Dow ends year on high note

The Dow Jones industrial average ended the report period of Dec. 29-31, and the year, at a new high of 11,497.12 points. However, the average plummeted nearly 360 points in early trading in January, while gold also fell victim to post-Y2K selling, as the spot price on the Comex division of the New York Mercantile Exchange dropped to US$282.70.

Producers ended the year mixed, as Anglogold picked up 31 to close at US$25.69 and Ashanti Goldfields added 12 to US$2.62. On the down side, Homestake Mining fell 44 to US$7.94 on the New York Stock Exchange, Newmont Mining dropped 31 to US$24.50, and Battle Mountain Gold lost 13 to close at US$2.06.

Among copper miners, Phelps Dodge surged $3.68 to close at US$67.12 as Comex copper held steady at US84 per lb. Class A and B shares of Freeport-McMoRan Copper & Gold jumped $2.87 and $2.82, respectively, to close at US$18.56 and US$21.12. American Depository Receipts for Rio Tinto continued climbing, up $7.13 to a new high of US$94.75.

Australia’s Broken Hill Proprietary picked up 68 to close at US$26.56, whereas Southern Peru Copper added a more modest 44 to finish the report period at US$15.44.

After a month of losses, Coeur d’Alene Mines jumped 10% to US$3.44, up 32; Sunshine Mining & Refining rose 13 to US$1.38; and Apex Silver Mines gained 25 to close at US$11.94. On the American Stock Exchange, platinum-producer Stillwater Mining continued shining, picking up 76 to US$31.88.

Nasdaq-listed junior MK Gold advanced 13 to US94, while Crown Resources was off 24 to US$1.88.