Few bright spots in down market

Denver — The Dow Jones industrial average climbed 136.70 points, or 1.2%, to 11,175.84 during the report period ended June 5, while spot gold slumped to US$265.70 on the Comex division of the New York Mercantile Exchange, wiping out all gains from late May’s rally.

Negative sentiments abounded, though several winners emerged during the week. Peru’s Compania de Minas Buenaventura jumped 93 to close at US$17.98, as Peruvian voters chose Alejandro Toledo as the country’s new president. New York Stock Exchange-listed Glamis Gold rose 45 to US$2.82, while Meridian Gold gained 20 to close at US$8.20. However, South Africa’s AngloGold slipped 35 to US$18.70, while Newmont Mining fell to US$21.29, down 31. Homestake Mining gave up 14 to close at US$6.85, and Gold Fields lost 14 to close at US$4.23.

Comex copper held firm at US76 per lb., helping Freeport-McMoRan Copper & Gold. Class A and B shares advanced 25 and 41, respectively, to close at US$14.49 and US$16.39. Also benefitting from the election, Southern Peru Copper picked up 55 to close at US$14.50. Phelps Dodge lost 56 to close at US$45.94, while Australia’s WMC dropped 45 to close at US$18.90.

Apex Silver Mines climbed 45 to US$10.50, despite a drop in silver prices to less than US$4.50 per oz. Coeur d’Alene Mines closed at US$1.60, up 34, while re-organized Sunshine Mining & Refining slipped 15 to US60. Among the juniors, Nasdaq-listed Royal Gold lost 35 to close at US$2.94, while Earth Sciences jumped 31 to US82.