The Dow Jones industrial average suffered a staggering drop during the report period ended April 18, though late-week trading cut the losses to 4.6%. The Dow ended the week down 519.66 points at 10,767.42.
Gold benefited little from the market’s gyrations, with the spot price on the Comex division of the New York Mercantile Exchange holding steady at US$281 per oz. Newmont Mining picked up 31 in the interim to close at US$23.50; Peru’s Buenaventura advanced 50 to US$18; and Battle Mountain Gold added 19 to US$2. However, the turmoil spelled trouble for AngloGold, which fell $1.43 to US$21.19. Meanwhile, Homestake Mining dipped 19 to a new low of US$5.75; South Africa’s Randgold slipped 62 to US$2.50; and Harmony Gold Mining lost 19 to close at US$5.34 after reporting mixed earnings.
In copper, the Comex spot price weakened to 76 per lb., sending producers down for the week. Phelps Dodge fell $2.94 to a new low of US$43.25. Class A shares of Freeport-McMoRan Copper & Gold also hit a new low: US$10.06, down 63. Rio Tinto slumped $8 to US$60.25, while Broken Hill Proprietary was off 24 to US$20.88.
Stillwater Mining plunged $3.75 to US$36, after cutting platinum-palladium production for the year by 10%. Silver-miner Sunshine Mining & Refining lost 7 to a new low of US62.
Among the juniors, Nasdaq-listed Royal Gold touched a new low of US$3, down 38; Crown Resources lost 20% to close at US88, down 24; and Canyon Resources was off 19 to US$1.19.
Be the first to comment on "Dow pulls back from big loss"