Golds sag despite rising bullion

U.S. stock markets finished little-changed over the report period Nov. 17-23 despite a selloff on Nov. 19 following comments by Federal Reserve chairman Alan Greenspan on how the U.S. current account deficit might depress the value of the greenback. Stocks clambered back over the following two days and the Dow Jones Industrial Average finished 4.95 points ahead at 10.492.60.

Dollar worries played into the gold market’s strength, with the London afternoon bullion fix up US$8.75 per oz. over the period. That didn’t filter over to the gold equities, which were mainly lower. AngloGold Ashanti slid back US$2.19 to US$39.08, Compania de Minas Buenaventura was down US$1.13 to US$23.69, and Newmont Mining fell US85 to US$48.35. In the Holmes vs. Moriarty event, Gold Fields was down US39 at US$14.20, and Harmony Gold Mining slumped US57 to US$10.73.

Mid-tier Randgold Resources was one of the few gainers, adding US12 to finish at US$12.36, while former parent Randgold & Exploration dived US38 to US$1.98.

Coeur d’Alene Mines was the volume leader among the mining equities, with 21.4 million shares traded. Shares fell US15 to US$4.51. Coeur announced a 25-million-share financing to net US$107 million.

Base metals producers, at least, mostly moved along with their commodity market. Phelps Dodge touched a new high of US$98.63 before settling at US$96.41, up US$1.08, Rio Tinto was US$2.11 better at US$115.20, and BHP Billiton added US$1.50 to close at US$23.34.

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