Gold’s gain helps miners

Denver — The Dow Jones industrial average held steady at 10507.58, up 13.08 points, or 0.1%, during the report period ended Nov. 28, despite the fact that the U.S. presidential election remains unresolved.

Spot gold on the Comex division of the New York Mercantile Exchange jumped to US$269.80 per oz., sparking interest in precious metals companies. Leading the way, Newmont Mining advanced $1.94 to close at US$16.06, while AngloGold broke its losing streak, climbing 13 to US$12.94. Homestake Mining jumped $1 to US$4.88; Compania de Minas Buenaventura rose 94 to US$11.88; Meridian Gold picked up 56 to close at US$5.75; Glamis Gold added 12 to hit US$1.50; Gold Fields inched up 16 to US$2.94; Harmony Gold Mining gained 35 to US$3.97; Class B shares of Freeport-McMoRan Copper & Gold responded to higher gold and strong copper, climbing 69 to US$7.75; Phelps Dodge advanced $1.44 to close at US$46.25; Australia’s Broken Hill Proprietary picked up 56 to close at US$20.12 after approving a phase IV expansion at the Escondida copper mine in Chile; and BHP’s partner, Rio Tinto, added 62 to finish the week at US$61.50.

Rising gold prices benefited silver companies, including Coeur d’Alene Mines, which jumped 70% to US$1.38, up 57. Hecla Mining advanced 40% to US88, up 26. Apex Silver Mines gained 37 to close at US$9.56.

Stillwater Mining rocketed $4.78 to close at US$32.50 after reporting new, higher-priced, long-term sales contracts for platinum and palladium. Nasdaq-listed De Beers Consolidated Mines slumped 31 to US$28.25.