U.S. markets moved sideways over the reporting period Dec. 11-17, but the mining stocks, particularly the golds, ran up substantially. The Dow, which fell 38.87 points to 8,535.39, was down slightly, though the S&P 500 was up 5.95 points to 910.4.
Unhedged Newmont, which was up US$1.91 at US$28.05, led the field among the golds as bullion prices shot skyward. Compania de Minas Buenaventura also saw a good gain, rising US$1.56 to US$25.75.
The U.S.-listed Africans had a good week too, with AngloGold picking up US$2 to finish at US$31.82, Harmony Gold Mining adding US$1.29 to close at US$16, and Gold Fields tacking on US$1.13 for a close of US$13.79. Even Durban Roodepoort Deeps got in on the fun, with a gain of US53 pushing the stock to US$4.11.
West African gold producers Randgold Resources, up US$1.90 to US$22.40, and Ashanti Goldfields, up US69 to US$6.18, were also better on the week.
Small U.S. precious metals producers also shared in the gains. Hecla Mining was US31 better at US$4.51, and Coeur d’Alene Mines rose US17 to US$1.72.
Among the few precious metal producers not to rise this week was Stillwater Mining, which was down US4 at US$5.16 despite a modest recovery in the price of palladium.
Base metal producers didn’t match the performance of the golds but were still looking at healthier share prices. Phelps Dodge was up US$1.19 at US$31.82, Freeport-McMoRan Copper & Gold rose US$1.74 to US$16.12, and Southern Peru Copper added US4 to close at US$14.54.
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