Gold miners take a beating

Denver — The Dow Jones industrial average climbed 281.69 points, or 2.8%, during the report period ended July 31 to close at 10,522.81, while spot gold on the Comex division of the New York Mercantile Exchange slipped to US$266.20 per oz.

Gold issues took it on the chin, with Newmont Mining dipping $1.94 to close at US$18.70. South Africa’s AngloGold fell $1.29 to US$17.76, despite posting higher earnings in the second quarter; Ashanti Goldfields shed 30 to US$3.45 off the previous week’s 12-month high; Nasdaq-listed Gold Fields sunk 20 to US$4.13; Harmony Gold Mining lost 37 to US$5.08; and Durban Roodepoort Deeps plunged 14 to US79. Homestake Mining dropped 36 to US$7.60, and Glamis Gold gave up 26 to close at US$2.87. Meridian Gold bucked the downward trend, jumping $1.13 to US$8.89 after posting strong second-quarter earnings.

Class A and B shares of Freeport-McMoRan Copper & Gold fell 98 and $1.14, respectively, to close at US$9.76 and US$10.76, after nervous investors balked at the company’s plan to extend bank debt. Phelps Dodge picked up 59 to close at US$40.40, despite weak copper prices at US68 per lb. BHP Billiton gained 30 to close at US$9.85, while Rio Tinto rose $2.41 to US$67.21.

Further weakness in silver held down Apex Silver Mines, which dropped 45 to US$9.63, while New York Stock Exchange-listed Coeur d’Alene Mines fell 12 to US93. Platinum-miner Stillwater Mining advanced $1.10 to US$25.80, while Nasdaq-listed junior Royal Gold slumped 22 to US$4.53.

Print

Be the first to comment on "Gold miners take a beating"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close