Miners shine despite shaky gold

Denver — The Dow Jones industrial average posted three days of modest gains to finish the Dec. 6-12 report period on a positive note at 10,768.27, though the index was still off 130.45 points, or 1.2%, from the previous week.

Gold surged, only to fall back, though most mining issues were still ahead. Spot gold on the Comex division of the New York Mercantile Exchange was US$270.30, though Newmont Mining jumped $1.19 to close at US$16.62, its highest price in three months. AngloGold advanced 81 to close at US$14, as Nicky Oppenheimer announced his retirement as chairman. Other South Africans suffered in the face of a soft rand, among them Gold Fields, which lost 19 to close at US$3.19, and Harmony Gold Mining, which slipped 25 to US$4.06. Homestake Mining picked up 19 to US$4.81, while Meridian Gold surged 76 to US$6.38. Glamis Gold gained 19 to US$1.69 as its San Martin mine in Honduras poured its first gold.

Phelps Dodge advanced 69 to US$53.69 as Comex copper improved to US88 per lb. Class B shares of Freeport-McMoRan Copper & Gold lost 50 to US$8.25, while Southern Peru Copper dipped 19 to US$12.62.

American Stock Exchange-listed Stillwater Mining shot up $3.99 to US$39.99 as palladium prices hit record highs above US$900 per oz. Diamond-producer De Beers Consolidated Mines picked up $1.19 to close at US$28.25, while its parent, Anglo American, jumped $3.19 to US$56.75 on news it had picked up stakes in London’s Billiton and Johannesburg-based Gold Fields. Rio Tinto added $1.38 to US$68.