STOCK MARKETS — Toronto-listed golds rise in quiet week of trading —

Platinum group metals continue to dazzle investment community

The Toronto Stock Exchange had a flat week from June 4 to 10, with the TSE 300 composite jiggling slightly up and down before finishing fractionally up at 6,473.04.

The Canadian dollar turned in a poor showing against its U.S. counterpart, dropping a little each day to finish more than half a cent down at US72.13 cents. Across the Atlantic, it fared no better, dropping more than 1 cents against the Deutschmark and losing almost 4 cents against the British pound since June 4. Across the Pacific, it was also beaten by the Japanese yen, if only by a fraction of a cent.

A positive showing for gold, which was up $1.30 at US$343.70 per oz., was once again overshadowed by the white-hot white metal, platinum, which nearly broke the US$500 barrier before settling down to a still-Amazing US$452 per oz. Fears of a supply disruption as a result of uncertainty at Noril’sk in Russia and a strike at Inco’s Sudbury division were behind platinum’s wild ride. The same factors saw nickel jump 9 cents in price, to US$3.27 per lb.

Silver, copper, lead and zinc also posted modest gains this week.

Golds were among the strongest stocks in the June 4-10 period, with the TSE’s gold and precious metals sub-index jumping 286.2 points (3.15%) to reach 9,367.06.

Leading the golden charge was Placer Dome, up $2.20 to $25.80. Public perception of who has the upper hand in its legal dispute with Crystallex International over the key portion of reserves at the Las Cristinas gold project in Venezuela has been see-sawing of late; Crystallex dropped $1.30 this week to close at $5.30 after having gained more than $2 in the previous week.

Among the gold leaders this week were royalty sisters Euro-Nevada Mining and Franco-Nevada Mining, which posted gains of $1.60 and 25 cents, respectively.

Also strong were Barrick Gold, up 65 cents to $34.20, and TVX Gold, up 65 cents to $8.95.

Near the top of the heap in volume traded was Pure Gold Resources, though the stock dropped 2 cents after scant macrodiamonds were found in the latest pipes tested at the Alberta diamond project it shares with Ashton Mining of Canada and Alberta Energy.

TVI Gold’s Canatuan project in the Philippines was approved, leading to a high volume of shares traded but only a 5 cents price boost, to 40 cents.

Eldorado Gold dropped 70 cents to $7.40 after announcing a second transfer of gold assets from Gencor, which include interests in two producing mines. The transaction gives Eldorado exposure to Ghana and South Africa, but the deal may have spooked investors watching Eldorado’s bottom line.

Inter-Rock Gold, which shares the Daisy gold project in southern Nevada with Rayrock Mines, rose 34% to 50 cents.

The TSE’s metals and minerals sub-index was steady over the period, finishing fractionally up at 5,525.04, despite the across-The-board rise in base metal prices.

Inco rose 35 cents to an even $45 despite — or perhaps because of — the strike at Sudbury, while rival Falconbridge lost the same amount, dropping to $29.70. Noranda climbed $1.25 to close at $31.90.

The percentage leader on the Montreal Exchange was Vogue Resources, which struck a pose at $2.45, up 95 cents, for a 63% weekly gain. The junior holds silica properties on Quebec’s North Shore.

International Curator gained 5 cents, hitting $6.95, following last week’s positive news regarding the potential profitability of the Boleo copper-Cobalt project in Baja California, Mexico. Annual profits are projected to be US$115 million.

Shares of Montreal-based junior QEX Resources, after having been halted for months, nosedived to 75 cents from $5.50. The company has acquired a controlling interest in Great Britain-based International Minerals & Metals, which owns a manganese mine in Bulgaria and a dormant iron ore mine in the Labrador Trough.