U.S. Markets Oct. 30-Nov. 5

The United States stock markets continue to suffer worries over the bad-debt shakeout, and declined during the reporting period Oct. 30-Nov. 5. The Dow Jones Industrial Average fell 326.86 points, 2.4%, to close at 13,543.40, and the Standard & Poor’s 500 Index was off 2.5%, even though speculation ran high that the Federal Reserve Bank would have to cut interest rates once more; but currency markets listened, and the U.S. dollar fell to record lows against other major currencies.

The period also saw the definitive breach of US$800-per-oz. gold, with spot bullion prices finishing at US$804.75 on Guy Fawkes Day. That was good for the gold equities — the Philadelphia Gold and Silver Index rose 0.6% to 186.61 — and better for the unhedged gold stocks — the Amex Gold Bugs Index was up 1.9% to 436.81.

Newmont Mining, which has shaken off market doldrums in recent weeks, touched a 52-week high of US$52.79 en route to a close of US$52.34, up US$4.67. Takeover target Miramar Mining followed, rising US41 to US$7 on the Amex. Barrick Gold also traded at year-long highs, with New York trading finishing at US$46.04, up US$1.98. AngloGold Ashanti fell US$2.83 to US$42.86 and Gold Fields US62 to US$17.41, possibly with the market sensing rising costs in South Africa.

Mid-tier golds were showing some shine: Hecla Mining rose US46 to US$9.80 and Minas Buenaventura was up US$2.87 to US$58.14.

The base metal equities, which had powered up the week before, fell to some profit-taking: Companhia Vale do Rio Doce, despite trading to a 52-week high of US$38.29, fell US$1.63 to US$35.54, and was the most actively traded of the mining stocks, with 118 million shares moving. Freeport-McMoRan Copper & Gold slid US$7.69 to US$110.17, BHP Billiton gave up US$7.75 to finish at US$79.58, and Southern Copper shed US$16.20 to close out the week at US$123.15.

Coal miners almost uniformly closed lower during the period. Market darling Yanzhou Coal was off US$16.82 at US$96.66, Fording Canadian Coal Trust slid US$5.71 to US$36.54, Peabody Energy backed up US$2.81 to US$51.25, and Alpha Natural Resources was down US$2.48 to US$25.89.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
AmMex Gold*	AMXG	502	0.24	0.17	0.23	+	35.2
Capital Gold*	CGLD	7028	0.83	0.59	0.81	+	30.6
Apolo Gold*	APLL	1556	0.055	0.04	0.052	+	30.0
NWT Uranium*	NWURF	630	0.66	0.525	0.66	+	26.9
Brookmount Ex*	BMXI	267	0.25	0.18	0.24	+	26.3
Uranium Star*	URST	892	0.40	0.31	0.40	+	25.0
Crosshair E&M*	CXZ	349	3.07	2.39	2.95	+	21.9
Bullion Rvr G*	BLRV	1637	0.287	0.22	0.28	+	21.7
Homeland Pr M*	HPMEF	46	0.25	0.16	0.23	+	21.0
Mines Managem*	MGN	983	4.69	3.60	4.66	+	18.2
HE-5 Res*	HRRN	368	0.175	0.07	0.10	–	41.1
Diamond Discv*	DMDD	1015	0.009	0.006	0.006	–	40.0
Global Gold*	GBGD	24	0.75	0.55	0.55	–	27.6
McKenzie Bay*	MKBY	1843	0.04	0.028	0.03	–	25.0
Trend Mng*	TRDM	985	0.044	0.03	0.03	–	21.0
Raven Gold*	RVNG	464	0.78	0.60	0.63	–	20.7
FinMetal Mng*	FNMM	1035	0.28	0.20	0.21	–	20.7
NT Holding*	NTHH	38	0.05	0.04	0.04	–	20.0
Birch Mountn*	BMD	2407	1.52	1.23	1.23	–	19.0
Douglas Lk Ml*	DLKM	490	0.41	0.31	0.34	–	19.0

U.S. greatest value change

		VOLUME	CLOSE		CHANGE
Newmont Mng*	NEM	65455353	52.34	+	4.67
Buenaventura*	BVN	3039193	58.14	+	2.87
Barrick Gold*	ABX	44061561	46.04	+	1.98
StreetTr Gold*	GLD	36973800	79.75	+	1.63
Pan Am Silver*	PAAS	4523947	33.71	+	1.48
Goldcorp*	GG	37784226	35.76	+	1.28
North Am En P*	NOA	169700	19.20	+	1.18
Kinross Gold*	KGC	30389073	20.30	+	1.11
Ivanhoe Mines*	IVN	6151800	15.01	+	1.07
Aber Diamond*	ABER	120894	43.33	+	1.02
Rio Tinto*	RTP	2730836	351.46	–	21.18
Soc Quim&M Ch*	SQM	339150	182.75	–	17.50
Yanzhou Coal*	YZC	803400	96.66	–	16.82
Cleveland-Cli*	CLF	8392692	84.71	–	16.45
Southern Copp*	PCU	11312365	123.15	–	16.20
BHP Billi-BHP*	BHP	29839920	79.58	–	7.75
Freeport McMo*	FCX	50068258	110.17	–	7.69
BHP Billi-BBL*	BBL	2038890	71.04	–	7.22
Fording C C T*	FDG	11025053	36.54	–	5.71
Royal Gold*	RGLD	4310606	29.41	–	5.02

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
CVRD*	RIO	117621	38.29	34.79	35.54	–	1.63
Newmont Mng*	NEM	65455	52.79	46.02	52.34	+	4.67
Alcoa*	AA	55161	40.03	37.52	37.90	–	2.36
Freeport McMo*	FCX	50068	118.00	108.00	110.17	–	7.69
Coeur d Alene*	CDE	44761	3.97	3.65	3.84	–	0.12
Barrick Gold*	ABX	44062	46.49	42.22	46.04	+	1.98
Goldcorp*	GG	37784	35.88	33.48	35.76	+	1.28
StreetTr Gold*	GLD	36974	80.24	76.89	79.75	+	1.63
Kinross Gold*	KGC	30389	20.68	18.60	20.30	+	1.11
BHP Billi-BHP*	BHP	29840	87.37	78.26	79.58	–	7.75