSE		CHANGE
Soc Quim&M Ch*	SQM	473200	163.00	+	2.75
Northern Dyn*	NAK	2963700	15.14	+	2.19
Seabridge Gld*	SA	3238900	28.81	+	0.57
Coral Gold*	CGREF	18980	2.99	+	0.23
Paramount Gld*	PGDP	493157	2.65	+	0.21
Solitario Res*	XPL	44300	4.89	+	0.12
Orezone Res*	OZN	702400	1.88	+	0.08
Colombia Gldf*	CGDF	1337495	1.49	+	0.07
Cardero Res*	CDY	192200	1.89	+	0.041
Allied Nevada*	ANV	170300	5.42	+	0.04
Rio Tinto*	RTP	2944300	283.00	–	33.06
Cleveland-Cli*	CLF	7369599	71.17	–	12.28
Cabot Corp*	CBT	4925200	40.16	–	7.81
Teck Comin B*	TCK	5076300	43.64	–	6.09
Freeport McMo*	FCX	69307515	93.77	–	5.22
CVRD*	RIO	83733893	48.55	–	4.55
BHP Billi-BBL*	BBL	1122300	58.36	–	4.40
Alcoa*	AA	132160504	38.25	–	4.20
BHP Billi-BHP*	BHP	22166124	64.09	–	4.18
Cameco Corp*	CCJ	35715783	40.00	–	4.09

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Alcoa*	AA	132161	42.36	37.25	38.25	–	4.20
CVRD*	RIO	83734	52.60	45.24	48.55	–	4.55
Freeport McMo*	FCX	69308	99.05	86.85	93.77	–	5.22
Newmont Mng*	NEM	54421	44.05	40.71	41.70	–	1.57
Peabody Enrgy*	BTU	54332	44.85	40.63	41.85	–	3.99
Alcan*	AL	45825	97.31	95.38	96.80	–	0.36
Goldcorp*	GG	43089	27.96	24.92	25.68	–	1.79
Barrick Gold*	ABX	40796	34.90	31.71	33.28	–	1.27
Cameco Corp*	CCJ	35716	44.00	38.80	40.00	–	4.09
Coeur d Alene*	CDE	35073	4.20	3.80	3.98	–	0.15