Dow Jones, gold drift down

The Dow Jones industrial average continued its sleepy pace during the report period ended Aug. 1, falling 93.02 points, or 0.9%, to close at 10,606.95.

Spot gold on the Comex division of the New York Mercantile Exchange slipped to US$276.90 per oz., while second-quarter reports moved producers.

Newmont Mining gained 50 to close at US$17.94 after posting a net loss after special items; New York Stock Exchange-listed Battle Mountain Gold edged up 7 to US$1.88 after reporting improved results; Homestake Mining, which was up 6 to US$5.50, reported continued losses after the week’s trading closed; AngloGold picked up 88 to close at US$19.69; and Anglo American lost $2.64 to close at US$47.25.

Phelps Dodge led the copper producers, climbing $3.25 to US$43.19. Rio Tinto rose $1.19 to US$65.69, while Broken Hill Proprietary fell $1.06 to US$21.06. Class B shares of Freeport-McMoRan Copper & Gold advanced 69 to US$9.

Silver miner Coeur d’Alene Mines slipped 19 to another new low of US$1.50 after reporting a second-quarter loss. Hecla Mining bounded off its low, up 12 to US$1, while American Stock Exchange-listed Apex Silver Mines picked up 24 to close at US$10.12.

De Beers Consolidated Mines got a cool response from the market, falling $1.25 to US$23.25, after making a bid for Ashton Mining — the second of De Beers’ attempted takeovers in the past few months. Skyrocketing palladium prices propelled Stillwater Mining up $3.50 to US$28.88 after pending Russian shipments failed to materialize. Nasdaq junior Royal Gold jumped 28 to US$2.88.