Despite a late surge in the price of gold, mining stocks were battered, along with the rest of the market, for the week ended Oct. 10. The Dow Jones industrial average slumped 195.35 points, or 1.8%, to close at 10,524.40, dragged down by the falling Nasdaq.
Spot gold languished during most of the week, climbing later on to US$272.40 on the Comex division of the New York Mercantile Exchange. However, it was too late for miners, many of whom reported new lows for the week. Newmont Mining fell 50 to a new low of US$15.56, while AngloGold hit a new low of US$16.88, down 56 for the week. New York Stock Exchange-listed Homestake Mining slipped 6 to a new low of US$4.75.
Other losers included Peruvian-based Compania de Buenaventura, which hit a new low of US$13.81, down 19, and Battle Mountain Gold, down 7 to US$1.62. Meridian Gold dropped 56 to US$5.88, while junior Crown Resources plunged 15 to close at US38 on the Nasdaq.
The silver sector felt the pain, too, as Hecla Mining hit a new low of US62, down 19. Coeur d’Alene slipped 6 to US$1.25.
Phelps Dodge posted a gain of $1 to close at US$44, as Comex spot copper stayed above US90. Class B shares of Freeport-McMoRan Copper & Gold dipped 38 to US$8.56. Southern Peru Copper lost 24 to close at US$14.38.
Diamond-miner De Beers Consolidated Mines fell back $1.07 to US$28.62, after a big gain during the previous week. Anglo American dropped $1.13 to close at US$52.25, while London-based Rio Tinto lost $2.06 to close at US$57.88.
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