Continued exuberance in the metals market enabled the junior-mining-dominated S&P-TSX Venture Exchange composite index to close at 1754.39, up an impressive 3.2%, or almost 54 points, during the period Nov. 24-30. Average daily volume over the week exceeded 46 million shares.
Having blown through the US$450-per-oz. level, the gold price closed out the period at US$451 an ounce on the New York spot market, up US$2.50 from the previous report period. More significant was the rally to the US$454-per-oz. level, as financial markets remained weary of a continued, stagnating U.S. economy and dropping consumer confidence. The American greenback saw itself at record lows in comparison with the euro, though some improvement was evident following the release of data from the U.S. Commerce Department showing a marginally higher-than-estimated economic growth rate for the third quarter.
Silver continued at a new 7-month high, closing out the session at US$7.70 per oz. on the New York spot market, up 18 over the report period. Platinum saw good gains, rising US$14 to close at US$870 an ounce. Palladium closed down again, finishing the trading period at US$209 per oz. on the spot market, off US$6 from the previous week’s close.
Copper continued to make gains, closing at the US$1.47-per-lb. level, up 3.5 from the previous week. Nickel finished up at US$6.43 per lb., adding 20.
The gap between new lows and highs on the junior mining board narrowed. Some 67 Venture-Exchange-listed explorers dropped to new yearly lows, compared with 46 companies touching new 52-week highs.
The volume leader on the week was aspiring coal developer
The second most active volume trader was
Top value gainers included
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