U. S. MARKETS JUNE 3-9

During the June 3-9 trading session, the surging oil price weighed down the main U. S. stock indices, with the Dow Jones Industrial Average falling 224 points, or 1.8%, to 12,280; the S&P 500 Index losing 24 points, or 1.7%, to 1,362; and the NASDAQ declining 32 points, or 1.3%, to 2,459. Precious metal indices, however, moved higher on the back of a rising gold price: the Amex Gold Bugs Index rose 8 points, or 1.8%, to 433, while the Philadelphia Gold and Silver Index added 3 points, or 1.9%, to 185.

Will the oil price continue to go up? It’s hard to say, but on June 10, the Washington, D. C.-based Commodity Futures Trading Commission announced the formation of a task force to study, among other factors, the role of speculators and index traders in commodity markets. The announcement may prompt some investors to exit positions in the oil or grain markets, and this may exert downward pressure on prices. This outcome is far from certain, and the task force will take some time to reach conclusions.

The coal sector continued to rally, based on strong fundamentals. The rising oil price may also be a factor. Advancing coal issues included Peabody Energy, Arch Coal, Foundation Coal Holdings, and Consol Energy. Yanzhou Coal and Cleveland-Cliffs bucked the trend and lost ground.

Moving to the uranium sector, industry leader Cameco declined US55 to US$40.61 after the spot price for uranium oxide fell US$1 to US$59 per lb.

Freeport-McMoRan Copper & Gold rose US$2.68 to US$118.26 on projections by Citigroup that copper supply will be tight for the next year or so.

The potash sector continued its upward march, with Potash Corp. of Saskatchewan advancing US$18.94 to US$222.12,and Mosaic Co. climbing US$15.20 to US$141.01. Reuters news agency reported that Goldman Sachs analyst Edlain Rodriguez has raised his price target for both companies, to US$285 and US$195 per share, respectively.

Sociedad Quimica y Minera de Chile, with interests in fertilizers, iodine, lithium and industrial chemicals, jumped US$11.06 to US$46.86.

U. S. most active issues
	VOLUME	WEEK
	(000s) HIGH	LOW	CLOSE	CHANGE
Vale* RIO	147753 39.85	35.98	36.82	-3.11
PotashCSask* POT	63488227.20	205.70	222.12	+18.94
Alcoa* AA	57950 42.31	38.62	42.17	+ 1.54
CoeurdAlene*CDE	44127 3.36	3.11	3.26	+0.02
Freeport McMo*FCX	39737 120.00	111.33	118.26	+ 2.68
Barrick Gold* ABX	39212 42.49	38.56	42.05	+ 1.76
Silverado* SLGLF	38083 0.06	0.04	0.05	+ 0.01
Mosaic* MOS	37237 143.22	127.02	141.01	+ 15.20
Peabody Enrgy* BTU	35786 82.62	73.41	81.40	+ 3.88
Goldcorp* GG	31909 42.24	38.17	41.74	+ 1.16

U. S. greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Soc Quim&M Ch*	SQM	8578	47.00	36.55	46.86	+ 30.8
Silverado*	SLGLF	38083	0.06	0.04	0.05	+ 25.0
Cardero Res*	CDY	731	3.48	2.49	3.20	+ 22.1
Gemini Expl*	GXPI	586	0.07	0.05	0.06	+ 20.0
New Jersey Mg*	NJMC	37	0.45	0.37	0.45	+ 18.4
Douglas Lk Ml*	DLKM	847	0.66	0.51	0.60	+ 17.6
Uranium Star*	URST	1972	0.14	0.12	0.14	+ 16.6
Entree Gold*	EGI	389	1.85	1.40	1.64	+ 14.6
Radius Gold*	RDUFF	66	0.40	0.24	0.33	+ 13.7
Ivanhoe Mines*	IVN	7220	11.19	9.15	10.60	+ 13.3
Buckingham Ex*	BUKX	14	0.60	0.35	0.35	-41.6
World Vent*	WVNTF	132	0.16	0.10	0.10	-33.3
Beeston Ent*	BESE	35	0.16	0.11	0.13	-23.5
Global Gold*	GBGD	52	0.36	0.27	0.27	-22.8
NWT Uranium*	NWURF	437	0.27	0.20	0.22	-21.4
Silver Dragon*	SDRG	783	0.20	0.17	0.17	-19.0
AmMex Gold*	AMXG	205	0.10	0.08	0.09	-18.1
Canarc Res*	CRCUF	129	0.30	0.23	0.23	-17.8
Tombstone Exp*	TMBXF	315	0.37	0.28	0.28	-17.6
GoldMountain*	GMEX	279	0.06	0.05	0.05	-16.6

U. S. greatest value change
WEEK
	VOLUME	CLOSE	CHANGE
Potash C Sask* POT	63487858	222.12	+ 18.94
Mosaic* MOS	37236735	141.01	+ 15.20
Soc Quim&M Ch*SQM	8577648	46.86	+ 11.06
Agrium* AGU	5495300	94.81	+ 7.58
Arch Coal* ACI	31649327	75.44	+ 7.38
Foundatn Coal* FCL	7005551	76.30	+ 5.62
CONSOL Energy* CNX	16051618	108.02	+ 4.80
Peabody Enrgy* BTU	35786385	81.40	+ 3.88
Massey Energy* MEE	21715037	74.68	+ 3.84
Freeport McMo* FCX	39737292	118.26	+ 2.68
Rio Tinto* RTP	1535966	465.36	-20.39
Yanzhou Coal* YZC	1257072	97.36	-13.27
OM Group* OMG	6098575	40.60	-3.90
Harry Winston* HWD	183600	27.16	-3.17
Vale* RIO	147752983	36.82	-3.11
BHP Billi-BBL* BBL	3281890	74.45	-2.79
BHP Billi-BHP* BHP	23159876	82.84	-2.71
Teck Comin B* TCK	4932228	47.62	-2.39
Stillwater Mg* SWC	8013999	12.27	-1.94
ASA (Bermuda)* ASA	172882	80.55	-1.65