U.S. Markets Dec. 11-17

It was a woeful week for the U.S. markets. The housing slump continued to weigh heavily on the economy, and mortgage defaults further tightened the credit market over the Dec. 11-17 trading session. Soaring food and fuel prices also cast a pall, and more economists confided fears about a possible recession.

News at the start of the week that the U.S. Federal Reserve had cut interest rates by only a quarter of a percentage point disappointed many investors who had hoped for a bigger reduction. The Dow Jones Industrial Average fell 265.57 points to close at 13,167.2 over the period, and the Standard & Poor’s 500 Index dropped 31.75 points to close at 1,445.9.

Gold finished the trading period at US$790.75 per oz. on Dec. 17, down from the $802.40 per oz. recorded on Dec. 11. The Amex Gold Bugs Index was down 29.42 points to 374.91 and the Philadelphia Gold and Silver Index dropped 10.76 points to 159.16. StreetTracks Gold, an exchange-traded fund, dipped US$1.50 to US$78.50.

Toronto-based Barrick Gold fell US$3.28 to US$37.39; Coeur d’Alene Mines slid US31 to US$4.08; Newmont Mining declined US$4.23 to US$46.60 and Goldcorp skidded US$2.74 to US$31.21. Luxury jewelry retailer Harry Winston Diamond was whacked too, falling US$6.31 to US$33.57.

Of course, it wasn’t just the gold companies that suffered. It was a tough week for miners in many different sectors of the industry. Despite higher prices for potash, Saskatoon, Sask.-based Potash Corp. of Saskatchewan, an integrated fertilizer, industrial and animal feed producer, tumbled US$5.90 to close at US$126.40.

Copper producers took a hit, too. Southern Copper plunged US$15.73 to close at US$100.70, while Freeport-McMoRan Copper & Gold dived US$13.27 to close at US$94.91.

Vale was the most active base metal stock, but not for any positive reason. It saw 121 million of its shares change hands during the trading session and slid US$5.12 apiece to US$31.06. Alcoa ranked as the second most actively traded stock with about 55 million shares traded, falling US$3.95 to US$33.90. BHP Billiton, meanwhile, fell US$10.26 to US$67.79 and Rio Tinto plummeted US$76.26 to close at US$401.45.

In the energy sector, where forward-looking prices remain robust, Yanzhou Coal Mining fell US$9.53 to close at US$89.56.

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Vale*	RIO	121796	36.77	30.56	31.06	-5.12
Alcoa*	AA	55719	37.98	33.53	33.90	-3.95
Freeport McMo*	FCX	51647	109.79	93.99	94.91	-13.27
Hecla Mining*	HL	35610	12.04	8.74	8.77	-3.08
Barrick Gold*	ABX	34613	41.30	37.09	37.39	-3.28
Coeur d Alene*	CDE	31743	4.56	4.07	4.08	-0.31
Newmont Mng*	NEM	31621	51.07	46.28	46.60	-4.23
StreetTr Gold*	GLD	28828	80.92	78.30	78.50	-1.50
Goldcorp*	GG	27474	34.60	31.14	31.21	-2.74
Gold Fields*	GFI	26173	16.19	14.25	14.30	-1.69

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Sparrowtech R*	SPMC	113	0.035	0.02	0.031	+55.0
HE-5 Res*	HRRN	223	0.08	0.04	0.05	+42.8
Commerce Grp*	CGCO	316	0.16	0.09	0.15	+36.3
World Vent*	WVNTF	13	0.08	0.06	0.08	+33.3
Global Gold*	GBGD	152	0.60	0.34	0.55	+29.4
Shoshone Silv*	SHSH	43	0.30	0.26	0.30	+13.2
Pac Gold*	PCFG	1419	0.065	0.051	0.055	+7.8
NWT Uranium*	NWURF	216	0.67	0.52	0.61	+7.0
Santa Fe Gold*	SFEG	226	0.59	0.53	0.58	+5.4
FinMetal Mng*	FNMM	1585	0.24	0.18	0.20	+5.2
Beeston Ent*	BESE	171	0.30	0.14	0.15	-70.0
McKenzie Bay*	MKBY	4641	0.02	0.004	0.007	-56.2
Trend Mng*	TRDM	846	0.031	0.013	0.02	-50.0
Samex Mng*	SMXMF	3962	0.97	0.50	0.57	-40.0
Uranium Star*	URST	514	0.29	0.20	0.20	-28.5
Wealth Minls*	WMLLF	128	2.267	1.50	1.691	-26.8
Hecla Mining*	HL	35610	12.04	8.74	8.77	-25.9
NT Holding*	NTHH	36	0.04	0.03	0.03	-25.0
Tara Gold*	TRGD	3150	0.47	0.30	0.35	-24.7
Crosshair E&M*	CXZ	116	1.87	1.40	1.40	-23.9

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
CONSOL Energy*	CNX	15717013	65.75	+0.44
Global Gold*	GBGD	152000	0.55	+0.125
Arizona Star*	AZS	102600	17.82	+0.09
Mosaic*	MOS	19724981	84.49	+0.09
Dejour Enterp*	DEJ	193900	1.59	+0.07
Nevsun Res*	NSU	1904500	2.08	+0.04
Augusta Res*	AZC	214700	3.82	+0.04
Commerce Grp*	CGCO	315773	0.15	+0.04
Platinum Gp M*	PLG	71900	3.52	+0.04
NWT Uranium*	NWURF	215630	0.61	+0.04
Rio Tinto*	RTP	2148354	401.45	-76.26
Soc Quim&M Ch*	SQM	232322	161.50	-23.85
Southern Copp*	PCU	9802116	100.70	-15.73
Freeport McMo*	FCX	51647173	94.91	-13.27
BHP Billi-BHP*	BHP	18631654	67.79	-10.26
Yanzhou Coal*	YZC	489078	89.56	-9.53
BHP Billi-BBL*	BBL	1876233	59.42	-9.46
Lihir Gold*	LIHR	916472	27.20	-6.69
Harry Winston*	HWD	220900	33.57	-6.31
Potash C Sask*	POT	17337293	126.40	-5.90